Written by Nils R. | May 19, 2021 7:00:00 AM
What is a
Claims Dashboard
? Claims Dashboards are considered operational analysis tools and are used by Claims Managers and Executives to KPIs and trends related to claims metrics. Some of the main functionality in this type of dashboard is that it provides analysis from nine different perspectives: 1) Total claims and claims amount based on the selected time parameters, 2) Claims by product line, 3) Average days claims are open per policy, 4) Claims payout versus denied claims with monthly trends, 5) Average claim amount per policy type, 6) Claim status analysis, 7) Claim amount comparison with monthly trends, 8) Claims expense by product line, and 9) Assured amount by policy type. You find an example of this type of dashboard below.
Purpose of
Insurance Claims Dashboards Insurance companies use Insurance Claims Dashboards to give their managers and executives an easy way to monitor the health of claims activities. When used as part of good business practices in Claims and Finance departments, an organization can improve its claims strategies and related bottom line, and it can reduce the chances that leaders don't have a clear picture of claims trends and results.
Example of a
Insurance Claims Dashboard Here is an example of a Claims Dashboard with key trends and KPIs. [caption id="" align="alignnone" width="2560"]
Example of a Claims Dashboard for Insurance Companies[/caption] You can find hundreds of additional examples
here
Who Uses This Type of
Dashboard
? The typical users of this type of dashboard are: Claims Managers, Executives, Analysts.
Other Reports Often Used in Conjunction with
Insurance Claims Dashboards Progressive Claims and Finance departments sometimes use several different Insurance Claims Dashboards, along with claims reports, financial dashboards, financial statements, budget models, forecasts and other management and control tools.
Where Does the Data for Analysis Originate From? The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others. In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards? Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
