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Benchmarking

In general terms, benchmarking is the process of comparing one's business processes and performance metrics to companies within the same industry, as well as, companies in other industries to determine who is the very best and who sets the standard, and what the standard is.

Dimensions typically measured are quality, time, and cost. Benchmarking allows companies to identify strengths and weaknesses. It is then possible to implement improvements gleaned by studying top performers and their practices, allowing companies to perform specific functions better, faster, and at a lower cost than before.

In the world of risk management and insurance, benchmarking is used within a specific industry group to identify trending losses that are higher than industry benchmarks and to determine the cause(s). This allows us to set up appropriate training to address those specific areas that are pertinent to that homogeneous group. This training benefits our clients by helping to bring their metrics in line with the best in the industry, possibly lowering the number of claims filed and insurance premium paid. In addition, benchmarking helps determine specific coverages and rates within specific industry codes or segments.

TISC uses the resources within the industries that we serve to benchmark specific losses and risks. We then use this information to craft risk management solutions and coverages that are as unique as they are vital to properly insuring and managing the risks of our clients.