Friday, June 12, 2009
Measuring Underwriting Productivity and Quality: The New ROI Metrics
Measuring performance is crucial, especially considering soft market rates, poor investment results, and ever-increasing equity markets demands. Whether you are managing and reporting day-to-day results or building a case for strategic initiatives, it is essential to be able to define and measure quantifiable productivity, quality, profitability, and ROI quotients for business and technical operations. While there is certainly some truth to the saying that you can’t manage what you can’t measure, it is also true people focus management on what is measured as opposed to what is not.
Underwriting metrics have traditionally been limited by what could be measured by the policy administration system and/or manual tracking logs — think numbers of submissions/quotes/binder, quote and hit ratios, premium volume, and overall loss ratio. But these measures have been limited by batch updates, weekly feeds and old reporting systems. Even measuring turnaround time is challenging in some workflows with significant manual components...
I&T: Measuring Underwriting Productivity and Quality: The New ROI Metrics
Underwriting metrics have traditionally been limited by what could be measured by the policy administration system and/or manual tracking logs — think numbers of submissions/quotes/binder, quote and hit ratios, premium volume, and overall loss ratio. But these measures have been limited by batch updates, weekly feeds and old reporting systems. Even measuring turnaround time is challenging in some workflows with significant manual components...
I&T: Measuring Underwriting Productivity and Quality: The New ROI Metrics
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