SX3 Claims Handling Performance Benchmarks

SX3 Claims Handling Performance Benchmarks2023-07-27T15:36:18+00:00

You gain from SX3’s history of Audit results – judge your performance against the Claims Market

SX3 audits include market benchmark data giving insight into the client’s own performance, compared to similar claims businesses. 

SX3 Claims Benchmarks incorporate topics such as:  

  • How successful financially motivated processes are, in comparison to other businesses
  • Whether customer facing practices are providing a level of service comparable to other claims businesses 
  • How employee accuracy compares against the market 
  • Whether key claim functions are performing above or below market  
  • Whether deficits in processing are causing leakage and how that leakage compares to other businesses 
  • Which way performance is trending over time 
  • The agenda for change, through a clearer understanding of the proven opportunity for improvement. 

Why the SX3 Claims Handling Performance Benchmarks are reliable and unique

From the beginning, SX3 has captured, at a granular level, key claims performance scores from every audit undertaken. By analysing this wealth of data though our bespoke Claims Benchmarking Database, we are able to provide performance comparisons to our clients. 

Our audits look at each individual claim process within across the full lifecycle, from intimation to closure. Our Benchmarking Database can compare any aspect of claim performance, including:  

  • Leakage  
  • Indemnity   
  • Liability   
  • Customer management
  • Intervention
  • Reserving
  • Quantum Assessment and Negotiation
  • Fraud
  • Recoveries
  • Use of Suppliers  

The data captured by SX3 is specific, objective, reliably measurable, and therefore consistent. Our range of clients covers all key business classes, all claims types and all claim stages, meaning we can compare like for like performance readily. And we can provide this in an easily digestible format, where clients can see their performance evaluated against wider performance from the market.