Clients often ask us at William H. Connolly & Co., LLC if the limits they purchase are adequate, especially when compared to their peers. We are also questioned with respect to the appropriate coverages to properly protect organizational assets. Are there exposures to loss that are not presently insured? To address these questions a technique known as benchmarking is employed.
Benchmarking is the process of comparing one’s business process, performance metrics, and limits carried to industry best practices.
In the process of benchmarking, William H. Connolly will evaluate your performance and examine your insurance coverages including limits and retentions, to determine how you compare to your peer group and the industry’s best performers.
Once evaluations are conducted,William H. Connolly & Co., LLC will assist you in developing a plan to make improvements and adopt specific best practices to improve performance and protect your assets.
The following is an example of a typical benchmarking methodology:
- Identify your problem areas
- Identify other industries that have similar processes
- Identify organizations that are leaders in these areas
- Survey companies for measures and practices
- Implement new and improved business practices
- Review and recalibrate as needed
To learn more about Benchmarking, please get in touch with us today.