Claim Cycle Time

Claim cycle time refers to the time it takes to complete an insurance claim from its submission to processing and final payment. It is an important performance indicator for insurance companies and is used to evaluate efficiency and customer service.

A shorter claim cycle time usually means faster payments to policyholders and quicker settlement of claims, which in turn can lead to higher customer satisfaction and a better competitive position. Insurance companies therefore often strive to optimize their claim cycle time by implementing more efficient processes, leveraging automation and improving collaboration between different departments.