Press Releases – British Insurance Brokers' Association https://www.biba.org.uk The British Insurance Brokers' Association is the UK's leading general insurance intermediary organisation Wed, 13 Dec 2017 16:30:43 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.4 BIBA responds to the Justice Select Committee’s Pre-Legislative Scrutiny of the Discount Rate draft clause https://www.biba.org.uk/press-releases/biba-responds-justice-select-committees-pre-legislative-scrutiny-discount-rate-draft-clause/ Thu, 30 Nov 2017 13:01:11 +0000 https://www.biba.org.uk/?p=28520 BIBA responds to the Justice Select Committee’s Pre-Legislative Scrutiny of the Discount Rate draft clause. Today, the Justice Select Committee have published their pre-legislative scrutiny

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BIBA responds to the Justice Select Committee’s Pre-Legislative Scrutiny of the Discount Rate draft clause.

Today, the Justice Select Committee have published their pre-legislative scrutiny of the draft clause the Government intend to use to amend the Personal Injury Discount Rate for catastrophic claimant awards.

In response to this, Graeme Trudgill, Executive Director of the British insurance Brokers’ Association (BIBA) said:

“We welcome the Committee’s scrutiny of this vital piece of draft legislation.”

“Currently, a Discount Rate -0.75% suggests that claimants lose money from investments, rather than them attracting an investment income. This is clearly not the case and underlines why this legislation is urgently needed.

“The Committee has indicated it would like to see more evidence of how claimants invest their damage awards if the Government wants to maintain the objective of 100% compensation – something which is fundamental to the principle of indemnity in insurance.

“While more evidence may be useful to provide confidence that claimants will not be under-compensated, we feel that the Government already has much evidence to demonstrate that in the real-world, claimants do not lose money from their investments. Any further delay would exacerbate the wider social impacts that a change to a negative rate value has already had.

“The Government Actuary Department (GAD) has provided analysis from 1,000 investment scenarios and found the claimant was over-compensated in 95% of the cases.

“In our evidence to the Committee, we emphasised the impact that a minus discount rate has upon our members’ customers namely significantly increasing premiums, particularly for young drivers. Following the rate change, there has been a 10% increase in the rate of uninsured driving claims.

“Furthermore, standard liability limits of cover which were arranged when the discount rate was 2.5%, may now be insufficient – putting firms, specifically small businesses, at risk of underinsurance and bankruptcy should a significant liability claim arise. We suggest customers who are concerned should speak to their insurance broker to review their limits.

“We look forward to Government identifying a suitable Bill to take these clauses forward at the soonest opportunity.”

Click here for more information >

ENDS

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Insurance Premium Tax is a budget no-go says BIBA https://www.biba.org.uk/press-releases/biba-makes-a-call-to-reduce-ipt/ Tue, 21 Nov 2017 10:47:17 +0000 https://www.biba.org.uk/?p=28423 Insurance Premium Tax (IPT )is a budget  no-go:  BIBA sets out the reasons why the Chancellor should heed warnings that IPT is too high BIBA,

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Insurance Premium Tax (IPT )is a budget  no-go:  BIBA sets out the reasons why the Chancellor should heed warnings that IPT is too high

BIBA, its members and their customers believe that Insurance Premium Tax should be reduced and  have  made the case to the Chancellor in a recent budget submission. 

 In its submission to HM Treasury BIBA  explained that the 10% increase in uninsured accidents identified by the Motor Insurance Bureau (MIB) in August 2017, can in the opinion of most industry experts, be attributed to this summers’  IPT rate hike, moving from 6% to 12% in a 20 month period.  It also drew attention to the impact of the tax on those living or operating in high flood risk areas, where premiums are already necessarily higher if the risks are outside the scope of Flood Re.

 The impact of this increased tax is very real. BIBA has heard from Mr Tony Dearsley who now pays £242.96 more per year in tax as a result of this regressive insurance tax and who supports our view that this is an unfair tax.

