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What's covered in each report?

In creating this survey, we leveraged prior iterations and updated areas where billing and collections has evolved. The questions were designed to maximize participation and standardize benchmarking metrics for all participants. Clarity and definitions were provided where possible to create uniformity and consistency in responses. Diligence was taken to clarify and validate items with individual insurers during the analysis process. The results in this document should be used as a general comparison by insurance companies and their billing departments.

Table of Contents

  • Study Overview
    • Results at a Glance
    • Profile of Study Participants
  • Key Findings:
    • Carrier Size Implications
    • Field versus Desk Implications
    • Claims Technology
    • Line of Business Specific results
  • Appendix

 

Profile of Study Participants

 

Overall
Benchmark

Small
Carrier

Large
Carrier

Personal
Lines
Focused

Commercial
Lines
Focused

Modern
Systems

Legacy
Systems

Number of Companies

44

22

22

25

19

18

26

2015 DPW

$833M

$203M

$1,533M

$1,034M

$693M

$927M

$855M

Personal Lines as a % of Total DPW

55%

57%

53%

81%

21%

52%

57%

Commercial Lines as a % of Total DPW

45%

43%

47%

19%

79%

48%

43%

 
Statistics from our participants:
  • $883 million average direct premium written (DPW) reported by participants. In total, the premium mix was split evenly (55% personal lines and 45% commercial lines).
  • $96.8% average combined ratio was in line with broader industry results. The Large Carrier Benchmark outperformed the Small Carrier Benchmark with combined ratios in the 95.9% range, compared to 97.7%.
  • 98.0% highest average combined ratio reported by the Commercial Focused Benchmark participants.