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.