Life Insurance Policy Administration KPI Benchmarking Report
This 37-page life insurance operations benchmarking report includes benchmarking data for 18 Policy Administration performance metrics, or KPIs, including Customer Satisfaction (CSAT), Employee Turnover Rate, and more. Each life insurance KPI in this report includes a chart outlining high-to-low performer data, a detailed life insurance policy administration KPI definition, calculation instructions and a summary of performance between peers. Stop operating in the dark - benchmarking is a major step in identifying potential improvements within any Life Insurance Provider. This report will give you a head start that you can't find anywhere else for tracking KPIs in Policy Administration, pertaining to Life Insurance or other similar products.
Which metrics, or KPIs, are included in this report?
This life insurance policy holder services KPI report includes benchmarking data (in easy-to-understand chart format), detailed definitions, measurement instructions and high-performer characteristics for the following 18 Key Performance Indicators (KPIs):
- Customer Satisfaction (CSAT - Pensions & Employee Benefits)
- Cost per Transaction - Pensions & Employee Benefits
- Operating Expense per In-Force Policy (Policy Administration - Annuities)
- Operating Expense per In-Force Policy (Policy Administration - Individual Life)
- Percentage of Transactions Processed within SLA - Combined Group
- Transactions Processed per Employee - Combined Group
- Billing: Outbound Quality
- Transaction Submission Error Rate (Inbound Errors - Pensions & Employee Benefits)
- Employee Turnover Rate
- Employee Turnover Rate (Involuntary)
- Employee Turnover Rate (Voluntary)
- Span of Control
- Complaints per Policy - Pensions & Employee Benefits
- Complaints per Policy – Annuities
- Past Due Premium Payments ($; by Age - Individual Life)
- Policy Lapse Rate - Group Life
- Policy Lapse Rate - Individual Life Mean Time to Detect Cybersecurity Incident
- Mean Time to Repair (Critical Systems)
Download a Sample Life Insurance Policy Administration KPI 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 (email@example.com) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.