Promptness of Claims Settlement (PI9897)

Average number of days elapsed between when an insured incident occurred and when the stakeholder (client of the organization) received the payment or claim denial for all claims settled (or rejected) during the reporting period.

Calculation:
  • Reporting Format Unit Referenced within Metric Definition
  • Metric Type Metric
  • Metric Level Product/Service, Organization
  • IRIS Metric Citation IRIS, 2020. Promptness of Claims Settlement (PI9897). v5.1.
Footnote

Organizations should footnote all assumptions used, as well as the details of claims settlement using a schedule to reflect the detailed timeline breakouts of claims settlement (since acceptable timing can vary by geography). See usage guidance for further information.