In the insurance industry, a useful metric to watch is the quoted-not-sold (QNS) rate. This term sometimes goes by other names like “quoted not converted,” “quoted not bound,” “leads not sold,” or “unsold leads.” The quoted-not-sold rate is the number of quoted customers who have not yet bound a policy divided by the total number of customers quoted during the same period. (Put another way, the quoted-not-sold rate is the inverse of the quote-to-bind conversion rate.)
To take an analogy from outside the insurance world, the quoted-not-sold audience segment is like abandoned cart customers in e-commerce. Just as abandoned carts signify potential purchases left incomplete, quoted-not-sold consumers reflect unrealized insurance policies.