Finalta launched The Motor Claims Cost Benchmark to provide actionable insights into the performance of insurers’ current strategic configuration, operational practices, and processes. The benchmark allows you to identify areas of underperformance, set realistic operational targets, and take focused actions to improve your combined ratio.
Why it's important
Finalta studies demonstrate that significant variance exists in the costs for comparable claims, potentially up to 50%. In a highly competitive, price-sensitive environment in which the frequency and severity of claims are increasing, the need to closely manage costs is crucial. The Motor Claims Cost Benchmark helps participants address critical questions such as:
Management of approved garage network:
What the Motor Claims Cost Benchmark provides
Our unique methodology utilizes claim-, claimant-, and payment-level data to identify differences in performance within comparable segments, including repair costs for your insured young drivers of lower value vehicles, costs of bodily injury claims with legal representation in a particular region, and the impact that time to First Notice of Loss (FNOL) has on your overall performance. 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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