Many insurance companies feel the pain associated with not having access to useful performance measurements. As a matter of fact, through a survey of its clients, Opus Solutions, Hinsdale, Ill., discovered the following information:* Only 9% of insurance companies can accurately measure the cost of a customer transaction, and only 4% have an accurate expectation for unit cost.
* The average insurance processing unit operates at 62% productivity and 51% utilization.
* The average post-sale customer inquiry is touched 2.4 times and costs $12.40 in direct labor.
* The average manager within an insurance processing unit reviews 34 separate system-generated reports per month. These same managers report spending 14 hours per month preparing manually generated reports from 34 core sources.
* Of the companies that meet or exceed international service expectations, only 51% were rated at or above "average" in customer satisfaction surveys.
* Only 4% of all processing operations measure true customer turnaround time.
* Only 22% of service-based operations accurately forecast customer volume. Less than a third of those can translate volume into work hours.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access