By Philippe Torres
Toronto, ON (Oct. 28, 2015) – Maintaining good relations with the employees on underwriting teams can really boost the success of underwriting operations. Underwriting managers and executives encourage, and come to expect, great things of each and every employee. But how can analytical systems help to provide visibility on these success factors? If your analytics system can’t deliver the answers to the five following questions, you aren’t getting the full measure of the operational efficiency of individual underwriters.
- How many transactions are pending completion for a particular employee?
This information can be used by underwriting managers to judge if an employee has a fair share of the team’s workload and is keeping up with the average.
- How much time was an employee available to work on calls and transactions versus the time actually spent on calls?
Underwriting managers can use this information to ascertain how long a particular employee takes to complete his or her calls compared to the average, how often he is not available (or putting clients on hold) as well as how many calls are dropped.
- What is the hit ratio of a particular employee?
This sales metric measures the degree to which a particular employee’s performance contributes to company revenues. This analysis can further be enriched by examining client retention or use of discounts to better appreciate the factors influencing the hit ratio.
- What is the retention ratio of a particular employee?
Underwriting managers should be able to examine the retention ratio by employee. This would help them identify those employees that should adjust the way they appreciate risk when renewing policies.
- How much flex does a particular employee use overall?
This information allows the underwriting manager to evaluate the tendency of an employee to use discount margins to complete transactions.
The information needed to answer these questions indicates a need for specific metrics related to specific employees at the individual level, as well as those pertaining to the team he or she belongs to. Underwriting managers spend a lot of time fine-tuning their operations. Getting all the right information from their analytics is the next logical step.
For details, consult our white paper, Unlocking Underwriting Performance with Analytics.
About the Author
Philippe Torres is a founding partner of InEdge, a solution provider specialized in Insurance Analytics. Prior to co-founding InEdge, Philippe’s over 25-year career has included work at Sybase and then Sun Microsystems as a Solutions Architect. He has unique expertise in the areas of analytical solutions, the personal lines and general insurance industries, as well as R&D in the field of data warehousing and Analytics.
InEdge is a leader in Insurance Analytics solutions. Experienced at quickly leveraging data, InEdge seamlessly and powerfully creates business advantage for its clients. Since its creation in 1994, InEdge has designed and implemented some of the most sophisticated analytical applications available today. Our clients add up to an impressive roster of Property & Casualty and Life Insurance companies. Our Analytics solutions improve and make easier decision-making at all levels for our clients.