As competition intensifies and businesses look to evidence performance in more compelling ways, many are increasing use of non financial indicators and publishing them in Annual Reports, other statutory submissions and promotional materials.We believe that this non-financial 'narrative' reporting will grow and develop as competition intensifies, but also as insurers focus more and more on creating edge through building distinctive brands.
In line with this trend Gracechurch's independent benchmarks are being deployed more frequently as indicators of strong underwriting and claims performance around reputation (brand strength) and the customer experience. Increasingly our clients are publishing these measures in their annual reports and building them in to their communication programmes.
Just this week Brit Global Specialty published their results from our Underwriter Performance and Reputation study to showcase their strong improvement in 2013. http://www.britinsurance.com/en/financials/supplementary-disclosures
Catlin has also recently published results from our Claims Performance Monitor as the central message for a communications campaign to highlight their market-leading claims service. http://xlcatlin.com/insurance/claims
These examples are testament to the value and trust placed in our research but also the increasing importance of businesses communicating the 'bigger performance picture' to stakeholders, not just the narrow retrospective lens of the historical financial performance. In essence these measures are more forward-looking and long-term because they demonstrate the perceived quality of the insurer’s service and delivery and their reputational strength in the marketplace.