Setting the Bar: Key Metrics in Life New Business

Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
5 January 2007
Craig Weber


Boston, MA, USAbr /> January 5, 2007

Unit cost, staffing, and cycle time benchmarks will help carriers evaluate their business strategies.

Most life insurers have a hard enough time generating their own process and cost metrics for new business. But getting that data for a peer group of top carriers is the only way for carriers to assess their competitive position.

"Benchmarking data is essential for carriers that want to remain competitive," says senior analyst Craig Weber, author of the latest Celent report, . "Understanding new business unit costs, staffing trends, and cycle times gives carriers a huge competitive advantage that they can wield against the companies that have similar products and services." For example, Weber says that underwriting requirements are a particular area of focus for many carriers, because they typically represent around 40% of new business budgets. But many carriers are not sure how their requirement costs stack up against the competition. The report is based on a Celent benchmarking exercise that examines data provided by 11 prominent life insurance carriers. Other metrics discussed in the report include budget per insurance application received and per policy issued, staff productivity, average staff costs by position, average new business cycle time, and more.

The 31-page report contains 14 figures and five tables. A table of contents is available online.

Members of Celent's Life/Health Insuranceresearch service can download the report electronically by clicking on the icon to the left. Non-members should contact for more information.

Subscription required

Access to this content requires a Celent research subscription.

Subscribers should sign in to access this research.

If you are not a subscriber, register now or contact us to find out more about our subscription options.

Insight details

Life & Health Insurance
Subscription(s) required to access this Insight:
Insurance, >>Life/Annuities Insurance
Insight Format
Geographic Focus
Asia-Pacific, EMEA, LATAM, North America