Claim Settlement Cycle Time (Life)

Benchmarking Report

Claim Settlement Cycle Time (Life)

This PDF report includes benchmarking data (in a visual, chart-based format), an comprehensive KPI definition, characteristics of high performers and technical details on measuring Claim Settlement Cycle Time (Life). Purchase and download this easy-to-understand, presentation-ready report immediately to compare performance levels, set attainable performance targets, and push towards best-in-class performance for this KPI.

What is Claim Settlement Cycle Time (Life)?

The average amount of time (measured in calendar days) required to settle a life insurance claim, from the time the claim is reported (i.e., first notice of loss, or FNOL) up until the claims is formally settled by the insurer.

Why should Claim Settlement Cycle Time (Life) be measured?

Life insurance claim settlement cycle time measures the average amount of time required to settle and close an insurance claim, from first notice of loss until settlement. This KPI is extremely important, from both a customer experience and loss control perspective. Extended settlement cycle times may be an indicator of claims leakage (i.e., losses paid out are higher than they should/could be), which impairs the organization's profitability and standing with shareholders. Furthermore, lengthy claims cycle times are a leading driver of customer turnover. Major factors that drive longer claim settlement cycle times include poor claims triage procedures (i.e., claims not prioritized properly, routed to improper adjusters, etc.), lack of inbound data quality (e.g., claims submitted with missing information, etc.), subpar claims adjuster training and high turnover among adjusters.

Download a Sample Claim Settlement Cycle Time (Life)

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