KPI Benchmarks : Subrogation Referral Rate (Auto)
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KPI Details : Subrogation Referral Rate (Auto)
Subrogation Referral Rate measures the percentage of the company’s paid claims that are passed on to the subrogation team to seek reimbursement for paid losses. A low value for this KPI may indicate that the company does not have clearly established subrogation referral guidelines and is missing out on subrogation opportunities, which negatively affects the company’s profitability. A high value for this KPI indicates that the company is taking a proactive approach to seek reimbursement for paid claims in which their own policyholders were not at fault. Companies with high subrogation referral and recovery rates can offer lower premiums to their policyholders, increasing customer retention and satisfaction.
KPI Best Practices : Subrogation Referral Rate (Auto)
KPI Calculation Instructions Subrogation Referral Rate (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%