It marks the second consecutive year the broker has finished on top in the market intelligence firm’s rankings
Miller Insurance Services has been named the best broker in UK general insurance by market intelligence service Insurance DataLab.
The firm achieved a broker rating of 74% in Insurance DataLab’s exclusive research, published in May 2022, making it the highest ranking broker overall in the UKGI marketplace. This result marks the second consecutive year that the broker has finished in top spot.
Miller outperformed the market average by 21 percentage points, according to Insurance DataLab.
This was driven by a particularly strong performance on profitability after a three-year aggregate earnings before interest, taxes, depreciation and amortisation (Ebitda) margin of 51% earned Miller an Insurance DataLab profitability rating of 86% – the second highest in its research.
Insurance DataLab used its own proprietary formula for its broker rankings - the final report rated the 100 largest brokers in UKGI across three key metrics – profitability, growth and productivity.
The research found that overall broking performance has remained steady over the last three years, with Insurance DataLab’s market average broker rating standing at 52.5% for 2020, 52.8% for 2021 and 52.9% for 2022.
Meanwhile, RAC Financial Services achieved an Insurance DataLab broker rating of 71%, with JCB Insurance Services and EUI earning 70%.
Roanoke International Brokers received a broker rating of 68%, Potters Bar Services achieved a 67% broker rating and Herts Insurance Consultants was marked a 66% rating for 2022.
These seven firms have been recognised as top performers by Insurance DataLab, earning a Broking Gold Award for 2022.
Insurance DataLab co-founder Matt Scott said: “The brokers that have picked up Broking Gold Awards this year have all demonstrated exceptional performance across our key metrics, marking them out as truly best in class broking firms.
“These seven brokers have rightly been recognised for their performance and the way they have all handled the challenges that have been thrown their way in recent years – particularly with the Covid-19 pandemic – fills me with excitement about the future of the UK broking market.
“At the other end of the scale, a number of specialist travel insurance brokers were amongst the worst performing brokers in the market, with the performance hit hard by the effects of the Covid-19 pandemic on the wider travel industry.
“These brokers were hit particularly hard under the Insurance DataLab growth rating, with one travel broker seeing its revenues drop by as much as 89%.”