Insurance Benchmark for Data & Analytics

IDMA is excited to announce the availability of the Insurance Benchmark for Data & Analytics. This is a powerful tool to measure your organization’s data & analytics capabilities and benchmark them against peers in the insurance industry.

Created by our industry partner, Eckerson Group, and customized for the insurance industry in partnership with the IDMA, the assessment is Free, Anonymous, and Comprehensive. It consists of 12 categories, 44 subcategories, and 248 questions that measure best-in-class practices and outcomes. It also addresses budgets, staffing, roles, reporting relationships, strategic initiatives, and technology infrastructure.

To find out more about this benchmark program and how to take the assessment, visit the website Industry Data Benchmarks or contact Eckerson Group at benchmarks@eckerson.com.

Here are a few details about how the program works.

• Team-based. Unlike a traditional survey, the assessment is geared to enterprise data & analytics teams and is managed like a small project. Organizations appoint a team lead who coordinates responses from team members, either online or manually. Most insurance companies will submit one assessment, but large companies with distinct data & analytics teams for different business units may submit multiple assessments.
• Schedule a call. To take the assessment, you must contact Eckerson Group to obtain a secure link and discuss the best way for your team to take the assessment. This will NOT be a sales call, but rather a walkthrough of helpful tips for taking the assessment as a team and an organization. We can also cover questions and address any concerns your team might have on taking the assessment.
• Online Report. Once the assessment is complete, each participating team member automatically receives an online, interactive report that quantifies the organization’s maturity and compares its scores to the average of all companies that have submitted the assessment to that point.
• “State of the Insurance Industry” Report. Once a year, Eckerson Group will compile a snapshot of the results and produce a report that summarizes the findings with color commentary from participants. The report will list participating companies but NOT disclose individual results.
• Private Benchmark Workshop. To obtain more details, beyond the “State of the Insurance Industry” Annual Report, participating companies can sign up for a private benchmark workshop in which Eckerson Group applies custom filters to scored questions, tabulates results for non-scored questions (e.g., budgets, staffing, tooling), and creates custom cohorts for benchmarking. (The results for individual organizations are NEVER disclosed.)

IDMA members receive a 25% discount on private benchmark workshops.

To find out more about this benchmark program and how to take the assessment, visit the website Industry Data Benchmarks or contact Eckerson Group at benchmarks@eckerson.com.