Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
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Insurance companies have an important task of providing the policy holders their claims in cases where it is due. There are two aspects involved in it, first being that no genuine claimer is denied his/her rights and second that a pretender gets caught at the right time. However, this task of making sure that funds reach only the right person demands tremendous efforts from the Insurance company.
Sometimes, there is a really long process of confirmation that occurs prior to the actual offering of funds. All this has a single aim of 'making right amount of money reach the right individual'.
One can construct a balanced scorecard to effectively monitor this task, thereby ensuring that the company earns reputation among its client base and success in its pre-set aims. This management instrument depends on the KPIs (Key Performance Indicators) that are collected on it to help the firm sail its boat unharmed out of the frequently 'turbulent' conditions faced during its operations.
By looking at the factors that affect the re-payments' movements, one can frame fruitful indicators and head on with the task of conducting the disbursement job efficiently.
This is the actual scorecard with Insurance Claims Measures and performance indicators. The performance indicators include: financial perspective, % increase in average claim payment per case, percentage decrease in expense payment per case, legal cost incurred as a % of total cost, % change in costs on claims processing, claims processing perspective, % of records properly documented, claim settlement time, % settlement of claims, % increase in claim files managed by operator, operational perspective, % of no. of claims and new business policies issued, claim paid amount as a % of first year premium, claim paid amount as a % of renewal premium, no. of claims per product, efficiency perspective, % decrease in customer complaints, number of litigation per open files, % decrease in fraudulent activities, % reduction in average claim processing time.
Download a trial version of Insurance Claims Evaluation Balanced Scoreboard or purchase a full version online.
How is this book different from 796 other book titles about KPIs on Amazon?
"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."