Insights from OpsDog

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…

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…