HARNESSING THE POWER OF YOUR AGENCY ' S
DATA 9 OF THE TOP KPIs FOR AGENCIES TO TRACK by Justin Aebischer , AgencyKPI
As an independent insurance agent , you ’ re well aware of the current market challenges . You ’ re also well aware that success lies in balancing growth , profitability , and client satisfaction . But how do you help plan for this balance ? You have some of the answers already , but it lies in raw data that needs to harnessed and turned into insight-providing reports . Knowing this data is essential , and tracking it with specific Key Performance Indicators ( KPIs ) can provide a better path for your future success .
These KPIs not only measure performance but also provide valuable insights to help streamline operations , improve profitability , and ensure long-term sustainability . However , challenges like disparate data sources , disconnected carrier reporting systems , and lack of uniformity in metrics can make KPI tracking a difficult task . This is why focusing on the right metrics
– and implementing tools to track them efficiently – can be a game-changer for independent agencies . And while there is a substantial list of what to track , here are 9 of the key KPIs every independent insurance agency needs to know and track to drive growth and improve operational efficiency .
1 . RETENTION RATE
Retention rate measures the percentage of clients who renew their policies with your agency .
Why It ’ s Important Acquiring new customers can be five times more expensive than retaining existing ones . A strong retention rate for current market conditions indicates client satisfaction generated by effective customer service , strong relationships , and client trust .
10 KANSAS INSURANCE AGENT & BROKER