KPI Benchmarking Report

Transcription

1 Insurance - Life, Dental, Disability, and Similar Products - Claims KPI Benchmarking Report Analysis of Peer Insurance Company Performance ABRIDGED CONTENT Purchase to View Full Benchmarking Report! What's Inside? 1. Benchmarks & High Performer Characteristics 2. KPI Definitions & Measurement Details 2018 Version

2 Benchmarking Report Terms & Conditions The OpsDog Insurance Claims Report - Life, Dental, Disability, and Similar Products 2018 OpsDog, Inc. The OpsDog Benchmarking Reports and their contents are protected by copyright laws, contain the trademark OpsDog, Inc., and are OpsDog s proprietary information. No part of this book shall be reproduced, stored in a retrieval system, or transmitted by any means, electronic, mechanical, photocopying, recording or otherwise, without written permission from OpsDog, Inc. OpsDog, Inc. assumes no liability with respect to the use of the information contained herein which is provided as is and there are no warranties of any kind provided by OpsDog with respect to this report. OpsDog assumes no responsibility for errors or omissions and will not be liable for any damages resulting from the use of the information contained herein. OpsDog, Inc Augusta Dr., Suite 200 Houston, TX Tel: bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 1 of 51

3 Report Details & Methodology The OpsDog Insurance Claims Report - Life, Dental, Disability, and Similar Products More than 75,000 KPI values (i.e., data points) were analyzed to produce benchmarks for the 28 KPIs included in this report. 1 Data Range: Region(s) Included: United States The benchmarks included in this report were found to be comparable across companies of varying sizes (i.e., number of employees, total revenue). Methodology: Data Collection & Validation 1. Gather OpsDog s analysis team aggregates data collected through traditional consulting engagements and targeted research. 2. Refine Aggregated data is standardized, categorized and run through multiple validation checkpoints prior to being stored in our database 3. Package We analyze and compile comparable data, then package our findings in the form of benchmarking reports and data sets. Looking for customized research and analysis? Contact our research team. P: E. info@opsdog.com Note: 1 The sample size of the observed data varies for each KPI. bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 2 of 51

4 Industry Peer Group Composition Peers Selected Based on Product Offerings, Geography, Size Representative Industry Peer Group Peer Comparability Based on 3 Attributes 1 Product Offerings/Range 2 Geography 3 Products offered to individual and/or retail customers. Group & Individual Customers Life & Annuities Accident & Health Disability Long-Term Care Medical Retirement/Investment Products Operate either primarily in the United States and/or exhibit global presence. United States Company Size/Range (Employees) Relatively large, Fortune/Global 1,000-sized organizations. Large: Over 50K Employees (Axa, Allianz, etc.) Mid-Size: 20K - 50K Employees (Travelers, USAA, etc.) Smaller: Less than 20K Employees (Kemper, Aflac, etc.) bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 3 of 51

5 Table of Contents Insurance - Life, Dental, Disability, and Similar Products - Claims KPI Name Customer Satisfaction (CSAT - Disability) Customer Satisfaction (CSAT - Dental) Net Promoter Score (Claims - Group Life) Net Promoter Score (Claims - Dental) Cost per Claim - Group Life Cost per Claim - Dental Loss Ratio - Group life Loss Ratio - Dental Operating Expense per In-Force Policy (Claims - Long-Term Care) Operating Expense per In-Force Policy (Claims - Dental) Claim Settlement Cycle Time (Business Days - Long-Term Care) Claim Settlement Cycle Time (Business Days - Group Life) Claim Settlement Cycle Time (Business Days - Dental) Claim Settlement Cycle Time (Business Days - Short-Term Disability) Claim Settlement Cycle Time (Business Days - Long-Term Disability) Claim Straight-Through Processing Rate (STP % - Dental) Claim Settlement: Outbound Quality - Long-Term Care Claim Submission Error Rate (Inbound Errors - Individual Life) Claim Closing Rate - Individual Life Employee Turnover Rate Employee Turnover Rate (Involuntary) Employee Turnover Rate (Voluntary) Overtime Hours per Employee Span of Control Training Hours per Employee Claim Denial Rate - Individual Life Mean Time to Detect Cybersecurity Incident Mean Time to Repair (Critical Systems) KPI Category Efficiency NIGO/Quality NIGO/Quality Volumes Risk Risk Risk Page # bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 4 of 51

6 Key Performance Indicator (KPI) Definition & Measurement Details KPI Definition: Customer Satisfaction (CSAT)? The number of policyholders that indicate they were satisfied with the company s claims settlement process divided by the total number of policyholders surveyed, as a percentage. Why should this KPI be measured? This KPI measures the satisfaction with the claims settlement process for policyholders. A lower than average value for this KPI may suggest a number of issues within the claims settlement process, including high claims settlement turnaround times (), poor claims triage procedures (i.e., claims not prioritized properly, routed to improper employees, etc.), poor claims settlement employee training, claim payout errors, etc. This KPI is extremely important, from both a customer experience and loss control perspective. Dissatisfied customers can lead to lower policy retention rates, causing the company to spend more money on policyholder acquisition (more costly), rather than policyholder retention. How is this KPI calculated? Two numbers are used to calculate this KPI: (1) the number of respondents who expressed satisfaction in the company s claims settlement process, and (2) the total number of policyholders that respond to the survey. This KPI measures overall satisfaction with the claims settlement process (amount of payouts, settlement times, helpfulness of claims employees, etc.). The measurement of this KPI can vary by company, but is typically calculated by adding the number of responses that rated their satisfaction as a 4 or 5 (on a 5 point scale) and divide that number by the total number of responses. ABRIDGED CONTENT Purchase to View Full Definition & Measurement Details! Formula (Sum of Claims Settlement Satisfaction Scores) / Total Number of Policyholders who Completed Satisfaction Survey bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 5 of 51

7 KPI Benchmarks & Performance Summary United States Product: Disability KPI Definition Avg () SAMPLE CONTENT Purchase to View Actual Benchmarking Data! X% The number of policyholders that indicate they were satisfied with the company s claims settlement process divided by the total number of policyholders surveyed, as a percentage.percentage.(online FAQs, etc.) Agents cross-trained to handle and resolve multiple call types Performance KPIs are well-defined, Summary tracked and tied to agent performance reviews Peer Avg Peer High KPI Type: XX Unit: XX Peer A High Performers Peer B Peer C Peer D Peer E Peer F Low Performers Is High or Low Best?: XX How to read this chart: This chart displays the performance of each company within the observed sample for this particular metric, or Key Performance Indicator (KPI). Values are ordered based on performance; high performers on the far left, to low on the far right side of the chart. bm.opsdog.lifeinsurance.claims.sample OpsDog, Inc. 6 of 51