Benchmarking has long been used as a metric for insurers as they conduct strategic planning. In fact, notes New York-based Novarica, external benchmarking data is an important tool for insurer CIOs in both self-assessment and communication with senior business management. This benchmark data can provide critical support for spending and budgeting decisions, and can highlight potential areas of concern that may not be noticeable without external reference points.
But whether all insurers benchmark properly is a subject for discussion. In its latest report, Novarica presents an analysis of responses to its Technology Research Council’s Quick Benchmarking Poll, which compiled responses from 11 life/annuity and 54 property/casualty companies to reveal how insurers gather benchmarking data and use it in a compare/contrast with their peers.
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