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
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This metric is intended to capture how long on average (in days) it takes the organization to process completed claims.
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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.
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Organizations can use the raw data relevant to this metric when calculating Promptness of Claims Settlement (PI9897).
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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
Metric History
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June 2022 - IRIS v5.3 Released (current version)
Immaterial change. Minor revisions to definition and usage guidance for clarity.
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January 2020 - IRIS v5.1 Released
No change.
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May 2019 - IRIS v5.0 Released
Immaterial change. Usage guidance updated to clarify "beneficiary" as "affected stakeholders."
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March 2016 - IRIS v4.0 Released
Immaterial change. Minor revision to definition language for clarity.
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March 2014 - IRIS v3.0 Released
New metric. Promptness of Claims Processing (PI8919) was developed via the IRIS Taxonomy Group.