Average Time to Settle a Claim
Measure how long it takes to settle insurance claims.
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.
Formula
Total Number of Days taken to settle all claims (in each insurance claim category) / Total Claims
Services
Role
Analyst,
Employee/Staff,
Manager
