Critique My Cold Calling Stats (Newbie)

[westone]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

 

[Sales71]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

Seems like your closing ratio is very week..but it could be due to lack of good rate at your captive company.

Seems like a lot of work for one policy

 

[Crabcake Johnny]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

All that matters is time spent and what you make - and what other marketing activity would you be doing instead that would produce better results.

At 1,000 dials you're connecting with 100, quoting 10 and writing 3. So the questions you have to answer is:

1) How long does it take you to dial 1,000 numbers
2) How much do you make on 3 polices.

 

[EugeneM]

are you cold calling?
Or do you have a list of renewal dates?

 

[todd02]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

Your results are basically the same as my results. Good job!

 

[Accelerated]

I've just started in P&C under a captive agent a few months back and have been cold calling almost exclusively. I put together a spreadsheet and found that I roughly dial an average of 200 people a day, conect with 10% of them, quote 10% of those i connect with, and write 30% of those I quoted.

Does anything seem abnormal for anyone thats experience in the ratios in this business?

That's like an 0.6% closing rate. I am not an agent or broker, so I don't know if that is normal or not, but it seems a bit on the low side for sales. The upside though, is that if you roughly double your calls, you could close a policy a day from the sounds of it. Again, not an agent, but if you can make an average of a sale a day, it seems like the premiums would add up, and if you keep at it for a couple of years, it could be real money.

I would take some sales classes or seminars though, if I had such a low closing rate. Just the basics, you know, start by getting a yes out of the prospective client, then try to identify a need (better if you can do both at once), etc, all in the hopes of seeming more like the helpful neighbor than the telemarketer.

It almost seems like it would be wiser, with those closing stats, to hire three or four people for a low wage to make 500+ calls a day each, and transfer the winners to you for closing. That way you would close 5-6 new policies a day and have a little more time to find better ways to market.

 

[nyc2phi]

Are you calling commerical or personal lines?

Between what times are you calling?

Where are you getting your lists from and are they targeting anything specific?

Why are you only cold calling? You should be a well rounded producer with 4 or 5 different sources sending you business.

 

[Emmanuel]

I'd start analysing this by working back from the closing rate. You are closing 0.6% of all calls made. Is there anything you can do to improve this at each stage (i.e. can you improve closing, can you improve the ratio of opportunities to calls, can you improve the opening)? If not, your only choice for growing your business is doing more calls per day and/or trying different lists. However, in my experience you can almost always improve each bit of the process (and keep improving it) which is what drives up your sales for the same amount of time/money put in but there are never easy answers.

 

[westone]

EugeneM, I'm mostly cold calling, no renewal dates yet
- - - - - - - - - - - - - - - - - -
Accelerated, as I said I'm working under a captive agent. I don't really have the option of hiring my own telemarketers, or renewals for that matter.
- - - - - - - - - - - - - - - - - -

Are you calling commerical or personal lines?

Between what times are you calling?

Where are you getting your lists from and are they targeting anything specific?

Why are you only cold calling? You should be a well rounded producer with 4 or 5 different sources sending you business.

I start at 9am and work till 5pm on some days, most days till 6:30pm-8pm

I'm calling on personal, but starting to target commercial.

I'm getting my lists from Sales Genie, targeting new movers and homeowners within a 10 mile radius. I should correct my earlier statement about not targeting renewals, I have used cole's x-dates, but for instance I got 11 leads that I share with another new coworker and after bad numbers I had 3 leads left. I also have targeted renters using cole's X-dates.

I'm mostly only cold calling because thats all I have access to in an office of 6 people. I also use linkedin to reach out to my network and have worked with some existing business.
- - - - - - - - - - - - - - - - - -

Accelerated and Emmanuel, thanks for the perspective. What percentage of all calls made closed would be a good average?

 

[EugeneM]

Not enough records to call. They way you do projections is off of 100 x-dates in the window of 30-120 days out you will set 15 appointments closing 3 accounts. This is assuming you go through that list of 100 3 times.

So if you need to do 3-5 closes a month to make ur $ do the math

Should equal to 300 calls over 30 days to produce 3-5 accounts. Which is Amazing... Not having enough records with proper renewal dates is the bane of new agents. Use the rest of your time throughout the month to do linkedin servicing and getting referrals.