Average number of days elapsed between the submission of a completed claim by a stakeholder (client of the organization) and their receipt of payment or claim denial, for all claims settled during the reporting period.
Promptness of Claims Processing (PI8919)
Calculation:
- Reporting Format Unit Referenced within Metric Definition
- Metric Type Metric
- Metric Level Product/Service, Organization
- IRIS Metric Citation IRIS, 2021. Producer Price Premium (PI1568). v5.2.
Footnote
Organizations should footnote all assumptions used.
Usage Guidance
-
This metric is intended to capture how long on average (in days) it takes the organization to process completed claims.
-
Organizations should calculate this metric using the average days’ duration between the date of a claim’s submission and the date that the affected stakeholder 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 (https://www.social-protection.org/gimi/ShowRessource.action?id=5270).
Impact Categories & Themes
SDG Goals & Targets
No Poverty
- SDG Target 1.5
- SDG Target 1.4
Gender Equality
- SDG Target 5.5
Decent Work and Economic Growth
- SDG Target 8.1
- SDG Target 8.2
- SDG Target 8.3
- SDG Target 8.10
Industry, Innovation and Infrastructure
- SDG Target 9.3
Reduced Inequality
- SDG Target 10.1
- SDG Target 10.2
- SDG Target 10.3
Sustainable Cities and Communities
- SDG Target 11.5