I am an insurance sales guy and I need to determine how many quotes I need to give in order to write a certain amount of policies based on my close ratio, and I don't know how to calculate that. For example, if I have a close ratio of 9.6% how many quotes do I need to give in order to write 23 policies?
Edit - After some painstaking thinking... I think I may have got it.
You would convert the description to: 9.6% * X = 23
Then you would convert the equation to: 9.6 / 100 * X = 23
To get: 0.096 * X = 23
Then you would divide both sides by 0.096 to get: X = 239.58
So I would need to quote 240 people to write 23 policies.
Could someone confirm this?
Edit - After some painstaking thinking... I think I may have got it.
You would convert the description to: 9.6% * X = 23
Then you would convert the equation to: 9.6 / 100 * X = 23
To get: 0.096 * X = 23
Then you would divide both sides by 0.096 to get: X = 239.58
So I would need to quote 240 people to write 23 policies.
Could someone confirm this?