https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3ATurnaround_time 2026-04-30T07:00:54Z Revision history for this page on the wiki MediaWiki 1.43.8 https://www.insurerbrain.com/w/index.php?title=Definition:Turnaround_time&diff=7166&oldid=prev 2026-03-10T05:15:54Z

<p>Bot: Creating new article from JSON</p> <p><b>New page</b></p><div>⏱️ &#039;&#039;&#039;Turnaround time&#039;&#039;&#039; in insurance measures the elapsed time between the receipt of a transaction — such as a [[Definition:Submission | submission]], [[Definition:Claim | claim]], [[Definition:Endorsement | endorsement]], or [[Definition:Quote | quote]] request — and the completion of the required action or response. It serves as a critical operational metric across [[Definition:Underwriting | underwriting]], [[Definition:Claims management | claims]], policy servicing, and [[Definition:Reinsurance | reinsurance]] workflows, directly reflecting an organization&#039;s efficiency and responsiveness to [[Definition:Broker | brokers]], [[Definition:Policyholder | policyholders]], and trading partners.<br /> <br /> 📊 Carriers and [[Definition:Managing general agent (MGA) | MGAs]] track turnaround time at multiple stages of the insurance value chain. In underwriting, it captures how quickly a team moves from receiving a broker&#039;s submission to issuing a [[Definition:Quote | quote]] or [[Definition:Declination | declination]]. In claims, it may measure the interval from [[Definition:First notice of loss (FNOL) | first notice of loss]] to initial contact, [[Definition:Reserve | reserve]] posting, or final settlement. [[Definition:Service-level agreement (SLA) | Service-level agreements]] between insurers and their distribution partners often codify maximum turnaround times, and [[Definition:Delegated underwriting authority (DUA) | delegated authority]] agreements frequently include reporting turnaround benchmarks as well. [[Definition:Insurtech | Insurtech]] solutions — including [[Definition:Artificial intelligence (AI) | AI]]-powered [[Definition:Triage | triage]], [[Definition:Straight-through processing (STP) | straight-through processing]], and [[Definition:Application programming interface (API) | API]] integrations — have compressed turnaround times from days to hours or even minutes for standard transactions.<br /> <br /> 🏆 Speed matters enormously in a competitive market. Brokers consistently rank turnaround time among the top factors influencing their choice of carrier, particularly in lines where multiple markets compete for the same [[Definition:Risk | risk]]. Slow turnaround increases the likelihood of losing business to a faster competitor and can strain broker relationships that took years to build. On the claims side, prolonged turnaround times contribute to policyholder dissatisfaction and can invite regulatory attention, especially in catastrophe scenarios where timely settlement is essential. Organizations that invest in reducing turnaround time typically see measurable improvements in [[Definition:Retention rate | retention rates]], [[Definition:Combined ratio | combined ratios]], and overall market reputation.<br /> <br /> &#039;&#039;&#039;Related concepts&#039;&#039;&#039;<br /> {{Div col|colwidth=20em}}<br /> * [[Definition:Straight-through processing (STP)]]<br /> * [[Definition:Service-level agreement (SLA)]]<br /> * [[Definition:Claims management]]<br /> * [[Definition:Underwriting]]<br /> * [[Definition:Submission]]<br /> * [[Definition:First notice of loss (FNOL)]]<br /> {{Div col end}}</div>

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