North AmericaUSA

How SMART Benchmarking Gives You a Competitive Advantage

In today’s landscape, the meaning of “performance” for carriers has evolved significantly from decades past. Due to the rapid technological advancements over the years, analytics capabilities now far exceed anything carriers ever thought possible. A landscape has been constructed where performance and processes are largely controlled and driven by quality strategic insights.

In 2023, the desire to keep pace with competitors is heating up, particularly in sectors where the smallest process improvements can deliver big results. As the pressures of the digital revolution continue to be felt, GB’s recent global insurance industry whitepaper, The Road Ahead, revealed that almost 22% of surveyed carriers nominated new business technologies and improved processes as their biggest opportunities for the year.

It’s no surprise that innovation is a core focus for carriers, so how can you differentiate your business? The answer may lie in the latest enhancement to Luminos, the SMART Benchmarking Dashboard that delivers real-time access to the most transparent, dynamic claims performance insights that power real business decision-making success.

Here are the three ways you can use SMART Benchmarking to your advantage.

  1. Get a better understanding of the expected outcome of the claim and program as a whole.

Where previous benchmarking methods have perplexed carriers by offering insights into the entire book of business without considering state-specific factors or varying circumstantial, claim, and claimant intricacies, the new SMART Benchmarking Dashboard within Luminos is backed by a methodology that analyzes 30 data points per claim and multiple variables. This ensures like-for-like comparisons that can be trusted to support strategic decision-making and growth objectives. With SMART Benchmarking, you’ll have unparalleled transparency into results that are compared to the benchmarks to quickly understand how your program is performing.

  1. Identify priority drivers to focus on for improved outcomes.

The SMART Benchmarking Dashboard delivers 24/7 stewardship, as the root causes of opportunities can be investigated in real-time to a high degree of specificity. In fact, clients can drill down on more than a dozen metrics to understand what may be adversely impacting their claims performance and act on targeted recommendations on where to focus efforts for proactive program improvements.

SMART Benchmarking also provides in-depth detail on year-over-year claim trends to help clients make more informed business decisions that will have the greatest impact. And data visualization tools enable carriers to quickly identify trends and patterns in their claims data, thereby providing the information needed to make informed decisions about their claims management strategies.

  1. Gain an edge over the competition.

By identifying areas for improvement in claims management approaches, carriers can develop more effective and efficient processes that lead to better outcomes and reduced costs. Comparing claims data on an industry-wide level and against the comprehensive SMART Benchmarking methodology enables carriers to gain insight into how they stack up against their competition. This information can be used to improve their market position.

What’s more, because SMART Benchmarking isolates the effects of industry differences and compares outcomes over time, it can provide greater insights for carriers looking to expand into new regions, industries, or lines of coverage.

In 2023, stepping outside the boundaries of traditional claims performance benchmarking and transactional reporting is the gateway to solidifying superior outcomes.

To find out more about SMART Benchmarking and how GB’s leading analytics platform can support your growth and claims outcomes, get in touch today.

Joe Powell

SVP – Data & Analytics

More Posts


How To Gain a Competitive Edge in Today’s Market

The insurance industry has long been regarded as a stable and reliable sector, but it is not immune to the challenges of today’s fast-changing business landscape. Mutual and mid-market carriers are facing a confluence of factors that are impacting their bottom lines, including rising business costs, complex claimant needs, and the mounting impacts of inflation. As a result, many mutuals and mid-markets may be feeling stuck and struggling to get ahead. However, for those seeking to move forward, leaning on a strategic partner could be the answer to unlocking the tools and expertise needed to address these challenges.

Read more

GB’s Key Takeaways from the TMPAA Mid-Year Meeting

The Target Markets Program Administrators Association (TMPAA) Mid-Year Meeting took place on May 1–3, and our Gallagher Bassett Carrier Practice team took full advantage of the ample networking and educational panels while discussing opportunities to collaborate and prosper in the program business space.

Read more

Five Ways GB’s Award-Winning Luminos RMIS Suite Supports Carriers to Achieve Superior Outcomes

Carriers are constantly seeking new ways to improve their claims outcomes, and Gallagher Bassett’s (GB) award-winning Luminos platform has emerged as a critical tool in achieving this goal. Recently named the top RMIS platform for its sixth consecutive year in the 2023 Redhand RMIS Report, GB’s Luminos RMIS suite offers comprehensive risk management capabilities and cutting-edge digital features that have helped carriers achieve superior claims results.

Read more

Expert Insights: Top Insights and Takeaways from RIMS 2023

In the evolving world of risk, embracing connection, discussion, and insight is the gateway to preparing for what lies ahead and setting a foundation for future success. The array of thought leadership sessions, educational seminars, DE&I discussions, and state-of-the-art solutions at RIMS has certainly empowered risk professionals to bring innovation to the heart of their operations. Our team at Gallagher Bassett (GB) shares the top insights we will be taking back to our desks.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!