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)
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