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Drowning in information and starving on knowledge.
- Rutherford D. Rogers
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Call us 610-524-6556 |
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Fax us 610-524-4029 |
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Performance Management
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In a recent survey by CFO Research Services, only 24% of surveyed insurance companies were satisfied available metrics for key business drivers. This is driving insurance companies to find ways to upgrade their performance management capabilities. Performance management allows a company to define, monitor and manage strategic business metrics that are critical to business success for each functional area. The Millbrook Information Suite enables a insurance companies to use performance management to define corporate goals and objectives through key performance indicators and alerts.
Performance metrics are defined in key performance indicators (KPIs) and alerts. KPIs are targeted values that are tied to the strategic objectives that impact business growth. Typical examples for KPIs include:
- Loss ratio
- Claim cycle time
- Retention rate
- Sales per producer
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