Steve White,  BIBA CEO said: IPT is a tax on protection and the UK has one of the highest levels of premium tax in Europe yet our insurance sector also has one of the biggest costs of regulation. We believe that IPT is now at a level that is contrary to HMT’s policy that it should make the required contribution to Government revenues while minimising the effect on the take up of insurance. Any further increase would exacerbate the problems already being seen.” 

 Graeme Trudgill, Executive Director at BIBA concluded: “We have seen a 100% increase in tax and this is without doubt beginning to bite at a time when motor premiums in particular are rising as a result of continued fraud and the March change to the personal injury compensation discount rate. Figures from both the AA and BIBA’s own research show a significant increase in quarter 3 premiums for motor insurance.  The BIBA -Acturis premium index  revealed an 8% hike in private motor premiums before IPT is applied – rising to 10% when the last tax increase is applied.”

 

Read BIBA’s Budget submission here 

 

Ends 

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Give us (trade) credit https://www.biba.org.uk/press-releases/trade-credit-insurance-biba-opinion/ Wed, 08 Nov 2017 16:14:51 +0000 https://www.biba.org.uk/?p=28276 A BIBA opinion piece on Trade Credit Insurance Amid worrying signs that businesses are struggling to stay afloat Mike Hallam, BIBA Head of Technical Services

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A BIBA opinion piece on Trade Credit Insurance

Amid worrying signs that businesses are struggling to stay afloat Mike Hallam, BIBA Head of Technical Services explains why firms can’t afford to avoid a discussion about trade credit insurance.

Trade credit insurance can be overlooked when arranging a commercial insurance portfolio. The number of business failures has been relatively stable in recent years prompting many companies to trade without the benefit of insurance protection. Many risk managers are however revisiting their approach to protection against bad debt.

There are worrying signs that the state of the economy and uncertainty arising from various world crises are beginning to impact businesses. Every day there are reports of reducing confidence and there have been big ticket stories of insolvencies including those of Monarch Airlines and Misco the computer reseller. Relevant bodies have pointed out the reversal in the previous repeated fall in insolvencies between 2010 and 2016 and the recent rise in voluntary liquidations as indicators of trouble brewing.

Speaking of the current climate, Mike Clark, chair of the BIBA Trade Credit Working Group, said: “Recent statistics from the Insolvency Service show a 15% increase in company insolvencies for Q3 2017 which is troubling. The prospect of higher UK interest rates, uncertainty over Brexit, the impact of more restrictive US trading policies and even political uncertainties in Spain are reasons why companies of all sizes might want to consider reviewing the ways they can mitigate their exposure to bad debt.”

The evidence of change is growing and it can be reasonably anticipated that there will be a higher demand for these insurance products over the coming months. Thankfully the UK trade credit insurance market still has capacity and good risk appetite, but it almost goes without saying that premium rates will inevitably start to harden if underwriting loss ratios deteriorate following a meaningful hike in business failures.

The clear message is – if you own a business and haven’t considered trade credit insurance before now is the time to pick up the phone to your broker and get the protection you need to avoid a difficult situation arising through no fault of your own.

Find A Broker at www.biba.org.uk or via 03709501790

ENDS

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A BIBA Brokers’ Guide To The Legal And Regulatory Aspects Of Marketing https://www.biba.org.uk/press-releases/biba-brokers-guide-legal-regulatory-aspects-marketing/ Tue, 07 Nov 2017 15:41:38 +0000 https://www.biba.org.uk/?p=28269 The post A BIBA Brokers’ Guide To The Legal And Regulatory Aspects Of Marketing appeared first on British Insurance Brokers' Association.

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THE BROKER MAGAZINE – ISSUE 4 2017 https://www.biba.org.uk/press-releases/broker-magazine-issue-4-2017/ Tue, 07 Nov 2017 15:13:31 +0000 https://www.biba.org.uk/?p=28262 The post THE BROKER MAGAZINE – ISSUE 4 2017 appeared first on British Insurance Brokers' Association.

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BIBA facility provider announces new deal https://www.biba.org.uk/press-releases/biba-facility-provider-integritas-announces-new-deal/ Thu, 19 Oct 2017 14:07:11 +0000 https://www.biba.org.uk/?p=28154 Integritas, provider of an exclusive broker funding facility for members of the British Insurance Brokers’ Association (BIBA), has announced the completion of another successful deal

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Integritas, provider of an exclusive broker funding facility for members of the British Insurance Brokers’ Association (BIBA), has announced the completion of another successful deal in the general insurance sector.

