The latest iteration of the Insurance DataLab Broker Performance Report is set to be officially launched on day one of the 2023 BIBA Conference, but here we summarise some of the key preliminary findings.
The 136 brokers covered by this report received an average rating of 52.2% for 2023, up from 51.8% the previous year as brokers continue to demonstrate their resilience despite the ongoing market and economic pressures.
As well as receiving an overall score, brokers were also rated on their performance across three key pillars – profitability, growth and productivity.
Brokers were rated highest for profitability with an average Profitability Rating of 54.2% for 2022. This compares to a Growth Rating of 51.5% and a Productivity Rating of 50.9%
Interestingly, those brokers with revenues in excess of £500m have once again come out on top with the highest average rating of each of the four revenue bands, a feat they have achieved in each of the last three years.
Indeed, these larger brokers achieved the highest average rating across two of the three pillars, only falling behind when it comes to productivity – although they did still manage to record the second highest rating under that pillar.
Despite this high average performance from the larger brokers, the majority of the Gold Award winners for 2023 have revenues of less than £10m, demonstrating that while size and scale help, they are not the sole determinant of success.
Full details of our Gold Award winners will be revealed at 11am on stand F1 on day one of the BIBA conference, where you will also be able to pick up a free hard copy of the full report.
We will also be speaking to a number of broker leaders on the first day of the conference to get their views on what the future holds for broker M&A.
