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Workforce Benchmarking

We provide data and insights on staffing and people costs to help insurance companies develop a workforce tailored to their operating model strategy and improve efficiency.

Adapting to a Changing Model

The insurance industry is shifting to a different operating model driven by the emergence of artificial intelligence, predictive analytics, and digital strategies. The most progressive companies are proactively designing their workforce to adapt to a changing model amidst heavy turnover from employee retirements and fierce competition for candidates with more industries than ever before.

Business leaders more than ever need to consider:

  • Are we moving faster than our peers?
  • How do we measure staffing performance and cost across the organization relative to industry peers?
  • What are our people cost gaps relative to revenue, policy, and claim counts?
  • Are we investing in talent for the right types of functions to help our organization succeed?
  • What should we prioritize with our limited budgets?        

Designing Your Future Operating Model

Our workforce benchmarking program is about connecting the value of a firm’s people to its strategic goals and business plan. Key information provided to participants includes:

  • Number of staff on relative sizing basis compared to peers
  • Total number of management and staff, and relative span of control by function
  • Employee turnover and turnover metrics by function
  • Average compensation costs per FTE by function
  • Total mix of pay by function        

A Streamlined Process

Our benchmarking process is streamlined to minimize your commitment of both time and cost resources. We use data taken directly from your HR system and require only a small amount of staff time to help complete the process.