Category: Benchmarking

As banks continue to navigate through uncertainty, more regulatory scrutiny, competition from fintech and other new entrants, and changing customer expectations, performance-based metrics have become an increasingly important part of a bank executive’s arsenal. You may be asking yourself how to measure bank performance and you can start by measuring Key Performance Indicators (KPIs), which is the foundation of successful benchmarking practices. What are Key Performance Indicators for Banks?  The pressure for banks to perform comes from many places: customers, shareholders, regulators, and employees. Thankfully, there are a wide variety…

The cost of healthcare continues to outpace inflation. The Centers for Medicare & Medicaid Services (CMS) predicts that U.S. healthcare spending will reach nearly $6 trillion by 2027, accounting for 19.4% of GDP. All stakeholders in the healthcare ecosystem—including health insurance companies--are facing increased pressure to reduce health care costs. Benchmarking is one tool that health insurance companies can use to measure their operational efficiency and identify areas to lower costs. What is Health Insurance Benchmarking? The health insurance industry is highly regulated. For example, the Affordable Care Act (ACA)…

Every industry relies on technology. But when the technology doesn’t cooperate—either due to hardware or software failure, human error, or nefarious acts by hackers and criminals—businesses face a variety of risks such as lawsuits, compliance fines, and lost sales. The price of technology failure is high: 86% of businesses say that the cost for one hour of downtime is $300,000 or higher. One in three businesses report that the cost of a single hour of downtime can reach $1 million to $5 million. How Benchmarking and Key Risk Indicators Help…

Claims is where the rubber meets the road. For auto insurers, paying legitimate claims while minimizing the costs to process those claims is critical to profitability. Learn to benchmark auto insurance metrics to boost claims productivity and streamline operations. Auto insurance metrics enable insurers to determine how to control claims costs without negatively impacting customer satisfaction. What are Auto Insurance Benchmarks? To benchmark auto insurance, first you will need to pick metrics to measure. Insurers can use both key performance indicators (KPI) and key risk indicators (KRI) for claims benchmarking.…

Key risk indicators for information technology can be utilized for a wide variety of industries, but for this post we will be focusing on KRIs for IT departments within the banking industry. Banks today are heavily integrated with technology to connect with their customers and because of this, privacy breaches are a very real risk. For financial services organizations, a technology failure due to a cybersecurity breach or a service outage can have a devastating impact on the business and its customers. A failure can cause reputational damage, legal liability,…