Too many protection businesses fail to measure performance on the basis of an adequate number of KPIs.
How can you manage your business effectively without knowing the specific details of every process?
If you can’t measure it, you can’t manage it
Marketing KPIs
Are you measuring the following marketing KPIs?
- % of smokers
- % of joint/split
- Average age
- Average cover amount
- Average term
Sales KPIs
Are you measuring the following sales KPIs?
- Average premium
- Average term
- Average cover amount
- Average commission
- Average commission sacrificed
- % of Level/Decreasing
- % of CIC penetration
- % of Joint/Split
- % of Clawback
- % of Referred/Declined/Postponed
- % of Standard/Rated/STP
Variables
Moreover, can you break down every KPI on the basis of each of the following?
- Date
- Lead Source
- Sales Person
TOP TIP: So many protection businesses still track their KPIs manually. You MUST automate your KPI tracking in order to be able to identify issues fast enough.
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