There is no shortage of ways to assess insurer performance. Financial results, solvency positions, growth rates, pricing competitiveness. Each offers a different perspective, telling its own part of the story.
But none, on their own, tells you enough, because insurer performance is not defined by a single metric. It is defined by how those metrics come together in practice.
An insurer can be financially robust, but difficult to deal with at the point of claim. Another may deliver strong service, but struggle to sustain performance over time. Others may appear competitive on price, butfall short when it comes to delivering consistent outcomes.
Individually, these can be explained away. Taken together, they start to form a clearer picture. And that is where the real challenge lies.
For brokers, understanding insurer performance has always been important. But it is becoming more critical – and more complex.
Placement decisions are no longer just about securing capacity or achieving competitive terms for insureds. They are increasingly about understanding how an insurer performs across the full lifecycle of a policy, and how that performance translates into outcomes for clients.
That requires a more complete view. One that goes beyond individual data points and looks at performance in the round – across claims, complaints, solvency and underwriting discipline.
Because it is only when those elements are considered together that a more accurate picture begins to emerge.
This is the thinking behind the Insurance DataLab Insurer Performance Index. By bringing together multiple dimensions of performance into a single, comparable framework, it provides a clearer view of how insurers actually operate in practice – not just how they appear on paper.
And that matters.
Because in a market where decisions carry long-term consequences, understanding how an insurer really performs is what ultimately drives better outcomes.
Introducing the Insurer Performance and Conduct Report
Launching at BIBA, our Insurer Performance Index will underpin our new Insurer Performance and Conduct Report, created in association with BIBA and sponsored by SSP, bringing together claims, complaints, solvency and underwriting performance into a single, comparable view of insurer performance.
Register your interest to receive a free copy by email as soon as it’s published and discover the truth about insurer performance.