Improving your quote to bind ratio in insurance means ensuring that your quotes convert well. That is, having a strong amount of quoted clients who go on to enter into an agreement with you.
We’re taking a look at how insurance companies can improve their quote to bind ratio and convert leads into recurring customers.
Quick tips on improving your quote to bind ration
There are a few ways that you can improve your quote to bind ratio, however these rely on a few underlying principles. These can be defined as:
- Recording your quote to bind ratio: this will allow you to track progress and see what is performing well.
- Inform employees of initiatives: if you put initiatives or guidelines in place to improve your quote to bind ratio, ensure that it is well communicated to your employees.
- Do your research: find out where in the application process the user has dropped out or abandoned filling the form so that you know how to improve the overall process.
How can you improve your quote to bind ratio?
Offer the best service on the market
Using a software system that gives you a self-service environment in which you can see admin, new business and multiple delivery channels in one place will make the process seamless.
Offering a good service will ensure that customers trust you to deliver their quote and will be more likely to convert.
Boost business analytics
Boosting business analytics will allow you to understand your insurance data and give access to instant analysis. With this, you will be able to offer the best rates and stay in touch with what the competition is doing to offer the most competitive rates.
You’ll also be able to understand performance and how success was achieved.
Detailed, tailored analytics will help you understand your customers in order to input data about a customer’s individual financial situation. If data is properly analysed then insurance companies can personalise web promotions, emails, phone calls and reports.
This holistic view of the customer enables you to deliver a more comprehensive service that is sure to win customers over.
What kind of platform will improve your quote to bind ratio?
There are a few things you can look for in an insurance software platform:
- Look for a platform that tallies application starts – from purchase to delivery of the insurance to detect where in the process you may be losing leads.
- Look for an insurance software platform that allows you to adjust products based on broker feedback and data analysis
- Look for a platform with strong feedback loops and an easy to use process that helps you deliver a better overall service.