Greetings!
Everything that can be counted does not necessarily count; everything that counts cannot necessarily be counted.
Albert Einstein (attributed) Pure common sense! Today, data is collected at every corner of the business and consumer world. In fact, close to 47% of Americans are "on" Facebook. But does that count? Corporations use key performance indicators to measure their degree of success with certain activities in the marketplace. Typically financial in nature, they strive to measure earnings per share (EPS), gross profit margin and earnings before interest, taxes, depreciation and amortization, better known as EBITDA. Most everyone is familiar with these terms and it allows comparison of performance between like or similar companies or markets. Finance is straightforward. So that counts. Turning to insurance however, what happens when an organization is asked about the success or practicality of its claims operations? Can a similar case be made with applicable KPIs for claims operations across organizations? Can the top KPIs that impact an organization be measured and compared in a way that is both meaningful and actionable? What counts in workers compensation claims? |