With the release of our first Xcelsius/Dashboard Design Add-on component, we decided to put together a multiple part series of blog posts that will showcase how RangeFinder can be utilized within specific business sectors. The first edition of the series is taking aim at the insurance industry and which KPI’s can be visualized by RangeFinder to provide exceptional value to end users.
The insurance industry is data driven and people powered which is why having access to the correct data to make informed decisions is key. RangeFinder is the perfect component to identify how KPI’s compare to what is typical for a specific metric broken out by any dimension or time period. Let’s take a look at two KPI’s that we have implemented for a client in the insurance industry.
RangeFinder KPI’s In Action
In the two RangeFinder components below we are displaying two different metrics that show different things based on what information is selected in the dashboard. For both components, the county selection will show the value that pertains to that county in comparison to all other counties within the state in the orange indicator box.
As you see in the screenshot, based on the date range specified, the orange indicator shows how Allegany County compares to all other counties for both Avg Report Lag and Average Length of Claims. It shows that Report lag per claim is well above the typical range for all counties for that date range and Length of Claim is well within the typical Range for all counties. As the county selection changes, the value in the orange indicator box will change as well to quickly show the end user how that county stacks up against the rest.
Other Insurance KPI’s that can be visualized by RangeFinder
- Insurance Sales KPI’s
- % of Renewed policies to the number of policies sold
- % of policy lapses or missed payments
- % of upgraded policies
- Average # of policies per household
- Cross-sell rate per agent
- Insurance Policy & Premium KPI’s
- Average insurance policy size of policies closed within measurement period
- # of new insurance policies closed within measurement period
- Net written premium on policies
- % of policies that are renewed / not renewed
- Premium revenue by geography / product
- # of in-force policies to headcount
- Insurance Claims
- % of claims over cap
- % fraudulent insurance claims / activities
- Loss ration %
- % increase in average claim payment per case
- Legal cost incurred as % of total cost
- Average claim settlement time
- Claim paid amount as of a % of first year premium / renewals
- # of open insurance claims
- Claim reserves to meet current and future claim payments
- Average cost of lost time claim
- % of lost time claims that are represented
- # of claims per $ of payroll
- And many, many more!!!
Want to try RangeFinder?
The .zip file contains everything you need to get started:
- Xcelsius Add-on file (.xlx)
- User Guide
- Two sample Xcelsius models
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