Optimizing the competing forces of claims severity, expenses, and service is a challenge for many insurance companies. We help companies uncover opportunities to improve the cost and efficiency of their claims operation, including output, operating models, and productivity standards.
Actionable Data and Insights for Claims
We have extensive experience working with insurance companies of all sizes with various operating models. More than ever, we hear company leaders asking:
- How do we define measurable objections for claims output?
- Is our operating model cost effective and efficient?
- Do we have the right productivity standards?
We help companies define measurable objectives, and identify and capitalize on improvement opportunities in the claims function. Proprietary software helps map each participant’s data into a common framework. In-person interviews ensure the integrity of the data source. Results compared to data from other participating companies provide meaningful and actionable apples-to-apples performance measurements.
Industry-Specific Comparisons to Measure Claims Operations
We specialize in the insurance industry. Our Claims benchmarking program empowers insurance companies to:
- Assess the organizational structure and operating practices of the claims operation
- Analyze staff levels, expenses, and workloads within the claims operation compared to other insurance companies
- Implement a methodology and framework to diagnose, improve, and monitor claims quality, efficiency, and service
- Optimize the cost and operational effectiveness of the claims operation and maximize the use of company resources
A Structure Specific to Claims
We dive deep into the claims operation, covering:
- Claims Support
- Adjusting and Appraising
- Claims Program
For a detailed overview of the 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.