I cannot overstate how phenomenal of a resource the 2017 Property Benchmarking Study is! We have redesigned our internal reporting around many of the metrics, and the results are reported directly to our Board.
Drew Morse, CSRP
Business Analyst | Subrogation Department
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 a third party 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:
- Executive Summary
A profile of participants and a snapshot of the Study’s results.
- Analysis of Subrogation Philosophies and Practices
Personnel benchmarks, organizational practices, service level standards and operating practices.
- Analysis of Subrogation Performance by Line of Business
Analysis of net subrogation results by participants’ size.
- Analysis of Subrogation Performance by State
Analysis of gross and net recovery results by state, noting negligence laws.
- Best Practices Summary
Hints provided by participants, which summarize their best practices for subrogation performance.