In a do-more-with-less environment, our clients find that a competitive advantage is more difficult to achieve and sustain. We analyze staff levels, expenses, and business practices across the entire enterprise providing a holistic view of how your operations compare to other companies.
Industry Expertise
Since 1991, we’ve conducted over 3,000 benchmarking engagements with insurance companies of all sizes with different distribution systems, product focus, and operating models. Insurance companies rely on our data and insights to identify real opportunities for improvement across all levels of the organization.
3000+
Benchmarking Engagements Since 1991
We provide expertise to:
- Conduct detailed functional evaluation of expense structure against actual and projected performance.
- Identify additional cost reduction opportunities within company operations.
- Assess the impact of projected staffing and expense reductions against revenue projections.
- Provide an independent assessment of workload benchmarks and help establish targets to achieve top performance.
- Create workforce planning tools to assist in the execution of these opportunities and to maintain efficiency.
- Work with leadership to agree on future business targets.
- Develop a roadmap to achieve efficiency gains that are sustainable.
Industry-Specific Comparisons of Enterprise Benchmarking
Ward benchmarking is a streamlined, holistic approach to compare your operations to operations at other insurance companies on an apples-to-apples basis. Our experienced consultants partner with you to provide an efficient benchmarking process, minimizing the use of your company resources. Using our proprietary benchmarking software, we map your expense and headcount data into a common framework. We segment companies by major operations to make the output meaningful for internal and external comparisons, and then meet with you in person to review the data and ensure the integrity of the data source.
Our Enterprise Benchmarking program delivers data that empowers companies to:
- Assess overall operational performance compared to other insurance companies
- Analyze and prioritize improvement opportunities
- Optimize company resources and maximize efficiency
- Improve profitability across the organization
Property-Casualty Program
We analyze 55 functions for property-casualty firms across:
- Acquisition and Marketing
- Commercial Lines
- Loss Adjustment
- Personal Lines
- Shared Services
For a detailed overview of the property-casualty functions covered, contact us.
Life, Health, Annuity and Retirement Program
We analyze 49 functions for life, health, annuity, and retirement insurers across:
- Acquisition and Marketing
- Underwriting, Claims, and Customers
- Shared Services
For a detailed overview of the life, health, annuity and retirement functions covered, contact us.
Survey Pricing, Access, and Support
Fees for Ward benchmarking programs vary based on company size, as well as the product and complexity of the organization.
All clients are assigned a dedicated relationship manager to provide benchmarking support during the data collection process. We provide a variety of expense and rewards advisory solution to assist clients with their financial, performance, and talent strategies.