Key Performance Indicators (Managed Package)

Learn the definitions and calculations of key metrics shown in Insurance Claims and Policy Analytics.

Required Editions

Available for an additional cost in: Enterprise, Performance, and Unlimited Editions where Financial Services Cloud for Insurance is enabled and Vlocity Insurance is installed

This table lists the key metrics and their calculations.

Metric	Description	Calculation
Claims Open Tasks	Number of claims-related open tasks.	Count of records in the Task object, where: The value of the Related To field is either Claim or Claim Coverage. The value of the Status field isn’t Completed.
Open Tasks by Due Date	Claims-related open tasks grouped by due date.	Claims-related open tasks grouped by these due date groups: Overdue Due today Due tomorrow Due in 3–4 days Due in 4–7 days Due after this week
Open Tasks by Type	Open tasks grouped by task type.	Open Tasks grouped by the values in the Type field in the Task object.
Open Tasks by Priority	Open tasks grouped by priority.	Open Tasks grouped by the values in the Priority field in the Task object.
Open Claims	Number of open claims.	Count of values in the Claim Number field from the Claim object, where: The value of the Closed field is False. Claim Number and Closed are fields in the Claim object.
Open Claims by Open Duration	Open claims by the duration for which they’re open.	Days between Initiation Date and today, where: The value of the Closed field is False. Initiation Date and Closed are fields in the Claim object.
Average Claim Settling Time	Average time taken to settle a claim.	Average of days between Finalized Date and Initiation Date for all claims, where: The value of the Closed field is True. A value exists in the Finalized Date field. Finalized Date, Initiation Date, and Closed are fields in the Claim object.
Open Claims by Status	Open claims grouped by status.	Open Claims grouped by the values in the Status field in the Claim object.
Open Claims by Loss Type	Open claims grouped by loss type.	Open Claims grouped by the values in the Loss Type field in the Claim object.
Open Tasks	Number of open tasks related to insurance policies or quotes.	Count of records in the Task object, where: The value of Related To field is either Insurance Policy or Quote. The value of the Status field isn’t Completed. Related To and Status are fields in the Task object.
Open Tasks by Due Date	Insurance policy or quote-related open tasks grouped by due date.	Insurance Policy or Quote-related open tasks grouped by these due dates: Overdue Due today Due tomorrow Due in 3–4 days Due in 4–7 days Due after this week
Open Tasks by Priority	Open tasks grouped by priority.	Open tasks grouped by the values in the Priority field.
Open Quotes	Number of open quotes.	Count of records in the Quote object, where: The End Date field doesn’t have a value or the End Date field value is greater than or equal to today. The Status field value isn’t Issued, Rejected, or Denied.
Open Quotes by Open Duration Groups	Open quotes grouped by the open duration groups.	Open quotes grouped by these open duration groups: Quotes open for less than 2 days Quotes open for 2–7 days Quotes open for 1–2 weeks Quotes open for 3–4 weeks Quotes open for more than 4 weeks
Open Quotes by Open Duration	Open quotes by open duration.	Open quotes grouped by the duration between the Effective Date and today, where: The value of the Status field isn’t Issued, Rejected, or Denied. Effective Date and Status are fields in the Quote object.
Quoted Commission	Commission amount for an open quote.	Sum of the Commission Amount field values for all open quotes.
Policies Up For Renewal	Number of policies that are up for renewal in the selected duration.	Count of records in the Insurance Policy object, where: The value of the Final Renewal Date field is in the selected duration. If the Final Renewal Date doesn’t have a value, the Renewal Date field is considered. The value of the Status field isn’t Terminated, Canceled, or Customer Rejected.
Days to Renewal	Number of days before the policy renewal due date.	Duration in days between the Final Renewal Date and today. When the Final Renewal Date field doesn’t have a value: Duration in days between the Renewal Date and today. Final Renewal Date and Renewal Date are fields in the Insurance Policy object.
Gross Written Premium	Total gross written premium of all policies.	Sum of the Gross Written Premium values in the Insurance Policy object.
Earned Commissions	Total commission amount from insurance policies.	Sum of the Total Commission Amount field values in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. Total Commission Amount and Effective Date are fields in the Insurance Policy object.
Quote Conversion Rate	Percentage of quotes converted to policies.	(Count of records in the Insurance Policy object with a value in the Source Quote field)/(Count of records in the Quote object) * 100, where the value of the Effective Date field is in the selected duration.
Policy Renewal Rate	Percentage of policies renewed.	Policies Renewed * 100/(Policies Renewed + Policies Not Renewed) Policies Renewed: Count of Insurance Policy records where the Final Renewal Date or Renewal Date field value is in the selected duration, and a value exists in the Date Renewed field. Policies Not Renewed: Count of Insurance Policy records where the Final Renewal Date field value or Renewal Date field value is in the selected duration. The Date Renewed field doesn’t have a value and the Status field value is Terminated, Cancelled, or Customer Rejected.
