The Average Cost per Claim KPI measures how much your organization pays out for each claim filed by your customers. With this KPI (as with other insurance KPIs), it's important to categorize based on the type of claim, since each type of claim will differ in cost. The purpose of this KPI is to help your organization to properly assess the risk associated with each type of policy and adjust policy pricing accordingly.
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KPIs & Metrics 101
Everything you need to know about KPIs to start your data driven journey
KPIs & Metrics 201
Real life business examples of KPIs and how to establish key business metrics