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.
- 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.
- 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.
- 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.
