Insurance companies with a strong reputation for managing talent and measuring performance versus competitors increase operating income by nearly 40 percent each year. We help our clients assess their operations and develop a roadmap to achieve efficiency gains that are sustainable.
Trusted Data and Insights
We emphasize data-driven solutions to sustain and support growth, leveraging our uniquely rich combination of performance and reward data and people experts to draw broader connections between business goals and workforce planning. We help our clients develop a roadmap to achieve efficiency gains that are sustainable. Using Ward proprietary benchmarking data and industry insights, we give you a clear picture of how your staffing model compares to your peers and assist with identifying measures to improve efficiency. We partner with financial leadership to make data-driven decisions about future business targets.
The key deliverable from our work is a planning tool that models staffing gaps at a granular departmental level and helps determine where to make new hire investments or target future reductions in force. We assess current workloads and help define your target model within each area, making it easier for departmental leaders to interpret the benchmark data in a format they can understand.
As part of the analysis, we:
- Assess staffing performance across the organization relative to industry peers
- Evaluate expense gaps relative to actual performance and projected results
- Identify potential cost reduction and operational efficiency considerations
Customized Forecasting for Your Operating Model
An efficient workforce is critical to supporting and sustaining a competitive operation. Our consultants work with you to develop a workforce plan that supports the business strategy and capitalizes on the opportunities identified in the performance evaluation. We help you:
- Assess the impact of projected staffing and expense adjustments against revenue projections
- Analyze workload benchmarks at a department / business unit level and help establish targets to achieve top quartile performance
- Optimize workforce for the size and revenues of the business empowering companies to accelerate and increase productivity.
Competitive Pay Analysis to Attract the Right Talent
A competitive total rewards program that attracts top talent and incentivizes the results you want to see starts with a keen understanding of market benchmarks. Our team is equipped to assess your true competitive standing in the market to facilitate decisions around balancing your rewards mix in relation to your business strategy.
Analytics for Life & Annuity Insurers
We analyze staffing and expenses for 24 primary functions and over 30 sub-functions, including:
- Acquisition
- Core Operations
- Shared Services
For a detailed overview of the functions covered, contact us.
Analytics for Property-Casualty Insurers
We analyze staffing and expenses for 27 primary functions and over 65 sub-functions, including:
- Commercial Lines
- Personal Lines
- Aquisition and Marketing
- Loss Adjustment
- Shared Services
For a detailed overview of the functions covered, contact us.