The Claims Expense Benchmark provides clarity by looking at the overall performance and cost of processing claims for each insurer. Finalta uses raw data on an expense-level basis across all items of the value chain to ensure that all underwriting and operational differences have been accounted for.
Why it's important
Efficient cost management is critical for insurers in today’s markets. Especially for claims handling, insurers need to tailor their organizational structure to best serve their customers. Our robust claims expense methodology is combined with the expertise from our indemnity benchmarks to create unique insights and provide a holistic view of claims handling.
Insurers use our benchmark to address critical questions such as:
Our unique methodology utilizes expense-level data to identify differences in performance. We examine expense items across the value chain with a focus on the claims function. We employ granularity to generate comparability, rather than manipulating data, to account for differences in risk mix and strategy. Our experienced analysts understand the trade-offs in claims strategies and help to identify opportunities in the context of each insurer’s individual needs.
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