New Policy Issue Cycle Time (Life)

Benchmarking Report

New Policy Issue 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 New Policy Issue 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 New Policy Issue Cycle Time (Life)?

The average amount of time required to formally issue a new life insurance policy, from the time the insurance application is received by the insurer until the application processing and underwriting has been completed and the first premium bill is available for payment.

Why should New Policy Issue Cycle Time (Life) be measured?

Life insurance New Policy Issue Cycle Time measures the average amount of time required for a policyholder's coverage to become active following the submission of an insurance application. Particularly for life insurance policies, there are several steps that must be completed prior to policy issuance, including application data input and review (i.e., application processing), underwriting review, policyholder onboarding and quality assurance/compliance are intermediate steps within the new business process. The main driver of relatively high policy issue cycle times is poor inbound data quality - unclear insurance applications, data input errors, underwriting rework and missing policyholder information can significantly increase the time required to onboard a new policyholder. This is critical from a customer experience perspective because, in many cases, the customer may be working with various insurers simultaneously to gain coverage - long cycle times may decrease the likelihood that the applicant will be converted to a paying policyholder.

Download a Sample New Policy Issue Cycle Time (Life)

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