Quote Conversion Rate based on Amount	Percentage of quotes converted to policies based on premium.	(Sum of Gross Written Premium of Insurance Policy records with a value in the Source Quote field)/(GWP of all Quotes) * 100, where the value of the Effective Date field is in the selected duration.
Policy Renewal Rate based on GWP	Percentage of policies renewed based on premium.	(Sum of Gross Written Premium of Policies Renewed * 100)/(Sum of Gross Written Premium of Policies Renewed + Sum of Gross Written Premium of Policies Not Renewed) Policies Renewed: Count of Insurance Policy records where the Final Renewal Date or Renewal Date field value is in the selected duration, and a value exists in the Date Renewed field. Policies Not Renewed: Count of Insurance Policy records where the Final Renewal Date field value or Renewal Date field value is in the selected duration. The Date Renewed field doesn’t have a value and the Status field value is Terminated, Cancelled, or Customer Rejected.
Open Tasks by Open Duration	Open tasks grouped by the duration for which they’re open.	Open tasks grouped by these open duration groups: Open for less than 2 days Open for 2–7 days Open for 1–2 weeks Open for 3–4 weeks Open for more than 4 weeks
Open Claims by Severity	Open claims grouped by severity.	Open Claims grouped by the values in the Severity field in the Claim object.
Tasks Related to Quotes or Policies	Number of open tasks related to insurance policies or quotes.	Count of records in the Task object, where: The value of Related To field is either Insurance Policy or Quote, and the value of the Status field isn’t Completed. Related To and Status are fields in the Task object.
Total Policies	Total number of insurance policies.	Count of records in the Insurance Policy object, where the value of the Effective Date field is in the selected duration.
Endorsed Policies	Total number of endorsed policies.	Count of records in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. A value exists in the Prior Policy field. .
GWP from New Businesses	Total gross written premium from new insurance policies.	Sum of the Gross Written Premium values in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. The Renewed Policy field value is False.
Policies from New Businesses	Number of policies from new businesses.	Count of records in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. A value doesn't exist in the Prior Policy field. The Renewed Policy field value is False.
Total GWP	Total gross written premium of the policies in the selected duration.	Sum of the values in the Gross Written Premium field in the Insurance Policy object, where the value of the Effective Date field is in the selected duration.
Total Quotes	Total number of quotes in the selected duration.	Count of records in the Quote object, where: The value of the Effective Date field is in the selected duration. The value of the Status field is Issued, Rejected, or, Denied.
Total Quoted Premium	Total premium amount quoted in the selected duration.	Sum of the values in the Total Premium field in the Quote object, where: The value of the Effective Date field is in the selected duration. The value of the Status field is Issued, Rejected, or Denied.
Average Quoted Premium	Average of the premium amounts quoted.	(Sum of Total Premium values in the Quote object) / (Count of records in the Quote object)
Average GWP	Average gross written premium of policies in the selected duration.	(Sum of Gross Written Premium values in the Insurance Policy object) / (Count of records in the Insurance Policy object), where the value of the Effective Date field is in the selected duration.
New Claims	Number of new claims in the selected duration.	Count of values in the Claim Number field from the Claim object, where the value of Initiation Date is in the selected duration.
Pending Claims	Number of claims pending settlement. These claims are carried forward from a previous period to the current period.	Count of values in the Claim Number field from the Claim object, where the value of the Closed field is False in the selected duration.
Closed Claims	Number of claims closed in the selected duration.	Count of values in the Claim Number field from the Claim object, where: The value of the Finalized Date field is in the selected duration. The Closed field value is True.
Claim Closure Rate	Percentage of claims closed in the selected duration.	(Claims Closed) / (New Claims + Pending Claims) * 100
Total Amount Paid	Total amount paid to customers.	Total Loss Amount + Total Expense Paid
Total Loss Amount	Total amount paid for losses in the selected duration.	Sum of the values in the Adjusted Amount field in the Claim Coverage Payment Detail object, where: The value of the Type field is Loss. A lookup to Claim Payment Summary exists and the value of Payment Date is in the selected duration. Type and Claim Payment Summary are fields in the Claim Coverage Payment Detail object. Payment Date is a field in the Claim Payment Summary object.
Total Expense Paid	Total expenses paid in the selected duration.	Sum of the values in the Adjusted Amount field in the Claim Coverage Payment Detail object, where: The value of the Type field is Expense. A lookup to Claim Payment Summary exists and the value of Payment Date is in the selected duration. Type and Claim Payment Summary are fields in the Claim Coverage Payment Detail object. Payment Date is a field in the Claim Payment Summary object.
