2023 Best Practices Study

Sales Velocity

Sales Velocity

19.4%

18.7%

17.9%

17.9%

15.3%

17.4%

16.3%

15.8%

15.7%

15.4%

15.1%

15.5%

14.6%

15.1%

14.2%

14.8%

13.7%

13.1%

< $1.25M

$1.25M-$2.5M $2.5M-$5.0M $5.0M-$10.0M $10.0M-$25.0M

> $25.0M

2022 BPS Average 2023 BPS Average 2023 BPS Top Quartile

• Sales Velocity is an excellent measure of an agency’s success in writing new business. It is calculated by dividing new commission and fee income written by prior year commission and fee income. • The Age Banding of Sales Velocity takes it a step further by showing Sales Velocity contributions by different producer age groupings (35 and under, 36-45, 46-55, over 55).

Age Banding of Sales Velocity

3.8%

5.4%

4.6%

3.8%

4.2%

3.6%

3.7%

2.3%

3.6%

3.1%

2.8%

4.4%

4.7%

5.2%

4.0%

4.9%

4.1%

3.8%

3.6%

3.3%

3.0%

2.6%

2.3%

1.3%

<$1.25M

$1.25-$2.5M

$2.5-$5M

$5-$10M

$10-$25M

>$25M

Up to age 35

Age 36-45

Age 46-55

Over age 55

Cross Category Comparison

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