Benchmarking

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Benchmarking

Benchmarking is the process of continuously measuring and comparing one’s business processes in leading peer organizations and industry best practices to obtain information that will help the organization identify and implement improvements.

Most insurance carriers recognize the financial impact of subrogation recoveries on overall financial performance as a key strategic initiative; however, until recently, there was never a benchmarking study dedicated just to the field of subrogation.

  • Elevating Excellence through Benchmarking

    At NASP, we are dedicated to addressing the unique requirements of professionals within the field of subrogation. With this commitment in mind, we created a strategic initiative aimed at refining industry insights and enhancing performance standards.

    Creating Insights, Shaping Success: The Benchmarking Committee

    The Benchmarking Committee is actively engaged in crafting thoughtfully designed survey questions, while also identifying key lines of business and critical areas for comprehensive analysis. This approach ensures that our benchmarking efforts are aligned with the evolving landscape of subrogation.

    Unveiling Industry Insights: Third-Party Expertise

    To ensure accuracy and impartiality, NASP has partnered with a respected third-party entity to collect and standardize the data. This process ensures that all information remains strictly anonymous, empowering professionals to contribute candidly while fostering a collaborative spirit of continuous improvement.

    Exclusive Benefit for Study Participants

    For participants of our studies, we offer an exclusive opportunity to benchmark your company's results against the broader study dataset. This comparison offers invaluable insights into how your company's performance aligns with industry standards, helping you identify areas for improvement and strategic growth. It's important to note that individual results and organizational practices can vary due to the diverse mix of businesses and products within the study. As such, while these studies offer valuable guidelines for the industry at large, they should be interpreted by those with a deep understanding of your own business as the foundation for interpretation and application.

    Illuminating the Path to Excellence: NASP’s Benchmarking Studies

    Our Benchmarking Studies are designed to showcase achievable targets and best practices, paving the way for tangible enhancements. Each Study encapsulates the essence of industry progress and improvement, offering participants invaluable insights to elevate their practices and strategies.

    The Anatomy of a Study: Unveiling Potential

    Every NASP Benchmarking Study consists of the following components:

    Executive Summary: A profile of participants and a snapshot of the Study’s results.
    Analysis of Subrogation Philosophies and Practices: Personnel benchmarks, organizational practices, service level standards and operating practices.
    Analysis of Subrogation Performance by Line of Business: Analysis of net subrogation results by participants’ size.
    Analysis of Subrogation Performance by State: Analysis of gross and net recovery results by state, noting negligence laws.
    Best Practices Summary: Hints provided by participants showcasing their best practices for subrogation performance.

    Benchmarking Definitions

    Download a complimentary listing of universal benchmarking definitions that we use in our studies.

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