Benchmarking Solutions for Insurers
In an industry grappling with challenges such as talent shortages, evolving skill requirements and increasing competition for specialized roles, fluctuating loss ratios, and the urgent need for digital transformation, top performers stand out by adeptly managing expenses and optimizing operational efficiencies. Our data-driven approach equips insurers with the insights needed to navigate these complex dynamics effectively.
We help companies understand not only market trends and compensation standards but also guide them in adopting best practices across digital integration, claims management, and customer engagement. This comprehensive perspective ensures that insurers are well-prepared to address current challenges and capitalize on emerging opportunities.
Why is Benchmarking Important?
In the competitive insurance sector, benchmarking is crucial for uncovering operational efficiencies and enhancing customer satisfaction. This process provides valuable insights into effective strategies used by industry leaders, enabling insurers to optimize costs and improve service delivery. Through benchmarking, companies can make data-driven decisions that accelerate profitability and foster innovation. Benchmarking also supports insurers in making informed decisions that align with both market trends and future growth objectives.
How Aon Can Help
By leveraging Aon’s comprehensive talent benchmarking insights for the industry, insurers can understand how their operations compare to other companies, make better decisions to future proofing their talent strategy, and maintain a high-performing workforce. We deliver the strategic intelligence insurers need to build and sustain their competitive edge in the talent landscape; to measure results, optimize performance, and improve profitability.
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Enterprise Benchmarking
Gain a holistic view of your operations by analyzing staff levels, expenses, and business practices across the entire enterprise. Identify opportunities to improve operational efficiency and sustain a competitive advantage.
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Claims Experience Management
Measure and improve the customer experience within the claims process. We provide internal workflows for service recovery and benchmark analytics to measure performance against peers. Through our ExperienceMonitor program, we help insurer companies to:
- Collect customer feedback with real-time responses from the claims system
- Identify and act on opportunities in the claims process through alerts
- Evaluate how your claims experience results compare to others in the industry
- Promote successes internally and externally. Top performing companies are recognized annually with our Claims Customer Experience Superior Rating award.
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Claims Benchmarking
Optimize claims operations by balancing claims severity, expenses, and service. Uncover opportunities to improve cost efficiency, output, operating models, and productivity standards.
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IT Benchmarking
Analyze the efficiency and effectiveness of IT operations with comparative data on IT expense and staff management that is not publicly available.
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Workforce Benchmarking
Design a workforce that adapts to changing models amidst heavy turnover and fierce competition. We provide data and insights on staffing and people costs to help insurance companies develop a workforce aligned to their strategic goals:
- Number of staff on relative sizing basis compared to peers
- Total number of management and staff, and relative span of control by function
- Employee turnover and turnover metrics by function
- Average compensation costs per FTE by function
- Total mix of pay by function
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Market Practice Studies
Insurance company processes and operations are evolving quickly. To keep up with the pace of change and support decision making, insurers need insight to remain competitive, execute long-term business strategies, and drive results.
Labor Market Outlook Study: A semi-annual survey investigating hiring trends within the insurance industry, in partnership with The Jacobson Group. Study highlights include:
- Analysis of current labor trends and future staffing expectations.
- Segmentation of companies by industry, size and outlook to determine factors affecting staffing expectations.
- Independent perspective on market trends and considerations for strategy and staffing plans.
Productivity Studies: Benchmarking average workloads, the impact of system capabilities on productivity, and other key efficiency business practices for personal lines underwriters, commercial lines underwriters, and claims adjusters.
Sponsor a Study: We gather and analyze market data based on custom designed peer groups. Our global presence allows us to uncover country-specific, regional, and global trends to support your business objectives. Contact us to sponsor a study – we will partner closely with you to interpret the results and apply to your firm's strategy.
Top 2
Failure to attract and retain top talent is the second most important risk according to leaders in insurance, only preceded by cyber attacks and followed by weather and natural disasters.
Source: Aon's Global Risk Management Survey, 2023
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In conversations with over 20 insurer CEOs, they channeled passion, commitment, and personal engagement to deliver on this requirement – and are looking for guidance on how to manage and activate talent effectively.
