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IT Value Metrics: Six Common Measurements of Business Impact

Published: January 2018

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Summary

Insurer IT leaders benefit from using simple, meaningful metrics to communicate the value of technology investments to their business peers who are focused on the speed, efficiency, and effectiveness of key business processes. This report presents a proposed framework of 21 KPIs tied to IT capabilities and an analysis of more than 100 case studies on impactful IT projects to determine which KPIs are used most commonly.

Topics Covered

  • The importance of value metrics.
  • Proposed framework of 21 KPIs that are easy to track and understand.
  • Six commonly used KPIs with example case studies of successful insurer IT initiatives that used these KPIs to demonstrate value.
  • IT_value_metrics_graphic

    Key Points and Findings

    Keep it simple and meaningful. Good IT value metrics are easy to track and meaningful to business executives’ operational challenges.

    Value metrics may not be fully under IT’s control. Unlike engineering metrics or performance metrics, value metrics depend on business units’ use of technology to achieve a result. But value is measured in results achieved, not capabilities delivered, and IT leaders should operate accordingly.

    Feel the need for speed. Five of the six common KPIs have to do with accelerating cycle times. Insurers are feeling the need for speed in the face of changing customer and distributor expectations and a highly competitive market.

    CONTENTS
    Figures and Tables……….2
    21 Key Performance Indicators……….3
    The Most Commonly Used KPIs……….4
    Average Time from Submission to Quote……….6
    Time to Market For New Products & Modifications……….6
    Average Time to Handle Claims……….7
    Average Time to Issue New Policies……….7
    Underwriting STP Percentage……….8
    Concluding Thoughts……….8
    Next Steps and Related Research……….8
    About Novarica……….9

  • Tagged:
  • Analytics
  • , Core
  • , Data
  • , Digital
  • , Emerging Tech
  • , IT Strategy
  • , Life Insurance
  • , Property/Casualty
  • , Research Council Studies