Understanding Hit Ratio
How we calculate. Hit ratio % = binds ÷ submissions × 100. The form uses the same arithmetic as the worked examples on this page. 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
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.
FAQ
Hit ratio vs quote-to-bind?
Hit ratio uses submissions; quote-to-bind uses issued quotes. They answer different funnel stages.
What if submissions is 0?
Hit ratio is undefined—enter a positive submission count.
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