Category: Insurance

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.…

While external pressures such as economic conditions and the number of natural catastrophes can have a significant impact on the short-term profitability of insurance companies, insurers have plenty of opportunities to boost their long-term profitability by focusing on key performance indicators (KPIs). Measuring and then managing performance metrics inside an insurance KPI library can help insurers compete against peers, respond to market changes, attract customers, drive down loss ratios, and reduce costs. What is an Insurance Key Performance Indicator (KPI)? A insurance key performance indicator (KPI) can be defined as…

What is insurance RPA? Robotic process automation (RPA) is changing the way insurance companies operate faster than any other technology today. From personal and commercial insurance line underwriting and onboarding, to policy holder services and claims processing, many insurance companies are realizing the benefits of standardized workflows streamlined with robotics technology. Insurance RPA is a new and increasingly popular solution for bridging disparate systems which have had a direct effect on customer experience and back office operations of insurance companies today. For established insurance providers, the norm for conducting operations…

Besides determining the best ways to sell insurance policies to customers and ensuring that policy applications are processed in a timely manner, insurance companies must focus their benchmarking, business intelligence and operational reporting efforts on claims processing metrics, or their loss ratio will continuously rise. Here are 4 examples of insurance claim metrics and KPIs that every insurance company should be tracking to improve the efficiency of the insurance claim process.

The insurance industry is a competitive field to be in. Especially now when customers can “shop-around” by analyzing the reviews, stories and comments published by previous insurance customers. With so many companies to choose from and published pieces to influence customers, how can companies in the insurance industry retain the interest of would-be and current customers? Here are 4 KPIs for insurance underwriters every insurance company should be tracking to make sure they are meeting the growing demands of both the customer, and the company itself.