Average Time to Settle a Claim
Measure how long it takes to settle insurance claims.
Formula
Total Number of Days taken to settle all claims (in each insurance claim category) / Total Claims
Services
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Role Analyst, Employee/Staff, Manager
The Average Time to Settle a Claim KPI measures how long it takes – on average – to settle insurance claims for each type of policy your organization offers. Each insurance policy will have different claim periods, and may vary quite a bit in terms of how long it takes to settle that particular claim. A common example is the difference between medical and auto insurance claims where, typically, medical claims take longer to settle.
