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Benchmarking NEW FOR 2010!! NASP HAS COMMISSIONED BOTH A HEALTHCARE SUBROGATION AND A PROPERTY SUBROGATION BENCHMARKING STUDY. If you are interested in participating in one of these Studies, please complete a Benchmarking Interest Form and return it to the NASP office, together with a deposit of $1,750, to reserve your space in the Study. Interested in sponsoring a future NASP Benchmarking Survey? Please contact the NASP staff office for details (800-574-9961).
Benchmarking is the process of continuously measuring and comparing one's business processes in leading peer organizations and industry best practices to obtain information that will help the organization identify and implement improvements. Most insurance carriers recognize the financial impact of subrogation recoveries on overall financial performance as a key strategic initiative; however, until recently, there was never a benchmarking study dedicated just to the field of subrogation.
Since NASP is committed to meeting the needs of professionals working in the field of subrogation, NASP has created a Benchmarking Committee, to develop survey questions and identify lines of business and areas to be analyzed. NASP has also retained Ward Group* to collect and normalize the (anonymous) data for the NASP report.
NASP's Benchmarking Studies help to identify realistic and achievable targets and best practices needed to improve.** Each Study is comprised of the following:
To date, NASP has conducted six Benchmarking Studies:
2008 Auto Benchmarking Study ( ORDER FORM / TABLE OF CONTENTS )
2006 Property Benchmarking Study ( ORDER FORM / TABLE OF CONTENTS ) 2005 Workers' Compensation Benchmarking Study ( ORDER FORM / TABLE OF CONTENTS ) 2005 Automobile Benchmarking Study ( ORDER FORM / TABLE OF CONTENTS ) 2004 Property Benchmarking Study ( ORDER FORM AND INFORMATION ) 2003 Automobile Be nchmarking Study ( ORDER FORM AND INFORMATION ) Participants also have the option of purchasing an individual report, which benchmarks their company's results against the Study as a whole. All NASP Benchmarking Studies are available for purchase through the NASP office. If you have suggestions for a future Study, or if you are interested in serving on NASP's Benchmarking Committee, please contact: Leslie Wiernik *Ward Group is a Cincinatti-based operational consulting firm specializing in the insurance industry. Ward Group is the leading provider of insurance industry benchmarking and best practices services (http://www.wardinc.com). **It is important to note that individual results and organizational practices may differ with the mix of business and product. Therefore, the results of these studies should be interpreted as guidelines for the industry in general. A thorough understanding of your company's business should be your foundation for interpreting and relating these results.
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