What Is Cost Per Quote in Insurance?
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Cost per quote is what you spend on leads for each quote you give.
What it is
Cost per quote = lead spend ÷ quotes given, or cost per lead ÷ quote rate.
It sits between the two other lead costs, and the gaps between the three tell you where leads are lost:
- Cost per lead: what one lead costs.
- Cost per quote: what one real conversation costs. Far above cost per lead means few leads can be reached or quoted.
- Cost per policy: what one customer costs. Far above cost per quote means few quotes close.
A worked example
Example. You spend $1,200 on 100 leads and quote 50 of them. Cost per lead is $12, and cost per quote is $1,200 ÷ 50 = $24. If 10 of those quotes become policies, cost per policy is $1,200 ÷ 10 = $120.
How Producify works it out
Producify does not record quotes by lead source, so it has no cost per quote.
The Provider Breakdown on the Leads page has Cost per lead and Cost per policy columns for each vendor. Compare lead vendors shows how to add them.
Frequently Asked Questions
What counts as a quote?
Count a quote when the prospect is given a price with its coverage. A voicemail is not a quote.
Should cost per quote match across producers?
Not exactly. Compare it per vendor, across the whole office: one producer's figure says more about that producer than about the leads. You can see sales by source in Producify, with each lead matched to the sale it became.
See where your leads are lost
Cost per lead and Cost per policy side by side for each provider. Producify does not record quotes by lead source, so it has no cost per quote.
Run your own numbers with the free insurance lead ROI calculator.