Nationwide study brings consistency and structure to data collection for more accurate comparison of financial and operational performance.
Windham, NH, July 7, 2015 - Dynamic Benchmarking, a provider of customized online benchmarking and reporting solutions, is pleased to announce the recent launch of a nationwide financial and operational benchmarking study for the National Association of Mutual Insurance Companies (NAMIC). Targeted to the association’s small company member segment, this study is the first of its kind to collect financial and operational data in a uniform and easily comparable manner.
While financial and operational data is readily available for larger insurers, small companies writing less than $30 million in direct premiums annually with limited geographic territories serving the rural communities in North America, often referred to as “farm mutual,” have traditionally found peer-to-peer comparison data for these key performance indicators hard to come by. Because reporting requirements vary from state to state for these smaller companies, much of the data that was available was inconsistent and difficult to compare.
“A significant number of NAMIC members needed a consistent and easy to use tool to compare their performance with their peers,” comments Kristen Spriggs, Vice President of Member Development for NAMIC. “Dynamic Benchmarking clearly offered a solution that would fit our needs and overcome the obstacles faced in collecting consistent data from this market segment.”
One of the biggest obstacles the membership segment faced in data collection was the inconsistent terminology used state to state and company to company. To help members with reporting, an interactive user guide and state-specific help text is included in the study to ensure members are reporting data in a consistent manner. The new benchmarking study collects data on financial and operational metrics and will also include data collection for supplemental topics which will change annually. Data collection started in late April and will conclude in late July. To date, NAMIC is on track to achieve its data collection target and feedback from participants has been positive.
“NAMIC members have enjoyed how easy the survey is to use and are excited to access the results,” adds Spriggs. “We’re very pleased to offer such a valuable resource to assist these smaller companies in remaining viable and competitive in an increasingly challenging business landscape.”
ABOUT THE NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES
The National Association of Mutual Insurance Companies (NAMIC) consists of more than 1,300 property/casualty insurance companies serving more than 135 million auto, home, and business policyholders, with more than $208 billion in premiums accounting for 48 percent of the automobile/homeowners market and 33 percent of the business insurance market. For more information, please visit www.namic.org.
ABOUT DYNAMIC BENCHMARKING
Dynamic Benchmarking is a New Hampshire-based startup that delivers real-time benchmarking and data analysis solutions with the features and capabilities of custom software in a format that is easy to use and quick to deploy. Founded by a team of women entrepreneurs, Dynamic Benchmarking combines powerful, web-based technology with unparalleled industry expertise and customer care to provide best-in-class, peer-to-peer data comparison for small business, associations, large enterprises and any organization looking to tap into the knowledge of the crowd. Dynamic Benchmarking builds web-based solutions that are flexible, scalable and allow for meaningful comparison of financial and operational performance in a dynamic and interactive manner. For more information, please visit www.dynamicbenchmarking.com.
