Why Executive dashboards are so important for insurance companies

 

Were there times when you became so handicapped because data were not readily available? You demanded for reports for your perusal but the teams were still scrambling for data from files.

This is not happening only to you. It is a common flaw among insurance company managers.

What is being sacrificed when this happens?

  • Companies incur revenue losses.
  • Customer trust erodes.
  • Management loses times in meetings without the availability of concrete data.
  • Tension builds up between the higher management and low-ranking teams.
  • Current problems are not resolved and allowed to pester executives as days go by.
  • Moods flare up.

This has to stop? The solution to avoid such problems from occurring again is to build a KPI executive dashboard. With a KPI dashboard incorporated to your system, you will have access to real-time performance data.

Accessibility to data is always within your fingertips. With a few clicks, important data are all flashed on the screen for your immediate and timely decision-making.

Benefits for the Insurance Industry

Performance dashboards can benefit insurance companies in several ways. Strict regulatory guidelines control many industries such as the insurance sector and the financial services sector.

In these sectors, two things are prominent:

  • Higher need for Innovative customer support and service.
  • High exposure to risk

It is therefore important for these sectors to have accurate and up-to-date information for quick detection of potential problems and to seize new market opportunities. Key Performance Indicator or KPI metrics, presented through clear graphic images, can help in determining the right steps for managers and executives to take to quickly achieve their goals.

What are other benefits from using a dashboard service for insurance companies?

  • Round-the-clock accessibility to important indicators

The secret of successful financial institutions is that they focus on performance. For them, it is important to know how everything is running and being run every minute, every second.

With a KPI dashboard showing them real-time data, they can easily consolidate sales, equity, debt, and risk metrics. Executives are able to monitor sales, client profiles, receivables and new customers. For them, it is important that they have fresh data 24 hours a day.

  • Data is available to everyone

The system allows everyone to monitor their performance. The data are available to all employees as a side bar on their desktops.

Data is accessible everywhere – in the company’s boardroom, from the stakeholders’ tablets and smartphones, and even in their homes.

Key Performance Indicator Metrics Examples

Following are examples of data to easily manage your business. They are presented in the graphic form on the actual dashboard screen.

  • Net income – How good is your business in generating profit against every dollar from earned premium? The graphic may lead you to make necessary adjustments.
  • Sales growth – This graphic will show you how your business is doing in terms of retention and renewal. Are the percentages on an upward trend year-on-year or quarter-on-quarter comparisons?  The dashboard can give you data even from five years or six years past.
  • Policy sales – The data from these graphic can reveal to you your growth. This then can guide you in things like staffing, asset allocations and other areas where strategic decisions need to be made.
  • Claims ratio – No one can completely eradicate fraud in the insurance business. However, with the aid of a dashboard, you can minimize fraud in your company and even avert fraudulent plans.

The graphics can alert you to unusual movements in between premiums and claims. The dashboard is a good tool for stopping possible financial losses.

  • Settlement time – Few companies are good in settling claims on time. You will discover from this graphic how fast your business gives clients the money that is rightfully theirs. You only need to read reviews of disgruntled clients and one of the most important things for them is to get hold of money when they expect to get it.
  • Average cost per claim – You know that the average cost per claim increases with time. This graphic will show you how much money you are going to shell out in the next few years. The information is largely beneficial since you want to maintain a good level of profitability now and the years to come.

CONCLUSION

Managing risk factors and providing the right blend of products and services are two key elements for success in your industry. This is why producing metrics and making them readily accessible and actionable are essential.

Access to correct and real-time information is helpful in ensuring that accounts and the financial flow are conveniently under the management’s control.

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