As part of the partnership agreement, Insurance DataLab will provide HSB with a range of industry data covering the financial performance of the insurer’s partners and potential partners, as well as information surrounding pricing, claims trends and complaints handling.
HSB strategic insight analyst Joe Scanlon said the partnership would help the insurer make sense of what is an inherently complicated marketplace to operate in.
“The insurance market can be a challenging (and expensive!) place to navigate from a data perspective,” he said. “The publicly available data is often hidden behind financial rhetoric in unstructured reports and many of the proprietary solutions I’ve seen miss the mark on what insurers actually want to know. Insurance DataLab’s data hub answers these problems with a wealth of useful market insights delivered through a clean and intuitive user interface.”
Scanlon said the data would also be useful in helping the insurer assess potential new partners to work with.
“At HSB we distribute our products through brokers, MGAs and by partnering with insurance companies so we’re planning to use Insurance DataLab’s performance data to identify and compare prospective partners to engage pro-actively whilst being confident our product offering complements their business model,” he said.
“Our Underwriting Strategy team were keen to get access to Insurance DataLab for the ability to track pricing and claims trends across multiple dimensions. We’ve taken significant efforts in the past to measure our product performance against the market and having this information so readily available is going to be a huge boon to our product leaders.”
Business development director Terry Dyson said the partnership would also help support HSB’s ambitious growth plans.
“We’ve just recorded eleventh consecutive quarter of double-digit growth and we’ve got great momentum that we only want to build on,” he said. “Our strategy is based on targeting markets where we can stand out in; delivering profitable and innovative products; and partnering with insurers, brokers and MGAs that support our ambitions.
“To continue to outperform our plans we know we’ll need to work smarter and use digital solutions to focus our expertise where the biggest opportunities lie. Working with Insurance DataLab is one of many steps we’re taking to build on our current data capability as an organisation and I’m excited that, with their data hub, we’ll be delivering market analytics straight to our sales and underwriting teams.”
Insurance DataLab co-founder Dan King shared Dyson’s excitement for the partnership.
“We are delighted to be working with the team at HSB to provide them with the data and insight needed to help drive their business forward as it looks to capitalise on its recent success,” he said. “This partnership will provide HSB with a wealth of information so they can make informed decisions and capitalise on the opportunities that are out there in the marketplace ready for them to take advantage of.”
And Dyson added that the partnership was already paying dividends: “This data is giving our sales and underwriting teams valuable insights to enable them to spend their time and efforts where there’ll be best rewarded, which again we expect will enable our growth momentum to accelerate further.”
Scanlon said he too was excited about making the most of the opportunities presented by this partnership.
“On a personal level, I’m really excited to get stuck into Insurance DataLab’s complaints and experience data,” he said. “I think a lot of us ‘know’ that positive customer and partner engagement drives positive performance but it’s difficult to prove and track at market level.
“We’re really proud of our products and service here at HSB and our business development managers would love to spend more time targeting quality business, with the confidence of qualified information to support it.”
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