What Is Quote-to-Bind Ratio (and Why It Matters)?
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Quote-to-bind ratio tells you how often a producer's quotes become policies.
What it is
Quote-to-bind = policies bound ÷ quotes given × 100.
It is also called quote-to-close, close rate or bind rate.
What counts as a quote
Agencies disagree on this, so settle it once and keep to it.
- Strict: a price given to a prospect, with its coverage and start date. A voicemail counts as nothing.
- Loose: any conversation about price.
We recommend the strict definition. It keeps the number honest.
A worked example
Example. A producer gives 40 quotes in a month and 12 become policies. Their quote-to-bind ratio is 12 ÷ 40 = 30%.
What a high or low ratio can mean
- High, with a low average premium: the producer may be closing by cutting coverage. Check premium per policy as well.
- High, on very few quotes: the producer may only quote the easy ones.
- Low: they may quote people who were never going to buy, or not follow up after the first quote.
How Producify works it out
Producify divides the policies written by the quotes logged for the same period and shows the result as a percentage.
A quote is a count your team enters in Log Activity, not a record, so nothing ties one quote to the policy it became, and Producify does not record quotes by lead source.
Click a person on Team: Profile has Close rate · last 6 months, and Activity has Close % by period and close % for each product line. See See your quote conversion.
Frequently Asked Questions
What's the difference between quote-to-bind and lead-to-bind?
Quote-to-bind is policies ÷ quotes: how well a producer closes once in the conversation. Lead-to-bind is policies ÷ leads: it also counts every lead nobody quoted.
How many quotes do I need before the ratio is reliable?
Enough that one policy more or less barely moves it. With 20 quotes, one extra policy moves the ratio by 5 points.
Can a producer have a great ratio but miss their goal?
Yes, if they give few quotes. A high ratio on low volume still means few sales.
See each person's close rate
Log your quotes, and the Team page shows each person's Close rate: their policies written ÷ quotes logged.
See our page on sales and production tracking for insurance agencies.