KPI Benchmarks : Percentage of Claims with Supplements (Auto)
- Benchmark Range
- Benchmark Average
- Benchmark Sample Size (n)
* Is High or Low Best:
Download a Sample Percentage of Claims with Supplements (Auto)
KPI Details : Percentage of Claims with Supplements (Auto)
Percentage of Claims with Supplements measures the accuracy of the damage assessment of the insurance company’s adjusters. A low value for this KPI may suggest inadequate training protocols for adjusters, an absence of standardized checklists to go through during each damage assessment, or poor documentation of damage that has occurred. A low value for this KPI can adversely affect customer satisfaction and company reputation, as it requires additional effort from both customers and repair shop employees. In addition, supplemental payments typically require an adjuster to make another trip to assess the damage of the car, resulting in redundant work and unnecessary labor costs.
KPI Best Practices : Percentage of Claims with Supplements (Auto)
KPI Calculation Instructions Percentage of Claims with Supplements (Auto)?
KPI Formula :
Loss Ratio (P&C)
The total amount of property and casualty (P&C) insurance claims paid out to policyholders plus any loss adjustment expenses (LAE) divided by total P&C premium earned over the same period of...
KPI Type : Cost
Formula : ((Total Claims Paid Out + Total Loss Adjustment Expense) / Total Premium Earned) * 100
KPI Benchmark Range : 57.5% - 78.4%