Insurance broker and BIBA member, Bennett Christmas, a highly successful broker, based in Burgess Hill has built a strong brand and reputation for quality advice and professionalism across the market. Having funded previous acquisitions through their own resources, they approached Integritas to support them with providing an acquisition facility, to support and continue their ambitious growth plans.  Through the use of the facility they expanded their growth by way of the purchase of sizable, local broker, Slade Edwards.

Roger Christmas – Group Finance and Strategy Director at Bennett Christmas commented:

“This is a significant acquisition for us and we needed the help and support of professionals to help make this work. Integritas approached several banks on our behalf and ultimately Clydesdale emerged as the perfect fit for the funds we were looking to raise. Martin White managed the whole process from start to finish and we now look forward to building a close working relationship with our new bank. We have enjoyed working with the guys at Integritas and have appreciated their guidance and support throughout.

 Martin White, Director of Integritas added:

We have been delighted to work with Roger, David and Mark and this acquisition really accelerates their growth plans and enhances their offering. Several banks were keen to tender for this deal but Clydesdale’s flexible approach has been the key to winning this deal in a competitive market.”

 ENDS

More information can be obtained from the Integritas website.

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Innovate Evolve Thrive is the 2018 BIBA Conference theme https://www.biba.org.uk/press-releases/innovate-evolve-thrive-2018-biba-conference-theme/ Tue, 10 Oct 2017 08:00:13 +0000 https://www.biba.org.uk/?p=28029 The British Insurance Brokers’ Association (BIBA) has announced ‘Innovate Evolve Thrive’ as the theme for its 2018 Conference & Exhibition to be held at Manchester

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The British Insurance Brokers’ Association (BIBA) has announced ‘Innovate Evolve Thrive’ as the theme for its 2018 Conference & Exhibition to be held at Manchester Central on May 16 & 17.

Building on last year’s theme of ‘Connections’, BIBA is keen to explore the world of insurance innovation as InsurTech establishes itself as the most eagerly anticipated opportunity in insurance product development and delivery for many years.

BIBA sees many positives in this evolution: ‘Taking a broader perspective on change, we see tech-driven solutions as ‘enablers’, allowing both brokers and customers to take advantage of faster delivery models and greater consumer freedom from a more personalised approach to insurance cover’ said Steve White, BIBA’s Chief Executive.

White added: Though the 2018 conference will develop ideas around innovation all brokers will be able to come back from the show – Europe’s largest insurance broking event, with more than 7000 visitors and 200+ stands – with new contacts, ideas and business opportunities unavailable anywhere else.

Keynote speakers and seminar choices will be announced early in 2018, while the Exhibition goes on sale today.  The opening few days of the sales process is always extremely busy, with 85% of stands in the most popular parts of the hall selling out within days.

The 2018 BIBA Conference & Exhibition will return to Manchester, a very popular choice of venue with exhibitors and delegates.  The central location, with access to a wide range of hotel rooms, restaurants and bars, becomes the home of the UK’s insurance sector in May.

Lindsay Campbell, BIBA’s Conference Organiser, added ‘As always we are looking at ways in which the conference programme can reflect the theme, so expect to see sessions on innovation and creativity. And once again we will be developing a full conference programme for young brokers. Young Broker Day has become an established part of the conference mix and is open to all BIBA member brokers aged 30 or younger.’

To visit the conference website, please go to www.biba2018.co.uk

-ENDS-

Notes to editors

  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

  1. About the British Insurance Brokers’ Association

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

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy, they arrange 52% of all general insurance and 78% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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BIBA Launches Medical Indemnity Scheme with Servca https://www.biba.org.uk/press-releases/biba-launches-medical-indemnity-scheme-servca/ Wed, 04 Oct 2017 09:43:02 +0000 https://www.biba.org.uk/?p=28017 The British Insurance Brokers’ Association (BIBA), has launched a new scheme with Lloyd’s broker Servca, giving BIBA members direct access to Servca’s specialist Lloyd’s backed

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The British Insurance Brokers’ Association (BIBA), has launched a new scheme with Lloyd’s broker Servca, giving BIBA members direct access to Servca’s specialist Lloyd’s backed Medical Indemnity cover for niche risks not typically accommodated by composite insurers.

