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7 March 2024

Meet your new Security Committee-in-a-Box 

Find out how Insurance DataLab can help justify business placement strategy and spot issues before they arise

When brokers place a customer's business, they are promising that the insurer will be there to pick up the pieces should the worst happen. 

But when an insurer fails, brokers are left in a precarious position – primarily racing to secure replacement cover and fighting to salvage their reputation.  

Sometimes there may even be regulatory action for brokers that cannot prove they have taken the necessary steps to mitigate risk to their customers. 

And if you look through the news archives there are a number of well-documented examples of insurers going bankrupt. 

Independent (2001), Enterprise (2018), and Gefion (2020) are just a few high-profile failures that serve as stark reminders of the consequences of an insurer's collapse, and there are many brokers that are all too familiar with the pain that follows. 

Spot Issues Before they Surface 

By providing unparalleled insights into the financial performance and customer outcomes of insurers across different markets, Insurance DataLab empowers security committees to make more informed business placement decisions. 

Our market intelligence platform contains vital data on complaints, claims, customer experience, and underwriting performance that meets many of the requirements of Consumer Duty and helps to shield firms from regulatory action. 

For brokers without a dedicated security committee, we can be your Security Committee-in-a-Box. Our solution can help even very small brokers to adopt a data-led approach to business placement, helping them to gain a competitive edge and reduce the risk of regulatory scrutiny. 

Protect Your Reputation 

We don't just shield your brokerage from the pain of an insurer failure – we also safeguard your business from reputational damage caused by poor customer outcomes.  

Because brokers aren’t just selling insurance policies, they sell a service. 

But that service is often provided by insurers, and if they are not delivering good customer outcomes, it is the broker that endures the worst of the policyholder’s displeasure. 

Our insights can highlight those providers that are falling behind on service, helping brokers to make better decisions for their customers, and the future of their business. 

Request Your Free 7-Day Trial 

Ready to elevate your business placement strategy? Request a free 7-day trial of our market intelligence platform. Experience first-hand how our unique insights can enhance decision-making, mitigate risks, and pave the way for sustained business success. 

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