What Is Close Ratio in Insurance Sales?
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Close ratio is the share of your chances that become sales.
What it is
People use the name for two different numbers, so always ask "of what?"
- Quote-to-close: policies written ÷ quotes given. It measures selling, once the producer is in the conversation.
- Lead-to-close: policies written ÷ leads received. It measures the whole path from a lead to a sale.
A 30% quote-to-close and a 30% lead-to-close are very different results, because the second counts every lead nobody could quote.
A worked example
Example. In March a producer gets 100 leads, gives 40 quotes and writes 12 policies. Quote-to-close is 12 ÷ 40 = 30%. Lead-to-close is 12 ÷ 100 = 12%.
How Producify works it out
Close rate on the Producify Team page is quote-to-close: the policies a person wrote ÷ the quotes they logged in the same period.
The Close rate column on the Leads page is lead-to-close for one source: leads converted ÷ leads billed.
See your quote conversion shows where to find both.
Frequently Asked Questions
Which version should I use to coach a producer?
Quote-to-close. It shows how well they sell, whatever their lead volume.
Can a producer have a great close ratio but miss their goal?
Yes, if they get few chances. A high ratio on low volume still means few sales.
Is close ratio the same as bind ratio?
Yes. "Quote-to-bind" and "quote-to-close" mean the same thing.
See close rates for your own team
Quote-to-close per producer and per product line, from the quotes your team logs.
See our page on sales and production tracking for insurance agencies.