Miller named as best broker in UKGI

The broker was one of seven firms to receive an Insurance DataLab Broking Gold Award for their performance over the last 12 months

Our inaugural?Broker Performance Report?has named Miller Insurance Services as the best broker in UKGI with a Broking Rating of 74% – the second consecutive year that the broker has finished on top.

RAC Financial Services, JCB Insurance Services, EUI, Roanoke International Brokers, Potters Bar Services and Herts Insurance Consultants have also been recognised as top performers, with all seven insurers picking up an Insurance DataLab Broking Gold Award for 2022.

Based on our own proprietary formula, devised specifically for this research (you can download a free summary version?here), the 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 the market average Broking Rating standing at 52.5% for 2020, rising marginally to 52.8% for 2021 and 52.9% for 2022.

This means that Miller outperformed the market average by a highly impressive 21 percentage points, driven by a particularly strong performance on profitability after a three-year aggregate EBITDA margin of 51% earned it an Insurance DataLab Profitability Rating of 86% – the second highest in this analysis.

Travel brokers continue to struggle

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% – the biggest decline of the 100 brokers included in our report.

Meet the best brokers in UKGI

• Miller Insurance Services – 74% Broking Rating (Highest ranked broker overall)
• RAC Financial Services – 71% Broking Rating?
• JCB Insurance Services – 70% Broking Rating (Highest ranked broker with revenues of less than ￡10m)
• EUI – 70% Broking Rating (Highest ranked broker with revenues in excess of ￡500m)
• Roanoke International Brokers – 68% Broking Rating
• Potters Bar Services – 67% Broking Rating (Highest ranked broker with revenues of between ￡10m and ￡100m)
• Herts Insurance Consultants – 66% Broking Rating