The first-ever study to benchmark insurer SIU metrics will be launched this fall in a joint project of the Coalition Against Insurance Fraud and the Ward Group.
The study will help close a large information gap by statistically profiling industry-wide trends in key SIU practices. Fraud measurement, budgeting, quality assurance, performance management, training and legal issues are among the numerous practices the study will profile.
Despite their many successes against fraud criminals, SIUs still need more data to help roadmap their operations against objective benchmarks involving similar insurers. Wider benchmarking data is a key pathway to enhancing overall SIU performance, says Dennis Jay, the Coalition’s executive director.
“Right now there is little uniformity in how insurers capture performance data. That is the big trip-up with meaningful benchmarking that can help raise SIU performance. This study will inject data-based uniformity and close the gap between these islands of management information,” Jay said.
Fresh benchmarking data from the study will give SIU managers more timely, accurate and complete information for budgeting, structuring their operations and measuring overall success.
Properly applied, the study results can play an effective role in improving an SIU’s performance, and providing top management quantitative tools for helping demonstrate the SIU’s value to the insurer and its policyholders.
All property/casualty insurers are encouraged to participate in the study. They will receive a confidential, customized report comparing their operations with other insurers of similar sizes.
The fee to receive the customized report is $500, payable after the study is completed. Coalition members receive a $200 discount. Completed surveys are due November 8, and insurers will receive customized reports in mid-December. More information and survey forms can be found at https://www.insurancefraud.org/benchmarking/.
The Coalition is a nonprofit alliance of insurers, consumer groups and government agencies. The Ward Group is a provider of benchmarking and best-practices research for insurers.
For more information, contact Dennis Jay at dennisjay@InsuranceFraud.org.
Source: Coalition Against Insurance Fraud