Making calculated, business-savvy decisions should go without saying for organizations of all industries and scope. For those responsible for risk management and insurance procurement, benchmarking analyses provide critical input for optimizing those decisions. To successfully benchmark and identify the gap between you and your industry peers, relevant and actionable analytics is needed to ignite and validate the risk management decision-making process.
A question often posed by our clients is “How do I compare to my peers?” Benchmarking tools are essential in keeping risk managers comfortable with their insurance program, especially in a hard market. By utilizing our proprietary benchmarking capabilities, we are able to demonstrate to clients exactly how their program is performing in comparison to their peers. Limit benchmarking can be extremely helpful in determining what limits are sufficient for a specific class of business. Peer comparison tools are designed to make placement analytics more accessible while enabling a deeper understanding for capital and risk management decision making.
Partnering with a broker who emphasizes data and analytics can be the difference in protecting your interests while securing your future. Being analytically driven will help guide the decision-making process with the clarity needed to make confident, strategic decisions that are critical for an organization to grow.
Benchmarking is just one of many tools within our Analytics & Data Insights repertoire. With the help of detailed analytics, businesses can:
- Identify cost drivers and trends
- Work toward lowering their experience mod
- Evaluate cost effectiveness of large deductibles and self-insured retentions (SIRs)
- Drill down from policy level to individual claims
- Benchmark program performance to industry averages
- Evaluate program design modifications
Our Analytics and Data Insights (ADI) team provides evaluations for future loss projections, collateral requirements, experience mod rates, and catastrophe modeling for large property risks to help ensure you are getting the best performance from an insurance program.
Contact a Marsh McLennan Agency (MMA) advisor today to learn more about our extensive business insurance analytics.