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18 Essential Reports You Need to Increase Producer Performance

Posted on June 02, 2016 by Mark Sonders

Sonders' Selling Tips

If you were coaching a professional basketball team, wouldn't you want detailed stats for each of your players in order to plan your strategy for your next game? 

The box score is a staple of measuring performance in sports. It's a necessity at this point.

So why would your insight into performance of your producers be any different?

As the agency principal, you’ve got to be able to see the big picture of your overall sales performance at a glance. Simply tracking overall sales numbers isn't good enough anymore. You need to be able to break down results to see which producers are performing above (or perhaps below) expectations. CRM technology can give you that driving edge by allowing you to easily access individual, as well as combined sales data, that is crucial to the success of your agency. These 18 basic reports are crucial to increasing your agencies' sales performance. Take a look and see how well your current system and processes stack up.

1. Estimated future sales

As a producer, knowing your estimated future sales is vital in order to understand how your sales team is faring against your monthly, yearly, and quarterly goals. As a principal, having an aggregate view of all of your producers’ estimated future sales allows you to quickly diagnose the health of the business.

2. Monthly won opportunities

How many of your prospects turned into real opportunities and how many fell through the cracks this month? You’ve got to be able to put your finger on your success rate of turning prospects into final sales.

3. Open leads and opportunities

You need the ability to access a comprehensive view of all your open leads and opportunities. With instant access, you'll be able to constantly keep the sales process moving forward.

4. Peer-to-peer comparison

Which of your producers are outperforming their peers and why? You can use these comparisons to train your entire producer staff to become top sales performers.

Related4 Data Driven Reasons to Invest in Sales Pipeline Automation 

5. Customer profitability projections

Not all customers are created equally in the realm of sales profitability. What is the return on investment (ROI) of each of your customers over the lifetime of the relationship? This type of information can inform your sales strategy and help your team work smarter. 

6. Producer capacity

Each producer has her own capacity for sales. Which of your producers can you expect consistent sales numbers from? This is essential information for any sales manager or agency principal.

7. Retained business

New sales are the lifeblood of your insurance agency, but what good are these new sales doing if you can’t retain the business? You need the ability to analyze which customers walked away and affect solutions to retain more policyholders.

8. Month-end accounting reports

With instant access to expense and income data, you have the necessary data to complete month-end account reports with ease. This will alleviate the last minute rush to compile essential data and keep your agency running smoothly.

9. Deals won vs. lost

Which deals did you win or lose, and why? This is a crucial step in analyzing and improving your sales numbers. It's important for you or your managers to take the time to sit down with new producers and review their wins and losses. 

RelatedSales Pipeline Management: 3 Warning Signs You’re Behind The Times 

10. Annual account retention rates

Customer loyalty and account retention is crucial to the life of your agency. Put your finger on any reasons you may be losing customers and develop appropriate strategies to retain more customers.

11. New business per producer

New business is essential to the livelihood and financial health of your agency. As the agency principal, you must have a view into which producers are providing the most new business policies.

Sales performance

12. Projected producer attrition

How many trained producers do you need to plan on replacing? The cost of hiring and training new sales staff can have a dramatic affect on your agency’s overall profit or loss.

13. Percentage of total sales volume

For sales managers, you need to be able to see at a glance where the agency is stacking up in relation to their sales goals. This allows you to take any actions necessary to increase sales numbers.

RelatedAgency Principals: Do You Know How Many Sales Your Producers Made Today? 

14. Commission payable statements

Having instant data available to show policies written for each producer and amount of sales will make calculating commission easier. Timely payments of your producers keep your sales force happy, thus increasing incentive and production. That is a win/win for your agency.

15. Sales pipeline status

Old and outdated prospects do not turn into sales. It’s essential to see inside your sales pipeline and make sure it's full of potential prospects that can turn into final sales.

16. Annual organic growth rate

Without growth, your agency will not survive. You need tools to measure how well you’ve used the agency’s resources to expand profits and improve sales numbers.

17. New producer validation rate

New producers production objectives should be established by their sales managers. Are your new producers living up to their expectations?

RelatedDoes Your Insurance Sales Process Achieve These 4 Goals?

18. Sales velocity

Velocity is the force with which prospects move down the sales pipeline. New prospects have to continuously enter the pipeline to grow sales numbers. More qualified opportunities turn into quicker closes and increased profitability for your agency. Monitoring sales velocity can lead to insightful conversations with producers that are able to move prospects down the funnel faster; information you can pass along to the rest of your sales force. 

How does your agency stack up against the competition? 

Take a step back and ask yourself, “How am I running my agency?” Are you relying on your own intuition or do you have a more exact science? If things are looking dismal and you are a step behind, don’t give up hope! There is the essential technology available your agency needs to track individual producer performance and forecast future production.

Improving sales performance means moving away from the status quo, the way you're currently operating your business. Change is never easy, but the pain of change is never as bad of the pain of staying the same. If you don't take action, you will inevitably lose business to agencies that take a more forward thinking approach with their processes and technology. To learn more about how you can leverage sales reporting technology to get your agency and producers up-to-speed with the competition and convert more prospects into customers, download our free e-book Improving your sales performance: Strategies and solutions for empowering producers.   

Mark Sonders

Mr. Sonders is the Senior Vice President of Sales and Marketing at Vertafore. With over 25 years of sales, marketing, and financial experience at companies like Thomson Reuters and Kaplan Financial, Mark’s career has focused on delivering long-term success for his clients in order to help them get the maximum value out of his organizations products and services.




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