Ward Group Benchmarking Solutions

Property-Casualty

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.

We offer a wide variety of benchmarking options for property-casualty insurers that range from an overview perspective of the entire company operation to drill-down programs that focus on key functional areas.

Core Operations Claims Information Technology Underwriting Finance

Peer group analysis of 28 functional areas.
Performance comparisons at the company level, functional level and line of business level.
Peer group analysis of 30 claims functional areas.
Performance comparisons at the company level, process group level, functional level and line of business level.
Peer group analysis of 19 IT department functional areas.
Analysis of the infrastructure to support major business units.
Comparison of major systems capabilities.
Analysis of staff levels and expenses for 13 functional areas segregated by personal lines and commercial lines.
Over 265 underwriting procedures for policy management, workflow and maintenance processes within 19 areas of concentration are evaluated based on a five-tiered performance scale.
Peer group analysis of 18 functional areas for the finance and related operations.
Includes an operational analysis of finance, investments, billing and collections, and internal and external audit.

28 Functional Areas are analyzed for Property-Casualty Core Enterprise Operations.

Ward Group has processes to evaluate most insurance company operations. Click on the name of select functional areas analyzed in our Core Benchmarking program for a sampling of our expanded services.

Expanded analysis available in a functional benchmarking program

Area of expertise with operational consulting options

FUNCTIONAL AREAS ANALYZED

Actuarial

Agency Management

Assessments

Auditing

Billing and Collections

Claims Legal

Claims Service

Executive

Finance

General Counsel

General Support

Human Resources

Information Technology

Maintenance / Security

Marketing

Policy Processing – Commercial Lines

Policy Processing – Personal Lines

Portfolio Management

Premium Audit

Public Relations

Rent / Depreciation

Risk Management and Loss Control

Sales

Taxes - Income

Taxes - Premium

Taxes - Real Estate

Underwriting - Commercial

Underwriting - Personal