Financial KPI dashboards address many different purposes within an organization. First of all they provide the ground for effective communication with the board of directors. Financial KPIs are also the CFOs’ best friends and last but not least financial reports help every team making sure their expenses are under control.
Financial kpis for board of directors or otherwise called Shareholders report summaries the state of monthly actuals against the approved budget.
Financial kpis are great KPI metrics for small business such as startups would rather be focused on cash-flow management and resources allocation.
While CFOs know how to measure financial kpi it is critical for them to have a proper reporting tool in place especially when it comes to comparing revenues and results over different time periods.
Business performance is centered on Claim management and new policy sales. Most important financial kpis would be split around these 2 areas:
– Claim management: Cost per claim by type of customers, resolution cycle length for each claim by type of policies.
– New policy sales: Sales per broker, policy sales growth, policy renewal over new policy sales per month and per quarter.
Insurance companies KPI also include a mix of both data sets with metrics such as number of claims over the earned premium for the same period of time.
Customer satisfaction is also at the heart of insurance companies business performance reporting as the success of recurring revenue models relies on customer retention.
Financial reports include financial KPIs coming straight from accounting. Your accounting firm provides the CFO or the CEO with a sets of monthly accounting KPIs. They track indicators such as Turnover including sales of all product lines. Turnover can be presented by business units or territories. The other set of indicators concern expenses from staffing to purchasing costs.
Percentage of growth against previous month or same period of the previous year is also included.
Accounting KPI report results into profit or loss for the balance sheet and helps measure and project the Cashflow.
Discover more about KPI metrics with our other guides :
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