The insurer’s Financial Reporting & Strategy Director understood the importance of benchmarking against its peers but had been struggling to find accurate and consistent data for which to compare underwriting performance.
This meant that their analysis could not be as extensive as needed.
It also took longer than it should because they had to spend hours visiting competitors’ websites to find individual Solvency and Financial Condition Reports (SFCRs) and then manually extract data from each one.
Since working with Insurance DataLab, the director has seen a significant reduction in the time taken to source data, meaning they are now adding much greater value to their business through more detailed analyses.
“I’ve been using Insurance DataLab to compare our underwriting profitability and growth against our peers as part of our three-year planning exercise,” they said. “This analysis helps us with our strategy setting because we can see in which areas we are doing better than our peers and where we are doing worse.”
Insurance DataLab has also been helpful in analysing solvency positions, with the platform being used for target capital setting and justification to the board.
“We have our own internal thoughts on where we want to be with our target capital position and our solvency thresholds, but Insurance DataLab adds a lot of the colour we need when justifying that position to the board,” they said. “It allows us to demonstrate exactly how our target capital policy compares to what else is out there in the market.”
The director has also been impressed with the accuracy of Insurance DataLab’s data, something that had been lacking in other solutions available in the market.
“I had tried other solutions before Insurance DataLab, but found that the data was not overly reliable and there were errors in a number of the lines of data we were using,” they said. “Insurance DataLab is a more straightforward and efficient way to do that company comparison than other sources.
“It’s definitely worth investing in Insurance DataLab as an input into your planning process, because it has allowed us to do so much more analysis – benchmarking was simply something we weren’t able to focus on before.”
If you would like to find out how Insurance DataLab can help with your underwriting and solvency benchmarking, then you can request a free 7-day trial here.
As well as providing detailed underwriting data broken down by business line, Insurance DataLab also provides data relevant to Consumer Duty, such as ombudsman and regulator complaints data, FCA value measures, and a variety of other customer experience metrics.