Benchmarking

{
  "id": "MLC-T-INS-000545",
  "term": "Benchmarking",
  "field": "Insurance and risk management",
  "definition": "A systematic process of comparing an organization's performance metrics, processes, or practices against those of industry leaders or established standards. Insurers apply this to areas like claims processing times, underwriting efficiency, loss ratios, and customer satisfaction, measuring their results against competitors or aggregated industry data. The output is a quantitative analysis that identifies performance gaps, such as a company's expense ratio being 5% higher than the industry average.",
  "url": "https://mlchart.com/terminology/insurance/benchmarking/"
}