CINCINNATI, OH--(Marketwire - April 12, 2010) - Ward Group®, a consulting firm specializing in the insurance industry and leading provider of benchmarking services, today announced a new service to evaluate the cost and operational effectiveness of underwriting operations at property-casualty insurance companies. The 2-level approach integrates the expense analysis conducted through the established Ward benchmarking process with a detailed evaluation of over 265 underwriting procedures. It gives underwriting management both strategic and tactical data to identify opportunities to streamline operations and help to improve underwriting results.
"Operating expenses are rising faster than revenue for most insurance companies creating a challenge for underwriting operations," said Jim Caruso, Director of Ward Group. "The most profitable companies focus on sound underwriting practices and expense management."
The new Ward Group Underwriting Evaluation Service probes the real components of the underwriting process and helps decision makers answer fundamental questions about their underwriting operation:
- How do the staff levels, expenses and operating practices of your underwriting operation compare to industry standards?
- Is your underwriting process efficient?
- Where are the specific problem areas?
- What are the benefits of implementing change?
Ward Group benchmarking is a proven tool specifically designed for insurance companies to help manage expenses and monitor operational performance. Ward Group has performed over 1,500 benchmarking exercises for more than 350 insurance companies throughout North America since 1991.
To learn more about the Ward Group Underwriting Evaluation Service visit www.wardinc.com or contact Gary Eberhart at geberhart@wardinc.com or (513) 746-2414.
About Ward Group®
Ward Group is the recognized leader in insurance company benchmarking and best practices and a major sponsor of primary research studies. Ward Group analyzes staff levels and expenses for all areas of insurance company operations. The firm's professional staff is uniquely qualified to help companies measure results, optimize performance and be more profitable. For more information about Ward Group, visit www.wardinc.com.
Contact Information:
Contact:
Betty Cornelius
Director, Marketing
Ward Group
+1 (513) 746 2404