Category: KPIs for Insurance Underwriters

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…

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…

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.