Cost per Claim (P&C)

Benchmarking Report

Cost per Claim (P&C)

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 Claim (P&C). 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 Claim (P&C)?

The total cost (labor, technology and overhead) of processing property and casualty (P&C) insurance claims, including claims intake, adjustment, estimate and settlement/closure, divided by the total number of P&C claims processed over the same period of time.

Why should Cost per Claim (P&C) be measured?

Cost per P&C claim processed measures the average cost incurred by the organization to handle a single P&C insurance claim (i.e., unit cost). Claims processing is a vital function within any insurance company, as it has a significant impact on profitability (e.g., improper claims processes can increase claims paid out) and customer experience (e.g., extended claims cycle times negatively impact customer satisfaction and increase costs). Relatively high P&C Cost per Claim values can be a lagging indicator related to several common inefficiencies within the claims process, including improper claims routing and triage procedures (e.g., claims not assigned to the correct adjusters, etc.), low adjuster productivity (i.e., each adjuster not handling enough claims per week/month), incomplete or missing claims data, or a high rate of rework within various claims processes (e.g., adjusters must communicate with claims intake representatives to clarify inbound data or gather additional information, etc.).


Download a Sample Cost per Claim (P&C)

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 (info@opsdog.com) or call us at 866.650.2888 and one of our friendly professionals will be happy to answer all your questions.

Have a question? Call: 844-650-2888 Email: info@opsdog.com