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.
