If you sell insurance, you already know these terms. This page exists so the rest of your team, your marketing partners, and your CRM can speak the same language you do.
These 10 concepts cover most of what happens inside an insurance transaction.
The contract between the insurer and the insured. It spells out what is covered, what is not, how much the coverage is worth, and how long it lasts.
The amount the policyholder pays the insurer for coverage. Usually billed monthly, semi-annually, or annually.
The amount the policyholder pays out of pocket on a claim before the insurer pays the rest. Higher deductible usually means lower premium.
The maximum amount the insurer will pay for a covered claim. Anything above the limit is the policyholder's responsibility.
A formal request by the policyholder for the insurer to pay for a covered loss.
A specific event, item, or scenario the policy does not cover. Every policy has them.
The insurer's evaluation of risk to decide whether to offer coverage and at what price.
The moment the insurer formally accepts the risk and the policy becomes active.
The continuation of a policy past its original term. Most personal policies renew every 6 or 12 months.
An add-on that changes, limits, or expands the base policy, usually for an additional premium.
Agent Lead Engine builds sub-accounts, pipelines, and workflows for these five core lines. Each has its own sales cycle, renewal cadence, and compliance rules.
Individuals and families protecting cars, homes, and personal assets. Includes auto, homeowners, renters, motorcycle, boat, RV, and umbrella. 6 or 12 month renewal cycles.
General liability, property, workers' comp, BOP, commercial auto, cyber, and professional liability. Longer sales cycles, higher policy values, annual renewals.
Term life, whole life, universal life, and IUL. Underwriting often involves health exams. Longer nurture cycle, higher-touch sales process.
Medicare Advantage, Medicare Supplement (Medigap), Part D, and ACA marketplace plans. Seasonal enrollment windows drive intense lead volume spikes.
Small whole-life policies, typically $5K to $25K, designed to cover funeral and end-of-life costs. High-velocity, phone-driven sales cycle.
Pet, event, landlord, flood, and other niche lines. We add custom pipelines for specialty products on Build and Command tiers.
Most Agent Lead Engine clients are independent agencies, but our system works for every model.
Represents multiple carriers. Can shop quotes across companies to find the best fit. Owns the book of business. Full control over marketing.
Represents one carrier (State Farm, Allstate, etc.). Follows carrier guidelines on marketing. Our CRM and websites still work within those guidelines.
Represents the customer, not the carrier. Often operates across personal, commercial, and specialty lines simultaneously.
These are the numbers every insurance agency should watch weekly. Agent Lead Engine dashboards report all of them automatically.
How many new prospects entered the pipeline this month.
Percentage of new leads that received a quote. Weak numbers mean follow-up problems.
Percentage of quotes that converted to bound policies. The clearest measure of sales effectiveness.
Percentage of policies that renew. Every 1% drop is meaningful dollar loss across the book.
Average premium per policy. Useful when comparing LOB profitability.
Average number of policies per household. Higher is stickier.
How long between a new lead and first contact. Under 5 minutes wins.
Total marketing spend divided by new leads. Watch this against close rate and premium.
Every Agent Lead Engine CRM ships pre-configured for all five insurance lines with dashboards tracking every metric above. Book a free call and we will show you.