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BENCHMARKING    

Best practice benchmarking and process benchmarking is a process methodology used by management of organisations and particularly senior management, in which organisations evaluate various aspects of their processes in relation to best practice, usually within a specific market segment or a peer group defined for the purposes of comparison. This then allows organisations to develop plans on how to make improvements or adopt best practices, usually with the aim of increasing some aspect of performance. Benchmarking may be a once-off event, but is often treated as a continuous process in which organisations continually seek to challenge their practices by studying the trends from year to year.

This is perhaps the most valuable way of determining the industry competitiveness of your company overall and with regards to:
  • The opportunities for growth and performance improvement
  • Confirming current positioning and differentiation
  • Differentiation status and standing
  • Best practice analysis
  • Strategic analysis
  • Service benchmarking
  • Relationship benchmarking
  • Cost benefit analysis
  • Customer satisfaction benchmarking
  • Corporate governance benchmarking
  • Product benchmarking
  • Who or which competitor performs the business process very well and has process practices that are adaptable to your own organization
  • Pockets of best practice
  • Potential reasons for churn of customers or intermediaries
  • Trends compared to previous performance in order to measure new strategic implementation
  • Performance against expectation and establishing means to overcome the gap

One of the biggest mistakes organisations make in benchmarking projects is that they limit their benchmarking activity to their own industry. Benchmarking within your industry is essential. However, you already have a pretty good idea how your industry performs so it's imperative that you reach outside and above your own industry into other industries that perform extremely well in order to succeed.

Our Flagship Project in Benchmarking in the Insurance Industry

FIA Insurance Awards Benchmark
Bluestream Research is contracted by the FIA (Financial Intermediary Industry Association) to do the FIA Awards research. This project is widely recognised intermediary satisfaction benchmark and research methodology in the insurance industry.

The benchmark is recognised by most of the insurance product providers as one of a kind with regards to the sample size, consistency and credibility. The significance and authority of the study in the industry, amongst the FIA members and insurers alike, is a well known fact.
The main outcomes of the survey could be summarised as follows:
  • Over 6000 responses per annum
  • It covers 9 categories or Industry benchmarks
  • Companies measured make use of the feedback to develop competitive strategy
  • Annually we engage and deliver reports to industry players
  • Annual awards ceremony attracts 1000 guests
  • Publicity in main stream newspapers, industry websites, internal newsletters and industry magazines
  • Positive industry reaction stimulates positive competitive behaviour

The main objective of this survey is to nominate the top performing product provider, rated on the best Independent Intermediary Satisfaction, in the industry in each of the 9 identified segments. The winners who were rated tops on Intermediary Satisfaction in the 9 Categories are then honoured at the FIA Awards annually.

The Awards Research is of great value to the product suppliers (who are serious about improving their competitive advantage with regards to Intermediary Support). By now we know that the FIA member participation truly represents the meaning of 12 000 Intermediaries (brokers) – the voice of the FIA intermediary with more than 6000 insurance contracts being rated by more than 10% of the FIA members
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...it is a process methodology used by management of organisations and particularly senior management...


 
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