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15 September 2022

Insurance DataLab performance ratings now available online

Subscribers are now able to compare companies across a number of key performance ratings, including customer experience, insurer underwriting, and broker financials – with MGA and Lloyd's syndicate rankings coming soon

The Insurance DataLab performance ratings are now available on our data platform, with companies receiving scores across three different sets of ratings.

Each set of ratings includes a percentage score based on a number of key metrics using proprietary formulae devised by Insurance DataLab to help assess both short and long-term performance, with providers rewarded for consistently positive results.

Insurance DataLab co-founder Matt Scott said: "When we started Insurance DataLab, Dan and I wanted to help the industry to make quicker and more informed decisions by providing credible and comparable data that can be used to better track and improve performance – these ratings can help insurance companies to do just that.

"Not only can they help identify areas of strength or weakness, they also allow providers to compare the performance of their peers and competitors, helping providers to benchmark performance and highlight where improvements are needed."

The ratings now available for comparison include:

Insurer Underwriting

This covers all UK and Gibraltar-based insurers, with each insurer receiving an overall rating on their underwriting performance based on three key metrics, each of which is broken down by business line:

  • Most recent Combined Operating Ratio (COR)
  • COR improvement over the last 12 months
  • Three-year aggregate COR

Lloyd's Underwriting (coming soon)

This covers all non-life Lloyd's Syndicates, with each syndicate receiving an overall rating on their underwriting performance based on three key metrics, each of which is broken down by business line:

  • Most recent underwriting result
  • Improvement in the underwriting result over the last 12 months
  • Three-year aggregate underwriting result

Broker Financial Performance

This covers almost 200 of the largest brokers in the UK, with each broker receiving an overall rating on their financial performance based on three key metrics:

  • Profitability – Based on the three-year aggregate EBITDA margin
  • Productivity – Based on the average turnover per employee and staff costs as a percentage of revenue
  • Growth – Based on the percentage growth in revenue and the absolute growth in operating profit

MGA Financial Performance (coming soon)

This covers almost 100 of the largest MGAs in the UK, with each MGA receiving an overall rating on their financial performance based on three key metrics:

  • Profitability – Based on the three-year aggregate EBITDA margin
  • Productivity – Based on the average turnover per employee and staff costs as a percentage of revenue
  • Growth – Based on the percentage growth in revenue and the absolute growth in operating profit

Customer Experience

This covers 20 of the leading personal lines providers in the UK, with each provider receiving an overall rating on their customer experience based on four key metrics:

  • Complaints handling – based on our own analysis of ombudsman and regulatory complaints data
  • Claims – based on data from our partners Consumer Intelligence and Insurance Times
  • Customer satisfaction – based on data from our partners Consumer Intelligence, Fairer Finance and Trustpilot
  • Transparency – based on date from our partner Fairer Finance

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© Insurance DataLab 2022. Insurance DataLab is owned and operated by MAD Financial Media Limited, registered in England and Wales under company number 12418752.
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