Insurance KPI Examples | Average Time to Settle a Claim

Average Time to Settle a Claim

Measure how long it takes to settle insurance claims.

Klipfolio - Business Dashboard Software Klipfolio - Business Dashboard Software Klipfolio - Business Dashboard Software
Klipfolio - Business Dashboard Software Klipfolio - Business Dashboard Software

Free 5 minute KPI lessons delivered to your inbox every day for 5 days

Everything you need to know about KPIs to start your data driven journey

Enter your email address to recieve your KPI 101 lessons

Formula

Total Number of Days taken to settle all claims (in each insurance claim category) / Total Claims

Services

HubSpot Dashboard | HubSpot logo Infusionsoft Dashboard | Infusionsoft Logo Pipedrive Dashboard | Pipedrive logo Salesforce Dashboard | Salesforce logo

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.