Very good information from Insurance Stuff. Check it out!
Over the years one of the most important thing I have learned is you CAN’T quote every account that comes in the door. As much as you would like to you just can’t. The logic that you have to quote an account in order to write it is flawed. If things worked this way, your hit ratio would be down in the low single digits.
So what do I mean by pre-qualifying an account? Ultimately I mean getting enough information about the account and the prospects expectations in order to determine the odds of quoting and writing the account. Since we don’t make money quoting, just writing an account, we would love to work on fewer accounts and write more of them. Sounds easy, right? It doesn’t seem to work out that way.
A couple of years ago we took a look at our “hit ratio” (the number accounts we…
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