BYRON DONALDS

Insurer Scorecard

What It Is

Make Insurance Companies Compete In Plain Sight.

No state has done this yet. The Insurer Scorecard would make Florida the first in the
nation to bring price, claims, and insurer performance data together in a single, easy-to-
use comparison tool, giving consumers the upper hand and forcing insurers to compete
on results.

What It Does

Modernize, launch, and promote a retooled Rate Comparison tool so it’s user
friendly for any Florida resident who wants to compare insurance rates on
automobile, health, and home insurance.

Combine data from the various government databases into the Rate Comparison
tool so that performance data is user-friendly, with clear insurer performance
metrics on the public dashboard.

Launch a statewide awareness campaign to increase consumer utilization of
transparency tools.

Pass legislation that allows the Florida Office of Insurance Regulation to enhance
and standardize reporting requirements for insurers to ensure consistent,
comparable data on premiums, rate increases, and valid claims such as approval
and denial rates, and time to payment.

Codify new insurer reporting requirements, noncompliance fines, and public
disclosure standards to ensure ongoing transparency and data quality.

Why It's a Game Changer

Floridians buy insurance for protection and peace of mind.

Insurance needs to be both affordable and reliable when storms and accidents happen.

We need a rapid response and real results from Florida insurers.

We need to tout the top performers and highlight the bad actors or slow payers.

Policyholders deserve the best-in-the-nation Insurer Scorecard to provide full transparency, real accountability, and greater affordability.

While we are making real progress to bring now rates and need to continue that work, we need to do a lot more with full transparency and real accountability.

This Insurer Scorecard is the first step in a series of proposals to increase accountability and to continue reducing premiums and increasing insurance options for Florida families.