Understanding Close Rate
How we calculate. Close rate % = binds ÷ quotes presented × 100. See our methodology and accuracy policy .
Real-world scenario: A typical Close Rate case uses bound policies 120 and quotes presented 400. Enter the same figures below to reproduce the worked path.
What is Close Rate?
A sales-effectiveness KPI for agencies and direct channels. Align “presented” with CRM stage definitions.
- Same opportunity set
- Bound = issued/bound per policy
- Segment by producer for coaching
The Formula
Worked Example
Common Use Cases
- Agency CRM: producer conversion
- Marketing ROI: quote quality
- Capacity planning: bind volume
Pro Tips
- Don’t count unissued binds
- Exclude withdrawn quotes if SOP requires
- Pair with quote-to-bind when stages differ
| Scenario | When to use |
|---|---|
| Percent of a number | Finding a part of a whole (tax, tip, score) |
| Percent change | Comparing old vs new values |
Limitations: Close Rate results are educational insurance and agency planning aids—not underwriting, actuarial, claims, or financial advice. Confirm statutory definitions with your carrier, regulator, and finance teams.
Common mistakes
- Swapping part and whole: The denominator must be the full total, not a subset.
- Rounding too early: Carry extra decimal places through multi-step work before rounding the final percent.
- Mixing percent and decimal forms: Enter rates in the format the calculator labels expect.
The worked example for close rate was verified with the calculator form on this page—enter the same values to confirm the result.
When to use this calculator
- Use this page when your wording matches close rate and the form labels on screen.
- Use percent of a number for “what is X% of Y?” problems.
- Use number is what percent when you know part and whole and need the percent.
Still unsure about close rate? Start with the quick answer above, then open the linked calculator that matches your wording.
❓ Frequently Asked Questions
How do I use this close rate calculator?
For close rate, enter the values labeled on the form, then press Calculate. Compare the result to the worked example on this page.
What formula does this page use?
See the quick answer and formula box above for close rate—the same percentage calculator expression is applied to your inputs.
What if my result looks wrong?
When checking close rate, re-check part vs whole (or rate vs base), rounding, and whether percents were entered as 25 rather than 0.25 when the form expects percents.
Authoritative References
For insurance ratio and reporting concepts, consult:
- NAIC — U.S. insurance regulatory resources
- Casualty Actuarial Society — actuarial education resources
- Insurance Information Institute — industry explainers