Insurance DataLab has enhanced its Security Committee-in-a-Box tool, now underpinned by its new Insurer Performance Index, bringing a more data-driven and evidence-based approach to broker placement decisions.
Originally developed to help brokers formalise and evidence insurer selection, the tool has been updated to reflect the increasing demands of the market – particularly under the FCA’s Consumer Duty.
A stronger foundation for placement decisions
At the core of the newly enhanced tool is the integration of the Insurer Performance Index, which provides a consistent view of insurer performance across four key pillars — claims, complaints, solvencyand underwriting.
Scores are presented via an at-a-glance scorecard, providing a quick and easy guide to insurer performance by way of a RAG rating system for each pillar.
By embedding robust performance data, it provides a clear audit trail for placement decisions. Brokers can assess insurer partners more consistently, document their rationale, and align their processes with regulatory expectations.
This is particularly important in areas such as claims performance and customer outcomes, where differences between insurers can have a direct impact on client experience and long-term relationships.
The Index draws together multiple sources of data, including regulatory disclosures and Insurance DataLab’s own research, to provide a more complete view of how insurers perform in practice.
This includes insights from the Commercial Lines Claims Pulse, created in partnership with Research in Finance and based on more than 800 commercial lines claims experiences, offering a real-world perspective on claims handling and customer outcomes.
By incorporating these insights, Security Committee-in-a-Box helps brokers not only identify suitable insurer partners, but also evidence why those insurers represent a good destination for risk.
Supporting better outcomes
In a market where performance is increasingly visible and scrutinised, the ability to turn data into clear, defensible decisions is becoming essential.
The enhanced Security Committee-in-a-Box tool is designed to support that process – helping brokers strengthen governance, improve placement decisions, and deliver better outcomes for clients.
Further details on the Insurer Performance Index and the data underpinning the tool will be available in the Insurer Performance & Conduct Report, created in partnership with BIBA and sponsored by SSP.
Copies of the report can be downloaded for free here, and will also be available from the Insurance DataLab stand (G65) at this year’s BIBA Conference, where Matt Scott and Dan King will be on hand to discuss the findings and how the tool can be used in practice.
Click here to arrange a time to meet Matt or Dan at BIBA or to find out more.