Bank Owned Agency - Close Ratio Question

Nov 8, 2018

  1. KSBankAgent
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    KSBankAgent New Member

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    Hello all,

    I'm the new principal of a bank owned independent agency, and I'm looking for a consensus on the best way to set realistic sales goals for our existing producers.

    Background: We're a personal lines only agency, and 90% of our leads come from our lending department. Depending on the time of year, leads can total anywhere from 20-60 per producer per month. The previous principal (for whatever reason) never tracked close ratios, so there's no system in place for holding producers accountable for their leads.

    What is a realistic close ratio expectation for these very qualified leads?

    Thanks!
     
  2. Markthebroker
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    Markthebroker Guru

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    Anywhere from 0 to 100% based on the information you gave.

    If I had to guess, I'd say 30 -50%.

    Your best bet is to track YOUR close rate for a while, then go from there.
     
  3. somarco
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    somarco That Medicare Expert Guy

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    I never felt like sales goals were useful when dealing with producers. And they certainly aren't motivational.

    A good producer is either self motivated or they aren't. Nothing you do or say can change that.

    Producers that actually produce should be given the Glengarry leads. Those that don't are given fewer leads and lower quality.

    Low production employees will either leave of their own volition or you can help them out by showing them the door.

    A manager that needs to impose sales quota's is a weak manager.

    Just noticed the OP has not been back since 11/9. Guess he got tired of waiting for a response.
     
    Last edited: Nov 23, 2018
    somarco, Nov 23, 2018
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  4. secondcreek
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    secondcreek Super Genius

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    I have recent experience working in a bank owned personal lines agency. For the past 4 years I partnered with the mortgage department and averaged a 65% close ratio. The occasional bad month was 50% and the occasional great month was 85%.

    The bank sold their insurance business and what was a great set up came to an end.
     
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