Cost per Application (Life)

Benchmarking Report

Cost per Application (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 Cost per Application (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 Cost per Application (Life)?

The total cost (labor, technology and other overhead) of life insurance application intake, processing, data entry, quote generation and underwriting divided by the total number of life applications received over the same period of time.

Why should Cost per Application (Life) be measured?

Two values are used to calculate this KPI: (1) the total cost of processing and underwriting life insurance applications over a certain period of time, and (2) the total number of life insurance applications received over the same time period. The total cost of processing and underwriting should include labor, technology and other overhead costs related to tasks that occur between application reception and policy issuance, including application intake, application data validation and entry, quote generation, actuarial analysis and underwriting. All life insurance applications should be included in the denominator for this calculation, regardless of whether or not they were approved by the underwriting function.

Download a Sample Cost per Application (Life)

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