Brokers are innovators, responding to new challenges with inventive solutions. The digital age presents both challenges and opportunities
for brokers. BIBA wants to help brokers understand how they can benefit from new technologies by developing new products and delivery mechanisms.
Using big data for more accurate rating, drones for survey work, artificial intelligence and chatbots to handle simple customer queries, developing new sharing economy products or cutting edge technologies like blockchain are all areas BIBA will help its members to understand and incorporate into their business.
Results from a survey conducted by Innovate Finance – the independent not-forprofit membership association representing the UK’s global Fintech community, shows: 64% of respondents see Fintech as a less attractive investment proposition following the result of the EU referendum and a 33% decline in the value of H1 2016 Venture Capital investment in Fintech. To ensure London remains a global
insurance hub it is also important for Government’s ‘Industrial Strategy’ to have a viable approach to Fintech investment.
Dan Morgan Director of Policy and Regulation of Innovate Finance
Trade bodies are hugely influential and are a valuable part of introducing innovation to this distribution channel and we value BIBA’s involvement.”