Strategy & Execution

Using a Prospect Qualification Filter to Improve Your New Business Hit Ratio

When you are prospecting, it is critical to be selective. Why?  If you do not use careful judgment in choosing business development opportunities and/or have a random approach to prospect research and qualification, you are losing time, confidence, reputation, and money.  On the other hand, if you have a disciplined and strategic system – a Prospect Qualification Filter (PQF) – to screen candidates, your time, confidence, reputation, and money are protected.

So. what is a Prospect Qualification Filter and why is it so important to you?  It is a disciplined and strategic tool to enable you to determine the degree to which a prospective client meets your predetermined criteria.  Simply put, the PQF facilitates your ability to confidently and consistently select prospects who “belong on your team.”  If designed and utilized properly, your PQF will screen out commodity shoppers, assess the depth of the relationship with the incumbent agent, and allow you to gain access to the prospect’s management team.  Your Prospect Qualification Filter will protect your time, confidence, reputation, and money.  And it will give you a new business “hit ratio” of 90% or more!

Designing Your Prospect Qualification Filter

In the design of your PQF, there are three criteria that stand out above the rest.  These include:

  1. Understanding the depth of the relationship with the incumbent agent or broker.
  2. Gaining access to the management team of the prospect.
  3. Determining the decision-maker’s enthusiasm for your unique process. 

Criteria 1

Criteria 2

Criteria 3

Relationship with incumbent agent or broker

Access to Management Team

Enthusiasm for your Value Proposition










In the initial prospect meeting, you should make a point to uncover each of these three criteria.  The PQF shown is comprised of lights – red (stop), yellow (caution), and green (go). 

If you get three green lights, you are off and running.  A new client is around the corner.  Using the tool, you will be confident in a 90% or better hit ratio. 

If you encounter a yellow light, proceed with caution, and perform due diligence before committing time and resources.

If you get a red light, know that your time, confidence, reputation, and money are at risk.  There are times that you will proceed with a red light.  However, it is only done with the strong belief that you can turn a red light green. 

In this complex and turbulent world of insurance and risk management, it is becoming increasingly difficult to control the outcome of our actions.  If you have responsibilities for business development, consider what is at risk -- your time, confidence, reputation, and money. 

The Prospect Qualification Filter...your strategy to achieve a 90% new business hit ratio.


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