Ward Group Benchmarking Solutions
Life, Health & Annuity
The insurance industry is competitive and top performers excel at managing expenses and the efficiency of their operations. The challenge is to know where to focus within the operation to achieve optimum performance. Benchmarking is a proven tool used by organizations to help define a practicable strategy for moving forward. The benchmarking process compares your internal operations to the operations of other similar companies. It gives you a clear picture of your expense improvement opportunities and areas in which to increase investment.
Ward Group benchmarking is specifically designed for insurance companies. Since 1991, we have been the premier source for in-depth apples-to-apples industry benchmarking and our accumulated data serves as the lifeblood of every project we undertake. Our proprietary annual benchmarking process is unparalleled and provides the foundation for our ability to evaluate numerous operational metrics in key functional areas.
37 Functional Areas are analyzed for Life, Health and Annuity Core Enterprise Operations.
Ward Group has processes to evaluate most insurance company operations.
| FUNCTIONAL AREAS ANALYZED |
Acquisition |
| Sales |
| Marketing |
| Agency Management |
Life |
| Productive Development |
| Underwriting - Individual Life |
| Underwriting - Group Life |
| Policy Issue |
| Policyowner Service |
| Claims Administration |
Health |
| Product Development |
| Underwriting - Individual Health |
| Underwriting - Group Health |
| Policy Issue |
| Policyowner Service |
| Claims Networks |
| Claims Disbursement |
| Claims Administration |
Annuity |
| Product Development |
| Policy Issue |
| Policyowner Service |
| Disbursement Processing |
Information Technology |
| User Support |
| Network Services |
| Applications |
| Operations |
Corporate Support |
| General Support |
| Financial |
| Human Resources |
| Public Relations |
| General Counsel |
| Actuarial |
| Auditing |
| Executive |
| Billing and Collections |
| Portfolio Management |
| Occupancy |
| Taxes / Assessments |
|
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