February is not the best time of year to be travelling to clients, but that is exactly what we have been doing as we wrap up our 2015 LTD Benchmarking Study. Reporting on our LTD benchmarking study involves individual personalized reports for each participant; these are presented in person at each participating company. This may seem arduous, but in reality it is only a small part of the project.
When you hear the term ‘benchmarking’ you probably think of key performance indicators compared across companies; this is certainly what I had envisioned when I first heard of the benchmarking project. Claim Analytics benchmarking is much more involved than this, and it needs to be. The problem with traditional benchmarking exercises is that so many factors influence the results, what you are really trying to compare can become obscured by noise from other factors. In the case of our LTD benchmarking, we want to see how companies manage their claims, without the impact of external factors determined by mix of business such as industry, diagnosis, gender and age.
The results of our benchmarking can be explored in greater detail to give participants important information about where they are outperforming and where they can improve. And, since each report is unique to each participant we meet and discuss the findings with participants.
Our 2015 LTD benchmarking will wrap up with a User Group meeting in March, this will feature a number of sessions ranging from best practices in LTD management to emerging trends in the industry.
We are grateful to Munich Re for sponsoring our 2015 US LTD Benchmarking Study and for their expertise and participation throughout the project. We look forward to our STD study later this year and our next LTD study.