Covéa inks new deal to assess broker performance and ease regulatory compliance

Insurer Covéa has formed a new partnership with Insurance DataLab to ease regulatory compliance and improve customer outcomes.

The deal will see Covéa leverage a range of the market intelligence firm’s data and analytical tools to support regulatory initiatives, including Consumer Duty and fair value assessments under PROD4.

Covéa’s sales and distribution team will also use Insurance DataLab’s insight platform to assess broker financial performance and how they are treating customers across both commercial and personal lines.

This will help the insurer optimise distribution strategies and uncover new market opportunities.

Insurance DataLab co-founder Dan King said: “We’re thrilled to be partnering with such a respected name in the insurance industry. Our platform is designed to make complex data more accessible and actionable and we’re confident it will help Covéa streamline their operations and stay ahead in a highly competitive market.

“This partnership is a fantastic example of how our insights can be tailored to meet the diverse needs of different teams, from underwriting and finance to sales and distribution.”

Vicki Heslop director of customer and compliance at Covéa, said “We are delighted to partner with Insurance DataLab on this important initiative.

“This tool will enable us to assess performance and enhance Consumer Duty metrics. We look forward to the positive impact this partnership will bring.”