There’s been much talk in the industry about how the top insurance companies keep getting bigger. In fact, it’s been said that the top five insurers control just over 50 percent of the market.
When looking at these top companies, one trait is found in each of them: Each company is data driven and uses that data not only to measure its performance, but also to analyze the data to find the top opportunities for improvement.
Using data as a tool to measure performance for each office or adjuster/appraiser allows these companies to establish the median and best-in-class performers. The data also points to the lowest performing group in the company.
By comparing them to the mid-tier and best performers, a calculation of savings can be projected based on improved performance. So data becomes a roadmap of where performance can go and gives clues as to the trade offs or “opportunity costs” of each performance area that is uncovered. The leader must then choose the area with the largest return on the training investment. In some cases, however, choosing to improve related areas of performance through training can improve multiple performance measures.
The question is, are you using your data as a tool to improve your results or to measure past performance?