Brand Indexes

Insurindex Brand leadership is determined based on two key brand metrics:

 ‘Share of Mind’ (SoM):  SoM is derived from a spontaneous awareness question which asks survey responders to mention the first three companies that come to mind.

‘Market Share’(MS):  MS is based on a question which asks survey responders in a representative study which companies they have used in the last 6 months.  NB We compare our usage statistics with published financials (e.g. GWP) and find a close correlation.

To determine Brand Strength we combine the two results and also calculate the ratio of SoM to MS which gives a relative strength of brand to share: this is known as Extra Share of Mind ESoM (over Market Share) and highlights where brands are strong.  ESoM is an important determinant of how fast a brand can grow.


People Indexes

Individuals and organisations are ranked according to the number of mentions within a particular business class/specialisation, based on the extent to which they are nominated as market leaders and the extent to which they have been used in the last 6 months which we refer to as Market Share.  A preferential scoring system is applied depending on whether an individual is mentioned first, second or third.

A vital aspect of ensuring the highest quality people data is to obtain validation from the businesses who employ the individuals. Gracechurch achieves senior management validation in over 75% of the underwriting and claims lists.


Service Indexes and Quality Marque Accreditation

Service performance is measured via surveys that evaluate service satisfaction, based on the end user experience (as opposed to indirect metrics such as published complaints data). 

One of the consistent measures used in the Gracechurch surveys is Net Promoter Score™, this is linked to other more specific service attributes that give further information on detailed aspects of the service quality.

The Service Quality Marque, developed by Gracechurch is a ‘kitemark’ based on a measure of consistent NPS™ performance over the previous 12 month period. The threshold of performance is absolute not relative, so for example in claims SQM is achieved only when a carrier achieves 75% of higher NPS ratings over a year:  in this way the SQM is an indicator of the likelihood of receiving good service – the higher the consistency the more likely that the customer experience will be good.


Who is Gracechurch?

 Founded in 2000, Gracechurch is the leading research and advisory company serving the commercial insurance sector. Gracechurch provides global commercial insurance leaders with high quality, targeted independent research to benchmark performance. Deep insight and tailored recommendations help to pinpoint the best ways to gain competitive edge. Clients receive the evidence they need to make the best decisions, develop successful strategies, and execute them effectively in a fast-changing world.

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