2002 Personal Lines Benchmarking Now Offered by TCi Consulting & Research.Business Editors CRESSKILL, N.J.--(BUSINESS WIRE)--Oct. 16, 2002 TCi Consulting & Research announces the availability of external benchmarking to property and casualty personal lines companies. The new product, PLACES (Personal Lines Administration and Claims Expense Survey) covers new business, customer service operations, and claims. The questionnaire was developed collaboratively with eleven leading personal lines carriers over the course of several TCi-facilitated meetings designed to reach consensus on content and data definition. Companies that participated in the meetings include Allmerica, Allstate Financial, American Family Insurance American Family Insurance Group (aka "AmFam") is a private mutual company which focuses on property, casualty and auto insurance, but also offers commercial insurance, life, health, and homeowners coverage, as well as investment and retirement-planning products. , Harleysville Insurance Group, Hartford, Liberty Mutual, Nationwide, Prudential Prudential is the name of two different companies and buildings named after them: Companies:
 līn),v to move the teeth into their proper positions to conform to the line of occlusion. with the normal financial cycle; data will be submitted in the second quarter with results reported early in the third quarter. In addition to those committed for 2002, four more companies have already committed for 2003. The TCi Tested(SM) Process has been used in the life insurance and annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. lines of business for the past six years, benchmarking life operations (LIONS), annuity operations (ACES), and IT for life and/or annuity (LIITES). TCi also facilitates a benchmarking consortium for the life product development process (PRIDE), and in early 2003 will launch parallel PRIDE studies for both life and annuity products. Jack Tyniec, Managing Director of TCi, said, "We intend to deliver the same value for personal lines as we have in other lines. The reports that our process produces are unique in the industry due to the level of detail on costs by function and transaction and the consistency of responses resulting from a common glossary A term used by Microsoft Word and adopted by other word processors for the list of shorthand, keyboard macros created by a particular user. See glossaries in this publication and The Computer Glossary. of terms. Our clients tell us that these survey results are highly credible and are used for executive decision-making decision-making, n the process of coming to a conclusion or making a judgment. decision-making, evidence-based, n a type of informal decision-making that combines clinical expertise, patient concerns, and evidence gathered from ." Jack reported that TCi will be exploring interest in launching a benchmarking survey for commercial lines in the next few months. Companies interested in either personal or commercial lines benchmarking are encouraged to contact TCi. TCi Consulting & Research helps insurance companies find the best way to support their products so that they can provide superior customer service to policyholders and distributors, measure, control and lower ongoing operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and get new products to market quickly. TCi's unique combination of insurance knowledge, technology expertise and its ability to offer unbiased advice and assistance is widely recognized and respected within the industry. Since 1989 TCi has used TCi Tested(SM) Processes and Tools to help over 50 insurance clients, including 10 of the top 20 life and annuity companies in the industry. Consortium Content meetings for each of TCi's benchmarking surveys are being scheduled for November and December. For information about participating in any of these benchmarking consortiums or to purchase a copy of one of the resulting Formal Reports, please contact Bonnie bon·ny also bon·nie adj. bon·ni·er, bon·ni·est Scots 1. Physically attractive or appealing; pretty. 2. Excellent. Reagan, Research Marketing at 773/342-2771. |
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