Category: Insurance

Insurance agencies are the face of the insurance carrier. While customers enjoy the convenience of digital channels, they also want to deal with a local agency when they have questions or problems. With increasing competition in the insurance industry, insurance agencies can have a big impact on how an insurer is perceived in the marketplace by using insurance industry performance metrics to stand out. What is an Insurance Agency Performance Metric? Insurers use key performance indicators (KPIs) and key risk indicators (KRIs) to measure both their overall agency performance and…

Key performance indicators (KPIs) allow insurers to determine their strengths and weaknesses and where to focus resources and money. Tracking KPIs over time is the most effective way for insurers to figure out if the changes they are making--and the money they are spending--are actually improving agency performance. What is an Insurance KPI?   Insurance key performance indicators (KPIs) for agency performance tracking can be defined as metrics, often expressed as ratios or percentages, that measure aspects of insurance agency performance that are directly aligned with insurer business goals. When…

The insurance industry is in constant flux, with new digital-only competitors, increasing product complexity, and regulatory changes. To navigate a business through this evolving landscape, insurers will need to rely on a variety of key performance indicators (KPIs). Building a Key Performance Indicator library full of critical KPIs gives insurers the agility to quickly implement KPIs to fit changing business requirements and strategies. What is a KPI Library? Key performance indicators are more than simply metrics. While a metric measures a process—such as how many claims an insurer rejects—KPIs turn…

Every industry is feeling the pressure to improve their customer experience, and insurance is no different. Insurance customers are demanding the type of convenient, fast, and personalized service they get from Amazon, Netflix, Uber, and others. To compete, insurers will need to up their customer experience game while still keeping costs in check. The best and easiest way to achieve this is with customer experience metrics for insurance. These metrics help boost sales, keep customers and employees happy, all while keeping costs and risks low. What are Customer Experience Metrics…

It’s a simple equation: the higher the cost to manage claims, the lower an insurer’s profitability. Obviously insurers don’t want to rush the claims process and wind up mistakenly paying for fraudulent claims, but quickly--and accurately--processing legitimate claims has a direct, positive impact on the bottom line. What are Insurance Claims Benchmarks? An insurance claim is a formal request from a policyholder for compensation for a covered loss or policy event. Every type of insurer--whether property & casualty (P&C), life and annuities, automobile, medical, disability, or liability insurance—is required by…