This is the final installment of a series detailing the five disciplines at the core of an effective data metrics program for claims litigation organizations.
So far in this series, I've written about the importance of a good metrics program, how to generate rich and reliable data to support it, and segmenting that data to gain insights.
In this final post of the series, I will detail the specific types of reports that will help you act on and improve outcomes. Each of the following report categories plays an important role in managing your claims litigation program.
|Outcome reports
Outcome reports show where the claims organization stands relative to costs, inventory, etc., so that management can determine overall performance and results. Normally segmented at a relatively high level (such as claim type or organizational unit), outcome reports are not intended to evaluate performance at the individual or law firm level, but to provide information about overall results. Some examples include:
- Costs year-to-date.
- Average total cost of closed claims.
- Claims received and closed year-to-date.
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