Benchmarking KPIs for a Mid-Tier Insurance Company
- A US based insurance company sought to benchmark its key performance indicators (KPIs) against industry standards to identify areas for improvement and enhance overall performance
- Utilize secondary research to benchmark the company's KPIs against industry leaders and provide actionable insights to enhance the insurance company's competitiveness
- Reviewed industry reports, competitor financials, and best practice case studies to benchmark the company's KPIs against industry leaders, focusing on key metrics such as claim settlement times, customer acquisition costs, retention rates, and digital engagement
- Identified significant inefficiencies in the client's claim settlement times, customer acquisition costs, retention rates, and digital engagement compared to top competitors, revealing areas where improvements were necessary to match industry standards
- Recommendations: Automate claims, use data-driven marketing, personalize retention programs, and enhance digital platforms
- Streamlining claim settlement processes reduced average settlement times by 20%, improving customer satisfaction, while optimized marketing strategies cut customer acquisition costs by 10%, freeing up resources for growth initiatives
- Enhanced retention strategies increased customer retention rates by 8%, and investments in digital platforms boosted customer engagement and satisfaction, resulting in a 15% increase in positive feedback
