For those responsible for risk management and insurance procurement, benchmarking analyses provide critical input for optimizing decisions. We see benchmarking as a powerful tool for a company's senior leadership and decision makers. The broadest definition of benchmarking is comparing a measurement to a standard. This may be making a comparison to a standard set internally or one that is derived from a peer group. Its value ranges from creating a sound starting point through monitoring results, and on toward goal achievement.
Selecting the right data and analytical tools fosters a better understanding of an organization's risk, substantiates decision making, leads to innovative solutions and implementation strategies, and helps reduce costs. Drawing data from our extensive Global Benchmarking Portal, actuarial and statistical analyses, financial analysis, decision modeling, we can help our clients better understand their risks, evaluate alternatives, and, ultimately, reach the best decisions with the data and analyses to back them up.
Our benchmarking capabilities span a spectrum of services aimed at reducing a company's total cost of risk, such as:
- Measuring limits
- Other costs
Armed with this powerful data, a company can set, monitor and adjust goals in a measurable way by possessing timely and relevant information to adapt protocols, policies, procedures, tactics and strategies to achieve the mission.