Category: KPIs & Metrics

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…

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…

Banks use net interest margin—the yield between the interest they pay to depositors and the amount of interest they receive from commercial and consumer loans—as one indicator of profitability and growth. And while interest rates are largely out of banks’ control since they are tied to the federal funds rate, lenders can improve lending efficiency to positively impact net interest margins. What are Performance Metrics for Commercial and Consumer Lending?    For consumer loans such as mortgages and automobiles, lenders evaluate the personal financial health of the borrower(s) when deciding…

Mortgage loan officers are the face of your lending organization and how they interact with potential borrowers plays a big role in mortgage loan profitability. Mortgage loan officer performance metrics allow you to uncover the inefficiencies that are holding them back from originating more loans and keeping borrowers happy. What are Performance Metrics for Mortgages Loan Officers? Mortgage loan officers, sometimes called mortgage loan originators, need to be adept at selling mortgages to creditworthy borrowers and following through on the loan until closing. They play an integral part in moving…