They say one’s biggest competition is itself, but what if insurance brokers could benchmark themselves not only against their peers but also against an industry ideal?
This is what ratings agency Gilchrist Standard facilitates through its platform, which measures general insurance brokers against 18 key performance indicators and shows how they stack up in the market. The start-up also provides brokers, following the annual assessment, an actionable report on the areas of business where standards could be raised and risk could be reduced.
“Gilchrist Standard allows our audit team to indicate to an insurance broker how they compare against other insurance brokers and the industry norm,” said partnerships head Peter Townsend. “We are finding this to be a highly motivating factor in encouraging firms to use our independent review model to raise their own professional standards.
“The solution helps firms throughout the distribution chain meet their obligations under IDD (Insurance Distribution Directive), SMCR (Senior Managers and Certification Regime), and as a response to the recent ‘Dear CEO’ letter from the regulator.”
Key topics currently covered by the Gilchrist Standard audit include business controls, client money, corporate governance, training & competence, crime & fraud prevention, and emerging risks.
