Dashboards might be the best-kept secret in managing claims effectively.
A well-executed dashboard shows you everything you need to assess the health of your claims operation at a glance. You can find answers and visualize KPIs in real time. And graphics make complex information instantly understandable.
Building an effective dashboard starts with deciding which metrics to display. What information do you need to make sure claims are being handled efficiently? Keep your dashboard focused on the six to eight metrics you need to do your job effectively. Any more than that will make your dashboard cluttered and hard to read – which defeats the whole purpose.
Commonly tracked KPIs (daily, weekly, or monthly) include:
- New losses (which can be subdivided by incidents, claims, suits, and lines of coverage)
- Severity (average incurred per claim, top 10 large losses by location or cause)
- Closed claims (closing-ratio percentage)
- Average claim duration
- Average cost per claim
Once you have zeroed-in on the right metrics, turn your attention to how the information is organized. A good dashboard:
- Acts as the nerve center of your claims operation. Critical information is all in one place and well organized for quick answers.
- Tells a clear story. Graphics are more than just eye candy. They put context around the data and convey specific facts in a more effective way than numbers in a table can.
- Follows the 5-second rule. You should be able to find what you’re looking for in 5 seconds or less. Put the most significant metrics at the top of the screen and more detailed information at the bottom for the most intuitive layout.
- Cuts the clutter. Include everything you need – and nothing that you don’t. Use your space wisely, and group data logically.
Follow these rules, and you’ll rev up your claims dashboard to high-performance levels. Combine that with thoughtful analysis and attentive follow-up, and you’ll steer straight toward success.
To learn more about managing claims effectively, download our free e-book, Claim Success: How to Achieve Excellence in Claims Management.