Keyword Analysis & Research: insurance claim error rate

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Frequently Asked Questions

What does the error rate measure?

This metric measures the number of claims processed that contain errors requiring correction and customer touches to fix (i.e., missing customer names, erroneously added personal customer information, incorrect addresses, etc.) relative to the total number of claims processed.

Areerrors in the insurance claims process random?

Errors in the insurance claims process should not be treated as random events. There are likely certain claims adjusters who consistently produce claims with repeated errors when compared to their peers. All levels of insurance company management can benefit from measuring claims error metrics.

How can we reduce errors in the insurance industry?

Only by identifying measured trends in error rates, and why the errors are occurring, can insurance managers work towards a solution to reduce them.

What is an insurance claims KPI and how is it calculated?

This insurance claims KPI is defined as the total cost, including intake, adjustment, estimate and closure, of processing property & casualty insurance claims divided by the total number of P&C claims processed over the same period of time.

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