Understanding Hit Ratio
How we calculate. Hit ratio % = binds ÷ submissions × 100. See our methodology and accuracy policy .
Real-world scenario: A typical Hit Ratio case uses bound policies 80 and submissions 1000. Enter the same figures below to reproduce the worked path.
What is Hit Ratio?
Distinct from close rate (quotes presented) and quote-to-bind (quotes issued). Submissions are inbound opportunities before or at intake.
- Submissions as the funnel top
- Bound in the same window
- UW appetite signal
The Formula
Worked Example
Common Use Cases
- Underwriting ops: bind conversion
- Broker scorecards: submission quality
- Appetite tuning: decline vs bind mix
Pro Tips
- Exclude incomplete submissions if SOP says so
- Segment by LOB
- Don’t confuse with quote-to-bind
| 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: Hit Ratio 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 hit ratio 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 hit ratio 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 hit ratio? Start with the quick answer above, then open the linked calculator that matches your wording.
❓ Frequently Asked Questions
How do I use this hit ratio calculator?
For hit ratio, 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 hit ratio—the same percentage calculator expression is applied to your inputs.
What if my result looks wrong?
When checking hit ratio, 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