Dashboards for Insurance Underwriters. What should they involve.
Similar to a plane dashboard, the pilot must look for elevation, speed and destination simultaneously; an underwriter have many KPIs to look into simultaneously to make sure the risks in the insurance pool are well maintained. A typical underwriting dashboard should involve the following:
- Growth by product and retention rate
- New business flow analysis
- Lapse flow analysis (lost business)
- Loss ratios and claims trends
- Frequency versus severity of claims
- Average cost per claim
- Underlying claims
- Large losses in terms of frequency and severity
- Weather related losses
- Reserve consistency
- Rate changes and increase in end premium to customers
- Commission rates and expense ratios
- Exposure accumulation
- Market share and competitor activity
Roy Keyrouz - Insurance Professional