Current Loss Reserve	Total losses incurred that are pending payment.	Sum of the values in the Loss Reserve Amount field in the Claim Coverage object, where the value of the Closed field is False in the Claim ID lookup.
Current Expense Reserve Amount	Total expenses incurred that are pending payment.	Sum of the values in the Expense Reserve Amount field in the Claim Coverage object, where the value of the Closed field is False in the Claim ID lookup.
Loss Ratio	Losses incurred due to claims as a percentage of the premiums earned.	(Total Loss Paid + Total Expense Paid) / Earned Premium
Earned Premium	Total premium earned in the selected duration.	(Total Premium / Policy Term) * (Date Y - Date X) Total Premium = Sum of the values in the Term Premium field in the Insurance Policy Coverage object. Policy Term = (The value of the Expiration Date field in the Insurance Policy object) - (The value of the Effective Date field in the Insurance Policy object). Here's how Date X and Date Y are calculated: When the effective date is in the selected duration and the expiration date is greater than or equal to the end date of the selected duration: Date X = Effective Date Date Y = End date of the selected duration When the effective date is less than or equal to the start of the selected duration and the expiration date is in the selected duration: Date X = Start date of the selected duration Date Y = Expiration Date When the effective date is less than or equal to the start of the selected duration and the expiration date is greater than or equal to the end date of the selected duration: Date X = Start date of the selected duration Date Y = End date of the selected duration When the effective date and expiration date are in the selected duration: Date X = Effective Date Date Y = Expiration Date
Settlement Ratio	Percentage of claims settled in the selected duration.	Approved Claims / Total Closed Claims Approved Claims = Count of records in the Claims object where Finalized Date in the selected duration and Closed is True. The claim has at least one corresponding record in the Claim Coverage Payment Detail object where: Type is Loss Adjusted Amount is greater than 0 A value exists in the Claim Payment Summary field Closed Claims = Count of records in the Claims object where Finalized Date is in the selected duration and Closed is True.
Open Tasks by Open Duration	Open tasks grouped by the duration for which they’re open.	Open tasks grouped by these open duration groups: Open for less than 2 days Open for 2–7 days Open for 1–2 weeks Open for 3–4 weeks Open for more than 4 weeks
Open Claims by Severity	Open claims grouped by severity.	Open Claims grouped by the values in the Severity field in the Claim object.
Tasks Related to Quotes or Policies	Number of open tasks related to insurance policies or quotes.	Count of records in the Task object, where: The value of the Related To field is either Insurance Policy or Quote, and the value of the Status field isn’t Completed. Related To and Status are fields in the Task object.
Total Policies	Total number of insurance policies.	Count of records in the Insurance Policy object, where the value of the Effective Date field is in the selected duration.
Endorsed Policies	Total number of endorsed policies.	Count of records in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. A value exists in the Prior Policy field.
GWP from New Businesses	Total gross written premium from new insurance policies.	Sum of the Gross Written Premium values in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. The Renewed Policy field value is False.
Policies from New Businesses	Number of policies from new businesses.	Count of records in the Insurance Policy object, where: The value of the Effective Date field is in the selected duration. A value doesn't exist in the Prior Policy field. The Renewed Policy field value is False.
Total GWP	Total gross written premium of the policies in the selected duration.	Sum of the values in the Gross Written Premium field in the Insurance Policy object, where the value of the Effective Date field is in the selected duration.
Total Quotes	Total number of quotes in the selected duration.	Count of records in the Quote object, where: The value of the Effective Date field is in the selected duration. The value of the Status field is Issued, Rejected, or Denied.
Total Quoted Premium	Total premium amount quoted in the selected duration.	Sum of the values in the Total Premium field in the Quote object, where: The value of the Effective Date field is in the selected duration. The value of the Status field is Issued, Rejected, or Denied.
Average Quoted Premium	Average of the premium amounts quoted.	(Sum of Total Premium values in the Quote object) / (Count of records in the Quote object)
Average GWP	Average gross written premium of policies in the selected duration.	(Sum of Gross Written Premium values in the Insurance Policy object) / (Count of records in the Insurance Policy object), where the value of the Effective Date field is in the selected duration.
New Claims	Number of new claims in the selected duration.	Count of the values in the Claim Number field from the Claim object, where the value of Initiation Date is in the selected duration.
Pending Claims	Number of claims pending settlement. These claims are carried forward from a previous period to the current period.	Count of the values in the Claim Number field from the Claim object, where the value of Closed field is False in the selected duration.
