Patent ID: 8423388

Claim:
A memory device storing machine-readable instructions, the instructions executable by a processor to cause the processor to: retrieve a first set of data from a database, the data including information about a plurality of insurance claims; perform an analysis of the first set of data to determine a first result associated with a first key performance indicator (KPI); obtain a first set of benchmark values corresponding to the first KPI; compare the first result to the first set of benchmark values to determine the relationship of the first result to the set of benchmark values; and send to a display device a relationship between the first result and the first set of benchmark values, wherein the KPI is one of the group consisting of: a percentage of workers compensation claims that include temporary total disability (TTD) payments; an average number of days per TTD claim; an average value of indemnity claims; a medical-to-indemnity conversion rate; a claim closure rate for workers compensation claims; an average time between a date of loss and a date reported to a third party; a percentage of total claim payments attributable to medical costs; a percentage of medical costs attributable to pharmacy costs; a PPO penetration rate; a percentage of claims litigated; a percentage of total claim payments attributable to expenses; a percentage of total claim payments attributable to legal expenses; a trend relationship related to an actuarially based claim frequency rate; a variance related to an incidence rate of Occupational Safety & Health Administration (OSHA) claims; a variance related to a lost work date rate; and a loss rate calculated based on claim frequency and claim severity.