Market intelligence specialist Insurance DataLab has introduced a new tool called Security Committee-in-a-Box, aimed at assisting brokers with business placement challenges.
This development comes in response to heightened compliance demands and the increasingly interventionist approach of the Financial Conduct Authority (FCA).
The Security Committee-in-a-Box is designed to provide security committees with essential insights into the financial performance and customer outcomes of insurers, enabling more informed decisions. This is crucial in helping brokers avoid the pitfalls of insurer failures, which can be costly.
Delivered through Insurance DataLab's intelligence platform, the tool offers access to comprehensive data on complaints, claims, customer experiences, and underwriting performance. This data aligns with many Consumer Duty requirements, aiming to protect firms from potential regulatory consequences.
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Dan King, co-founder of Insurance DataLab, commented on the importance of the new tool in today's regulatory climate.
“Since Consumer Duty came into effect brokers have come under even greater scrutiny from the FCA to ensure good customer outcomes and deliver value for their customers. This includes justifying who they are doing business with, meaning that making business placement decisions has never been more critical. Our new Security Committee-in-a-Box solution can help even the smallest brokers to adopt a data-led approach to business placement, helping them to gain a competitive edge and reduce the risk of regulatory intervention,” King said.
Mark Cliff, chairman of Hastings Direct and member of the Insurance DataLab Advisory Board, highlighted the challenges brokers face, avenues which the new tool will hopefully address.
“Brokers are facing increasingly difficult challenges when it comes to assessing insurer partners, particularly with the introduction of Consumer Duty. Insurance DataLab’s Security Committee-in-a-Box solution is an incredibly powerful tool that empowers brokers to better understand the performance of insurers and make more informed business placement decisions, regardless of their size or position in the market,” he said.
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