Closed Claims	Number of claims closed in the selected duration.	Count of the values in the Claim Number field from the Claim object, where: The value of the Finalized Date field is in the selected duration. The Closed field value is True.
Claim Closure Rate	Percentage of claims closed in the selected duration.	(Claims Closed) / (New Claims + Pending Claims) * 100
Total Amount Paid	Total amount paid to customers.	Total Loss Amount + Total Expense Paid
Total Loss Amount	Total amount paid for losses in the selected duration.	Sum of the values in the Adjusted Amount field in the Claim Coverage Payment Detail object, where: The value of the Type field is Loss. A lookup to Claim Payment Summary exists and the value of Payment Date is in the selected duration. Type and Claim Payment Summary are fields in the Claim Coverage Payment Detail object. Payment Date is a field in the Claim Payment Summary object.
Total Expense Paid	Total expenses paid in the selected duration.	Sum of the values in the Adjusted Amount field in the Claim Coverage Payment Detail object, where: The value of the Type field is Expense. A lookup to Claim Payment Summary exists and the value of Payment Date is in the selected duration. Type and Claim Payment Summary are fields in the Claim Coverage Payment Detail object. Payment Date is a field in the Claim Payment Summary object.
Current Loss Reserve	Total losses incurred that are pending payment.	Sum of the values in the Loss Reserve Amount field in the Claim Coverage object, where the value of the Closed field is False in the Claim ID lookup.
Current Expense Reserve Amount	Total expenses incurred that are pending payment.	Sum of the values in the Expense Reserve Amount field in the Claim Coverage object, where the value of the Closed field is False in the Claim ID lookup.
Loss Ratio	Losses incurred due to claims as a percentage of the premiums earned.	(Total Loss Paid + Total Expense Paid) / Earned Premium
Earned Premium	Total premium earned in the selected duration.	(Total Premium / Policy Term) * (Date Y - Date X) Total Premium = Sum of the values in the Term Premium field in the Insurance Policy Coverage object. Policy Term = (The value of the Expiration Date field in the Insurance Policy object) - (The value of the Effective Date field in the Insurance Policy object). Here's how Date X and Date Y are calculated : When the effective date is in the selected duration and the expiration date is greater than or equal to the end date of the selected duration: Date X = Effective Date Date Y = End date of the selected duration When the effective date is less than or equal to the start of the selected duration and the expiration date is in the selected duration: Date X = Start date of the selected duration Date Y = Expiration Date When the effective date is less than or equal to the start of the selected duration and the expiration date is greater than or equal to the end date of the selected duration: Date X = Start date of the selected duration Date Y = End date of the selected duration When the effective date and expiration date are in the selected duration: Date X = Effective Date Date Y = Expiration Date
Settlement Ratio	Percentage of claims settled in the selected duration.	Approved Claims / Total Closed Claims Approved Claims = Count of records in the Claims object where Finalized Date is in the selected duration and Closed is True. The claims object has at least one corresponding record in the Claim Coverage Payment Detail object, where: Type is Loss Adjusted Amount is greater than 0 A value exists in the Claim Payment Summary field. Closed Claims = Count of records in the Claims object where Finalized Date is in the selected duration and Closed is True.
Sales by State	Total gross written premium amount of all policies by the billing state.	Sum of Gross Written Premium from Insurance Policy, where effective date is in the selected duration grouped by InsurancePolicy.NameInsured.BillingState.
GWP from Renewals	Total gross written premium amount from the renewed policies.	Sum of Gross Written Premium of Policies Renewed, where: The Final Renewal Date or Renewal Date field value is in the selected duration. A value exists in the Date Renewed field.
GWP Growth	Percentage of growth in gross written premium amount based on duration.	(Sum of GWP from Insurance Policy where effective date is in the selected duration - Sum of GWP from Insurance Policy where effective date is in the Compare To duration)/Sum of GWP from Insurance Policy, where effective date is in the Compare To duration * 100
GWP by New Business	Total gross written premium amount from the new policies.	Sum of GWP from Insurance Policy, where Effective Date is in the selected duration and Renewed Policy is False.
Policies by Cancellation Reason	Number of canceled policies based on cancellation reason	Number of policies where Canceled date is within the selected duration and is grouped by Cancelation Reason Type.
Claims Total Paid	Total claim amount paid to the customers	Total Loss Paid + Total Expense Paid
Tasks	Number of completed tasks by insurance policy or quote.	Count of Tasks related to Insurance Policy or Quote, where task status is Completed.
Tasks by Week	Number of completed tasks for the insurance policy or quote in a week	Count of Tasks related to Insurance Policy or Quote, where task status is Completed and is grouped week-wise based on CompletedDateTime.
Total Paid	Total amount paid to the customers.	Total Loss Paid + Total Expense Paid

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