Servca is an independent international specialist Lloyd’s Broker specialising in professional, financial and medical Indemnity insurance and risk management.

The new BIBA scheme offers exclusive terms on both primary and excess markets for standard and non-standard/distressed medical risks for most medical disciplines.  Importantly the scheme is also backed by qualified in-house medical knowledge and its policy wordings carry full ‘Union style’ coverage including:

  • 24-hour legal helpline
  • Defence for professional disciplinary (GMC), regulatory, employment and patient complaints
  • Flexible limits and variable excess options
  • Locum and out of hours coverage
  • Run-off cover
  • Global Cover (including USA)
  • Access to an in-house team of medical experts for specialist advice

 

Dr. Edwin Rajadurai (MBBS), Executive Director of Servca, said: “We’re very excited to have been chosen as a preferred supplier of Medical Indemnity insurance for BIBA members. This appointment is recognition of our expertise in this area.    Our specialist wordings and unique in-house medical knowledge offers comprehensive support to brokers and their healthcare clients with an educational approach, helping brokers to win and retain business.  We look forward to working closely with BIBA and its members throughout the United Kingdom to establish competitive insurance solutions for even the most difficult risks.”

Mike Hallam, Head of Technical Services at BIBA, said: “It is refreshing to find an intelligent approach to a market that needs innovative underwriting and distribution to tackle the unique requirements of today’s medical practitioners.  Our members and their medical professional clients will benefit greatly from competitive premiums and dedicated service levels as well as access to Servca’s Lloyd’s A-rated capacity and expertise in medical indemnity, backed by in-house medical advice.  Servca is an exciting new provider for BIBA and its members.”

ends

Notes to editors

For further information on BIBA please contact:

Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk
Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

 

For further information on Servca please contact:

SJ Wrigley, Spotlight Consulting on 07909546104 or sj@spotlightconsulting.co.uk

 

About the British Insurance Brokers’ Association

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

BIBA membership includes just under 2,000 regulated firms.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

52% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.

About Servca

Servca is an independent insurance group and London based Lloyd’s broker.  It specialises in non-standard Professional, Financial & Medical Indemnity insurance and risk management, serving international retail clients and wholesale intermediaries.  Servca also provides partner intermediaries with white labelled specialist lines binding authorities in US, North America and Europe.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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BIBA launches scheme for transportation risks through M R Ratcliffe https://www.biba.org.uk/press-releases/biba-launches-scheme-for-transportation-risks-though-m-r-ratcliffe-consultants-ltd/ Thu, 21 Sep 2017 10:51:54 +0000 https://www.biba.org.uk/?p=27933 BIBA has launched a new scheme for transportation risks through recognised experts in the field M R Ratcliffe Consultants Ltd. Transportation businesses including haulage, couriers,

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BIBA has launched a new scheme for transportation risks through recognised experts in the field M R Ratcliffe Consultants Ltd.

Transportation businesses including haulage, couriers, coaches and buses can be difficult to find markets for because of their specialist nature and the high underwriting risks associated with them.  The market for placing transportation business is small and in such a specialist area the benefits of using a broker expert in the class are huge.

This new scheme provides BIBA members with access through M R Ratcliffe Consultants Ltd to the markets able to carry the risk and will be able to offer an extended range of covers to commercial clients with heavier transportation needs.

BIBA Head of Technical Services Mike Hallam said: “This is a first for BIBA and we are really pleased to bring this technical commercial scheme to our members.  The knowledge of the sector that Ratcliffes bring with them will be that BIBA members can rely on one of the UK’s largest operators in the transport insurance market. It’s an excellent arrangement for them and their commercial clients.”

