Insurance Industry KPI Dashboard Scorecard

There are more than 160 measures that can be engaged to manage the performance of businesses operating in the insurance industry. Some of these measures that Rundas can partner with business to manage, benchmark and model their performance specific to the insurance industry are as follow:

• Expense ratio.

• Employees per $100M of gross premium written.

• Number of policies in-force per insurance agent.

• Pending new business case personnel.

• Coverage offer cycle time.

• Necessary duplicate database entries.

• New business processing cycle time.

• Pending new business case personnel.

• Revenue per policyholder.

• New policies per agent.

• Percentage of premium written through agency channels.

• Cost per new business application.

• Group contract cycle time.

• New accounts opened per employee.

• Number of new business forms.

• Percentage of applications approved.

• Percentage of applications received electronically.

• Percentage of new accounts with insufficient documents.

• Policies issued per month.

• Processing expense per application.

• Support staff per direct sales FTE.

• Wastage rate.Issue case cycle time.

• Pending requirement cycle time.

• SLA adherence: pending requirement.

• SLA adherence: underwriting.

• SLA underwriting cycle time.

• Time to underwriter.

• Underwriting applications received per month.

• Underwriting automation rate.

• Underwriting cycle time.

• Underwriter quota.

• Claims closure rate.

• Claim cycle time.

• Claim error rate.

• Claims expense by product.

• Claims FTEs per 1,000 reported claims.

• Claims per employee.

• Claims processing productivity.

• Claims ratio.

• Claims settlement cycle time.

• Cost per claim.

• Electronic claims payments.

• SLA adherence: claims.

• SLA claim cycle time.

• Address change cycle time.

• Call center: abandonment rate.

• Call center: average handle time.

• Call center: average hold time.

• Call center: calls handled per day.

• Cash divided cycle time.

• Cash surrender cycle time.

• Change of dividend option cycle time.

• Complaint tracking.

• Policy change cost per transaction.

• Online account updates.

• Premium receivable cycle time.

• Remittance cycle time.

• Waiver of premium cycle time.

• Policyholders per case manager.

• Cases managed per case manager.

• Policyholders per certified actuarial.

• Loss ratio.

• Return on investment (ROI).

• Percentage of revenue earned from investments.

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Contact us to find out how we can partner to help you achieve your insurance specific dashboards, reporting, BI, modelling and analytics objectives.

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