Insights from OpsDog

Fintechs moving into traditional banking territory, increased scrutiny from regulators, and new customer dynamics are changing the retail banking business model. Banks are having to spend more to keep up—but a low-interest rate environment makes staying profitable more difficult. To compete, you’ll need to refine your retail banking strategy, reduce costs, and be smarter about allocating your resources. To accomplish these tasks, you’ll need the aid of retail banking Key Performance Indicators or KPIs. What is a Retail Banking KPI? Retail Banking Key Performance Indicators (KPIs) are metrics you can…

To combat continuing low-interest rates and competition from fintechs, commercial and consumer lenders need to become as lean and mean as possible, all while keeping a close eye on macroeconomic factors that can negatively impact loan portfolios. By establishing key performance indicators (KPIs), and tracking these key performance indicators for loans over time, you can improve your operational efficiency, boost productivity, and close more commercial and consumer loans while reducing costs. What are Key Performance Indicators for Loans? Key performance indicators for loans can be defined as various loan-related 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…

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)…

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…