What Is Conversion Rate? Definition

Why it matters

Agents track conversion rate to compare lead sources, scripts, and call habits. A rate can be measured at different steps, such as contact to appointment, appointment to application, or application to issued policy. Be clear about which step is counted. Rates differ by product, lead type, and carrier underwriting. Low conversion can point to weak lead quality or call technique, while a drop after issue can point to not-taken policies or declines.

Source: en.wikipedia.org

Where we use this term

Related terms

Close Rate: Close rate is the share of sales conversations or presentations that end in a sale. It is a narrower measure than conversion rate, which can start at the lead stage.
Lead Cost Per Acquisition: Lead cost per acquisition is the total lead spend divided by the number of policies sold. It shows how much an agent pays in lead costs to earn one sale.
Call Coaching: Call coaching is feedback on recorded or live sales calls from a manager, trainer, or software tool. The goal is to improve how an agent listens, explains coverage, and handles questions.
Not Taken (NTO): Not taken, or NTO, means a policy was approved and issued but the applicant did not accept it or pay for it. The carrier closes the case and usually pays no commission, or takes it back.
Fresh Lead: A fresh lead is a prospect record that was generated very recently, often within minutes or hours, and has not been worked yet. Fresh leads usually cost more and convert better than aged leads.

All 241 terms

Why it matters

Where we use this term

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