Insurance Claims KPI and Metrics Benchmarking Report
This 49-page benchmarking report includes benchmarking data for 28 insurance claims performance metrics, or KPIs, for life, dental, disability, and other similar products. These KPIs include Claim Settlement Cycle Time (Business Days), Overtime Hours per Employee, and more. Each KPI in this report includes a chart outlining high-to-low performer insurance benchmarking data, a detailed insurance claims KPI definition, calculation instructions and a summary of performance between peers. Insurance claims benchmarking is defined as the process of comparing and evaluating multiple insurance companies against one another by using standard KPIs and metrics as a standard dimension of measurement. Stop operating in the dark - benchmarking is a major step in identifying potential improvements within any Insurance Provider. This report will give you a head start that you can't find anywhere else for tracking KPIs in your insurance claims operations.
Which metrics, or KPIs, are included in this report?
This 49-page insurance benchmarking report includes claims KPI data (in easy-to-understand chart format), detailed definitions, measurement instructions and performance summaries for the following 28 Key Performance Indicators (KPIs):
- Disability Insurance Claims Customer Satisfaction (CSAT)
- Dental Insurance Claims Customer Satisfaction (CSAT)
- Group Life Insurance Net Promoter Score (Claims)
- Dental Insurance Net Promoter Score (Claims)
- Group Life Insurance Cost Per Claims
- Dental Insurance Cost per Claim
- Group Life Insurance Loss Ratio
- Dental Insurance Loss Ratio
- Long-Term Care Insurance Operating Expense per In-Force Policy (Claims)
- Dental Insurance Operating Expense per In-Force Policy (Claims)
- Long-Term Care Insurance Claim Settlement Cycle Time (Business Days)
- Group Life Insurance Claim Settlement Cycle Time (Business Days)
- Dental Insurance Claim Settlement Cycle Time (Business Days)
- Short Term Disability Insurance Claim Settlement Cycle Time (Business Days)
- Long-Term Disability Insurance Claim Settlement Cycle Time (Business Days)
- Dental Insurance Claim Straight-Through Processing Rate (STP %)
- Long-Term Care Insurance Claim Settlement: Outbound Quality
- Individual Life Insurance Claim Submission Error Rate (Inbound Errors)
- Individual Life Insurance Claim Closing Rate
- Insurance Employee Turnover Rate
- Insurance Employee Turnover Rate (Involuntary)
- Insurance Employee Turnover Rate (Voluntary)
- Overtime Hours per Insurance Employee
- Insurance Management Span of Control
- Training Hours per Insurance Employee
- Individual Life Insurance Claim Denial Rate
- Mean Time to Detect Cybersecurity Incident on Core Insurance IT Systems
- Mean Time to Repair (Critical Systems)
Download a Sample Insurance Claims KPI and Metrics Benchmarking Report
Frequently Asked Questions
Q: How do you collect and validate your data?
A: From real-world consulting engagements with Fortune 500 leaders. We’ve spent 25 years conducting original research and anonymizing data from our engagements with top companies around the world. Every single data point we collect is scrutinized by our analysts to conform to established baselines and our rigorous in-house validation process. We won’t serve it up to you unless it meets our tough standards for utility and value.
Q: How much information will my Benchmarking Report contain?
A: Enough to produce a useful benchmark. And rest assured that it’s all current, validated, and useful. We only include data that’s been collected in the last five years. And while sample sizes vary by KPI, the average is 25, and the high end can surpass 1,000.
Q: How often do you update your reports?
A: Every year. We’re constantly gathering, scouring, and processing new data. We update our reports based on trends our analysts detect in the data, as well as the demand from our consulting clients and customers like you.
Q: Your download-able reports look great. But I need something custom. Can you help?
A: Heck yes. Our crack research teams just love custom assignments, and would be delighted to perform targeted research tailored to your specific requirements. Find out just how fast and affordable this is: Email us (firstname.lastname@example.org) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.