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  • Financial Services: Microinsurance
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Promptness of Claims Processing (PI8919)

Average number of days elapsed between when a beneficiary (client of the organization) submits a completed claim and when the beneficiary received the payment or claim denial, for all claims settled during the reporting period.
Calculation:
Reporting format
Unit Referenced within Metric Definition
Metric type
Flow
Metric level
Product/Service, Organization
IRIS metric citation
IRIS, 2016. Promptness of Claims Processing (PI8919). v4.0.

Footnote

Organizations should footnote all assumptions used.

Usage Guidance

  • Organizations should note that this metric is calculated using the average of dates from when a claim is submitted through the date that the beneficiary receives payment or claim denial.
  • Organizations can use the raw data relevant to this metric when calculating Promptness of Claims Settlement (PI9897).
  • For more detail on the Promptness of Claims Settlement and for guidance on interpretation, see the Microinsurance Network's Social Performance Indicators for Microinsurance, p. 19 (http://www.microfact.org/social-performance/).