Using Agency Quote Volumes for Success
There are many things insurance agencies need to do to make sure their business is growing each year, and not shrinking. Many of these same activities can help an agency figure out if there is something wrong that needs to be tweaked within their process. One of the most valuable steps you can take to monitor your business growth and identify areas that need a little push is to monitor your quote volume.
When you monitor your quote volume, you look at the quotes your producers were asked to give over a set period. You can also break the quotes down into lines of insurance, producer, and company to get some insight into trends, hot spots and weak points.
Monitoring Quote Volume
When you begin monitoring quote volume, you may notice some cyclical trends. This happens because insurance can be a seasonal product. For example, during tax return season, you may notice an upswing in auto insurance quotes as more people use their tax refund checks to buy vehicles. Home insurance quotes may go up during the summer, which is the time many people choose to move so they don't need to deal with Mother Nature's impediments while they transfer their possessions.
You also need to look outside normal cycles to identify economic changes that may affect your quote volume. As an example, while home and auto insurance quotes may have reduced between 2008 and 2009, certain tax credits given in 2010 may have created a temporary lift in quote volume.
When you monitor your quote volume, you look at the quotes your producers were asked to give over a set period. You can also break the quotes down into lines of insurance, producer, and company to get some insight into trends, hot spots and weak points.
Monitoring Quote Volume
When you begin monitoring quote volume, you may notice some cyclical trends. This happens because insurance can be a seasonal product. For example, during tax return season, you may notice an upswing in auto insurance quotes as more people use their tax refund checks to buy vehicles. Home insurance quotes may go up during the summer, which is the time many people choose to move so they don't need to deal with Mother Nature's impediments while they transfer their possessions.
You also need to look outside normal cycles to identify economic changes that may affect your quote volume. As an example, while home and auto insurance quotes may have reduced between 2008 and 2009, certain tax credits given in 2010 may have created a temporary lift in quote volume.
