PPL has launched Service Benchmarks, a new market intelligence offering that tracks service delivery performance against a market benchmark, with development supported by a group of early-adopter market firms, including AXA XL.
“In a market where brokers increasingly expect rapid responses and transparency, service performance has become a key differentiator for carriers. The dashboard is designed for management teams seeking objective measures of service performance,” PPL explained.
According to PPL, Service Benchmarks provides unique insight to carriers on their own response time for firm orders and endorsements, contextualised against the market average.
The firm continued, “The insight, accessible via an interactive dashboard, allows carriers to compare their own service performance against the market average, and understand the level of responsiveness required to achieve top quartile performance.
“Carriers can also drill down into the results to analyse performance by class of business, teams and even individual team members.”
Colin O’Malley, PPL Chief Operating Officer, commented, “For years, service performance has been recognised as an important differentiator in the London Market, but firms have lacked a consistent and objective way of measuring themselves against their peers.
“Service Benchmarks changes that. Leveraging the scale of transactional data flowing through the PPL platform, we can provide carriers with an independent market benchmark that helps them understand how they are performing and where there may be opportunities to improve.
“This is about more than reporting metrics. Greater transparency and better insight have the potential to support the drive for high service standards across the market and support more informed, data-driven decision-making.
“We believe this product and broader Service Benchmarks driven from transactional activity on the PPL platform have the potential to grow into a definitive measure of service performance for the specialty insurance market.”
Chris Read, Chief Operating Officer, UK & Lloyd’s at AXA XL, said, “At AXA XL, we are committed to delivering outstanding service to our brokers and customers. PPL’s Underwriter Response dashboard provides us with a level of management and service information that will support our ongoing commitment to operational and service excellence.
“We have worked closely with PPL throughout the design and delivery of this tool, and our contributions have helped to shape it to deliver the best value to the market. This data gives us the insight we need to raise the bar for good customer service across the board.”
