3 Sales Reports Every Insurance Agent Needs

Written by Jessica Adkins

February 7, 2019

3 Sales Reports Every Insurance Agent Needs

Data drives all successful insurance agencies.


Data facilitates an opportunity for improvement. Your sales strategies, marketing plan, client retention policies, and lead generation all require you to know what’s going on with your data flow. Without valid data, you may end up applying the right answer to the wrong questions. Sales reports allow you to dive deep into your data, visualize it, and pinpoint actionable insights hidden beneath. Clear sales reports are easiest to generate with the help of a Customer Relationship Management tool (CRM), but they’re indispensable to success no matter how your insurance agency crafts them.

Contact Reporting

A contact report is a sales report that focuses your attention on the most fundamental building blocks of your deals: your contacts. Contacts could be anyone who is connected with your insurance agency or who may benefit from your agency’s products now or in the future.

Prospects make up the majority of contacts for insurance agents, but there are many other types of contacts! For example, what about the local P&C agent or tax advisor who have a second-degree connection to potential leads?
With so many different contacts to keep track of, a contact report is one of the sales reports that can bring clarity to the chaos of your book of business, or lead spreadsheet. These reports can filter your contacts, including your active leads or lost leads, and categorize them.

Your contact report could include categories to help you segment and organize your contacts. It may use segments like:

• Sales cycle stage
• Last conversation topic
• Last conversation date
• Source
• Zip code
• Product interest
• Enrollment date

As sales reports go, a contact report is valuable because it allows you to recognize when it’s time to follow up with a contact. It may take anywhere from 4-18 follow up touch points to close a deal.

Revenue Reporting

Revenue reports are the sales reports that let you know if your insurance agency is on target. When revenue reports are segmented according to specific time-frame, by carrier, or product type – they equip you to correlate changes in your sales performance. This is also a great practice to have these reports handy after the enrollment period to ensure your commissions are being paid correctly, and that your clients policies have not dropped off your book.

With revenue reports, you’ll also be able to more cleanly prove your marketing effort’s return on investment (ROI) concerning sales. Sales reports that highlight source and product will make it clearer which channels are driving leads that easily convert. You can forecast revenue achievements in your insurance agency at your current rate of sales production and develop goals for your agency’s future.

Wins and Losses Reporting

When all is said and don’t, it comes down to which deals you win and lose.

These sales reports will show you which opportunities have closed over the last month or quarter and which are off the table, typically because the lead reported choosing a competing insurance agent or agency. It’s a wise idea to specify the amount of premium, contact, product, zip code, age, and the insurance agent so you can determine quickly which market segments are producing high-caliber deals. Date of first contact, breaking out the time between first contact and sale, is also useful.

For lost sales, try to get some insight into your prospect’s decision to choose your competition. It can be useful to know which of your competitors are securing clients you don’t. If products and services are broadly similar, there may be a breakdown in communicating your insurance agency’s value.

Collecting and reviewing the right sales reports is the key to keep your eye on the prize: sustainable sales performance with a clear path to even better results for your insurance agency! These reports will start you off with the knowledge you need to steer toward your agency’s next horizon.

Interested in learning more about sales reporting? Give us a call at 800-962-4693 or send us a question about data analytics in relation to your marketing efforts.


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