- How many claims have we received this month, and what is the amount of those claims?
- How do these numbers compare to previous months?
- What is our average cost per claim?
- On average, how long does it take us to settle a claim?
Filter Data by Date, Policy Type, or Amount
These insurance claims metrics are crucial because they offer insight into the company’s daily operations and long-term financial health. By utilizing the “Policy Type” filter, the user can elect to view data for any combination of the policies offered (auto, casualty, health, life, property, and reinsurance). This can help the company identify where they are doing well and where they could improve.
For example, the “Claims This Month” and “Policies This Month” widgets provide a straightforward analysis of how this month’s claim and customer statistics compare to last month’s. Additionally, the “Claim Details” widget’s data can be sorted by date, policy type, or amount.
Analyze Claim Costs
Further, the “Claim Amount Comparison” and “Average Cost Per Claim” widgets display data for each policy type from the past several month. Significantly, this allows viewers to analyze trends that may occur within each policy type’s claims over time.
The main screen of the “Average Cost Per Claim” widget simply lists the average costs of the six policy types offered by the company. However, as this bar chart uses the multi-level drill down feature, clicking a bar on the main screen will provide additional information—in this case, a monthly breakdown of that category’s claims. The data can then be drilled down even further: clicking each bar on the monthly breakdown chart will, in turn, provide a weekly breakdown of claim costs for that month.
Finally, the “Average Days to Settle a Claim” widget can help the company ensure that they are meeting or outperforming industry average settlement times. This widget also ensures that resources can be allocated appropriately to address any concerns that may arise.
