Benchmarking techniques evolved from Xerox’s pioneering visit to Japan in the late 1970s. However, the application of the benchmarking concept to the banking industry did not take place until the late 1990s. Process benchmarking, in particular, is a tool that helps FIs to cut costs, improve...

Purpose – Aim of this paper is to set some cost benchmarks for the cost of processing an insurance application and processing a claim. Design/methodology/approach – Activity‐based costing (ABC) model. The ABC model was applied to a unified business process and set the benchmarks for the...