The EU Exit raises a number of issues that could seriously impact insurance brokers and their customers. BIBA is highlighting eight areas that will enable us to effectively service both new and existing UK and EU clients.
BIBA-KPMG Brexit Navigator
In 2017 when we asked members if they had any concerns regarding Brexit, around 66% of respondents said that they did. As a result, the BIBA Brexit Committee has been working closely with leading consultants, KPMG to offer assistance to BIBA members who are considering the implications of Brexit on their business. Consequently, we have created the BIBA-KPMG Insurance Broker Brexit Navigator. This includes considerations around deciding whether you need to set up EU branches or make arrangements with a local European wholesaler or distribution network to deal with existing European clients.
It also flags potential considerations and shows timescales that may affect these.
As we approach March 2019 we hope that this navigator will help you focus on the Brexit issues and opportunities that most directly affect your business.
Get your Brexit Navigator here.
Worldwide Broker network to help BIBA members
BIBA has reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms to one of their member firms in an EU state in order to enable you to continue to help your EU based clients.
WBN has a member operating in each EU country, and all of their members have undergone a rigorous vetting process and importantly have international employees who are English speaking.
A BIBA member that needs assistance with an EU client will be introduced by WBN to an appropriate member. Once the introduction is made, neither WBN or BIBA will have any further involvement meaning that you have control of the relationship and terms of business with the EU broker. You will also be able to agree on the scope of services (e.g. placement, renewals, claims management) and compensation directly.
This agreement will provide some certainty and continuity to BIBA members and their EU clients while we await further development regarding any trade agreement providing access to the single market.
As the mechanics are finalised we will share these with you so that you can benefit from this important arrangement.
For further information please contact:
AFL Insurance Brokers
0161 325 0265
0207 105 3054
BIBA’s Graeme Trudgill interviews Alec Finch at BIBA 2018 on the member solution on Brexit