Insurance DataLab ‘shines the light’ on UKGI’s best brokers at Biba

Admiral-owned EUI has been named the best broker in UK general insurance (UKGI) in terms of financial performance by Insurance DataLab’s Broker Performance Report 2023.

EUI was awarded an Insurance DataLab broker rating of 73% for 2023, with the rating based on the triple pillars of profitability, growth and productivity. 

RAC Financial Services came in second in the firm’s ranking with another 73% rating, while JCB Insurance Services completed the podium places with a rating of 72%. 

Released yesterday (10 May 2023) on the first day of the Biba conference 2023, Insurance DataLab co-founder Matt Scott said the report was intended to “shine a light” on “good examples” of financial performances in the market.

The 2023 Insurance DataLab Broker Performance Report ranked 136 of the largest brokers in UKGI on their financial performance based on both short and longer-term performance.

The report also included a market summary of the performance of brokers across four distinct revenue bands over the last three years, as well as analysis that delved deeper into the specific strengths and weaknesses of the brokers to pick up an Insurance DataLab Gold Award.

‘Longer term success’

Speaking at the Biba conference today (11 May 2023), Matt Scott told Insurance Times that the firm “wanted to look at those delivering sustainable results” and “setting themselves up for future success”.

He said: “Insurance DataLab wanted to examine profitability and the productivity angle, because we think that’s particularly important for companies as they look to establish themselves in the market, grow their presence and then set themselves up for longer term success.”