Benchmarking of Operational Performance KPIs within the Insurance Industry
Situation
Our client wanted to better understand the operational cost structure of insurance organizations in North America with a particular focus on the US market.
Objective
The objective was to collect benchmarking data to support client conversations externally and internally.
Our Work
10EQS sourced and interviewed experts working in commercial underwriting and personal claims across various leading insurers in the US. 10EQS further evaluated the operational performance of these insurers on a granular level including insurance lines and company size.
Project Team
- Ex-EY Management Consultant with extensive insurance industry experience
- Ex-Bain Consultant supporting content synthesis
- 18 industry experts
Industry experts
- Executive VP & Chief Claims Officer – Insurance Company (US)
- VP Major Account Claim Leader – Insurance Company (US)
- Senior Underwriter – Insurance Company (US)
- Former Director of Operations Transformation – Insurance Company (US)
- Former VP Underwriting – Insurance Company (US)
- Former Commercial Lines Sales Manager – Insurance Company (US)
- Former Business Lines Territory Manager – Insurance Company (US)
Results
10EQS collected and evaluated 45 KPIs of interest within commercial P&C underwriting (e.g., acquisition expense ratio by channel, policy renewal rate, volume per LoB) and personal P&C claims (e.g., claims volume/settlement ratio, straight through processing %). The benchmark data supported our client develop their insurance industry thought leadership.