Defaqto are the latest company to become an associate member of the British Insurance Brokers’ Association (BIBA) as of 1 November 2009.

With brokers under increasing pressure from the growing direct market, Defaqto have also launched a new BIBA scheme, its latest product – Engage G.I Broker Edition.

Defaqto’s Engage G.I Broker Edition is a unique development within the broker market and has a number of key features to help brokers increase revenue by generating genuine, whole of market comparisons.

All BIBA members will receive an exclusive reduced rate for Engage G.I Broker Edition plus extra features and modules. In addition to this, BIBA members will also benefit from enhanced service features.

Commenting on the associate membership Roger Perry, head of intermediary sales at Defaqto said: “We are very much looking forward to further developing our presence within the broker market by working closely with BIBA.”

While Steve Foulsham, technical services manager, BIBA, commented: “It’s important that brokers have up-to-date access to market information that allows them to provide the most competitive terms to their clients. This new scheme will offer members an additional tool to help retain and acquire business in these challenging times.”

With growing attention on Treating Customers Fairly, Engage G.I Broker Edition is also focused on improving compliance by producing demands and needs documentation within minutes and providing additional supporting documentation to all sales and renewals. There is also a significant benefit for training and marketing as it will save time with training and focus on increasing product knowledge.

“There was a gap in the broker market that we believed Defaqto could address with Engage G.I Broker Edition. This is a comprehensive product with vast product coverage and functionality and provides the broker with all the necessary information needed to meet the needs of their clients,” added Mr Perry.

Defaqto are an independent financial research company, providing up-to-date and whole of market information to all layers of the financial industry. Defaqto specialise in providing a number of product research and development tools aimed at providers, intermediaries and consumers. With a department of 40 researchers and a bespoke team of Insight market analysts and consultants, Defaqto also publish a number of in-depth reports for the general insurance market including, specialist home, motor and aggregator reports.

For more information, or to sign up for a FREE 14-day trial, contact Defaqto on free phone number 0808 1000 804. 

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Notes to Editors:

For further information contact:

Michelle Worvell, senior editor

01844 295 406

mworvell@defaqto.com

Roger Perry, head of intermediary sales

01844 295 409

rperry@defaqto.com

Leighann Burtrand, BIBA communications manager

020 7397 0223

burtrandl@biba.org.uk

About Defaqto

Defaqto (www.defaqto.com) is an independent financial data collection and research company set up in April 1994 to provide comprehensive and up-to-date product information, impartial insight and consultancy to the financial services sector.

Defaqto’s core product is the Aequos Online database, which has information on over 30,000 products from more than 1,000 providers. Over 115,000 items covering life, pensions, investments, banking and general insurance are updated every day. Aequos is used by over 200 financial services providers and thousands of intermediaries.

Defaqto’s suite of products also includes Engage, an online adviser-dedicated product search engine covering life, pensions and investments, RateTracker and Analyser. Defaqto’s Star Ratings and Compare tools offer consumers impartial, whole-of-market insight on financial product features.

Defaqto Group owns and operates Defaqto and Defaqto Media, which operates www.defaqto.com, one of the UK’s leading consumer finance portals. Defaqto Group is backed by FF&P Private Equity, the private equity division of Fleming Family & Partners, and Acuity Capital Management.

About British Insurance Brokers' Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes 1700 regulated firms. Insurance brokers and intermediaries distribute nearly two-thirds of all UK general insurance. In 2007, insurance brokers and intermediaries generated £1.5 billion of invisible earnings and they introduce £22 billion of premium income into London’s insurance market each year.

BIBA is the voice of the industry, advising members, the regulators, the Government, consumer bodies and other stakeholders on key insurance issues.  BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards. BIBA works closely with the Chartered Insurance Institute to provide training to those working in the industry and actively participates in helping the industry and its customers deal with some of the major issues of the day.

BIBA members provide professional advice to businesses and consumers, playing a key role in identification, measurement, management, control and transfer of risk.  They negotiate appropriate insurance protection tailored to individual needs and operate to a very high standard of customer service with the aim of ensuring peace of mind, security, financial protection and the professional advice required.

To find your nearest BIBA broker visit the ‘Find A Broker' section of the BIBA website, www.biba.org.uk or call BIBA’s consumer helpline on 0870 950 1790