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Claims scorecard: Using KPIs to effectively measure success

Measuring physical damage performance matures as widespread data becomes more available.

By Greg Horn | Updated on February 18, 2015

When I started in the business, audits and reinspections were the only way of gauging the effectiveness of staff or direct repair appraisals. My boss at the time likened it to trying to drive a car down the road by looking in the rear view mirror. A lot has changed in the gathering and use of electronic data. We can manage and alter appraisals before they have been paid through electronic audit or before an appraisal is committed, but we still need to manage the performance on an aggregated scale through meaningful key performance indicators (KPIs) or metrics. While this smacks of driving through the rear view mirror; we can also benchmark performance of an entire team and establish the value in real dollars of improving performance.

The question is what KPIs give us the best holistic picture of performance? To answer this we need to look at the reasons why we measure various metrics and ensure the most accurate appraisal that restores or replaces the vehicle. This, along with accurate underwriting, ensures that the company will continue to remain profitable. Part of that profitability is to create a positive customer experience so the insured will renew and the third-party claimant is satisfied with the process. 

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