Michael Ratcliffe, Managing Director of M R Ratcliffe Consultants Ltd said: “Insuring commercial vehicles with a trustworthy rated UK insurer, whether HGVs or courier vans, vehicles used for hire & reward or larger vehicles for own goods, can be a challenge for brokers experienced in the market and those who do not routinely see this type of enquiry. We are delighted to be working with BIBA to help their members access the cover their clients need.”

ENDS

Notes to editors

  1. For further information please contact:

BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

  1. About the British Insurance Brokers’ Association

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

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy, they arrange 52% of all general insurance and 78% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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BIBA welcomes the Lord Chancellor’s proposals on the way compensation payouts are calculated https://www.biba.org.uk/press-releases/biba-welcomes-lord-chancellors-proposals-way-compensation-payouts-calculated/ Thu, 07 Sep 2017 08:40:02 +0000 https://www.biba.org.uk/?p=27869 Today’s announcement by the Lord Chancellor, David Lidington, is welcome news; the proposals will achieve balance in the insurance sector and importantly will provide claimants

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Today’s announcement by the Lord Chancellor, David Lidington, is welcome news; the proposals will achieve balance in the insurance sector and importantly will provide claimants with fair and just compensation.

In its response to May’s Ministry of Justice’s (MOJ) Damages Discount Rate consultation, the British Insurance Brokers’ Association (BIBA) outlined its call for urgent changes in the law used to set the rate and called for experts to be involved.

BIBA Executive Director, Graeme Trudgill said: “BIBA’s response to the MOJ expressed our members belief that it is unlikely that many individuals would seek, or be advised to seek to invest all of their lump sum payments in index-linked gilts. It is very unlikely that a prudent investor with appropriate advice would receive a negative return. The Lord Chancellor’s proposed reforms included a change to the way the Discount rate is set ‘by reference to “low risk” rather than “very low risk” investments as at present, better reflecting evidence of the actual investment habits of claimants.’ This proposal reflects our call for the process to reflect the way compensation monies are actually invested.

“In addition the proposals include the provision for an independent expert panel to advise in the process, something that BIBA also requested in our submission.

“BIBA now calls for a speedy timeframe for implementation of these proposals to end the uncertainty for customers brought about by the significant under insurance risk and increase to premiums that February’s discount rate change caused.

“The insurance industry was united in its approach to Government, and in its desire to achieve a fair balance of compensation for injured parties as well as reversing the unintended consequences of the change.”

Ends

 

Notes to Editors

  1. For further information please contact:BIBA press office:
    Pam Quinn, Head of Communications
    020 7397 0223
    quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
           forsythl@biba.org.uk

2. Ministry of Justice Press Release can be seen here 

3. BIBA’s Response on Consultation

 

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BIBA comment on joint industry response to the Motor Insurance Directive REFIT https://www.biba.org.uk/press-releases/biba-comment-joint-industry-response-motor-insurance-directive-refit/ Thu, 24 Aug 2017 13:49:32 +0000 https://www.biba.org.uk/?p=27825 Graeme Trudgill, Exective Director at the British Insurance Brokers’ Association (BIBA) said: “Since the decision on the VNUK case by the EU Court of Justice

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Graeme Trudgill, Exective Director at the British Insurance Brokers’ Association (BIBA) said: “Since the decision on the VNUK case by the EU Court of Justice BIBA has called for a sensible, proportional and pragmatic solution to avoid the unintended consequences of the decision.  In April we submitted our response to the Department of Transport’s consultation on the VNUK ruling and we joined the industry’s united response to the European Commission’s proposed REFIT of the Motor Insurance Directive this week.

 

“In both responses BIBA favoured a small surgical amendment to the Directive which would change the definition  use of a motor vehicle to “one used in traffic” which would therefor exclude motor sports, sit on mowers, golf buggies and other anomalies from the requirements of the Directive.

 

“The joint response by the industry shows how the entire insurance sector wants to work together with Government and the EU to resolve and issue that potentially has a detrimental effect on many.”

 

The joint response can be viewed here

 

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The Broker Magazine – Issue 3 2017 https://www.biba.org.uk/press-releases/broker-magazine-issue-3-2017/ Tue, 08 Aug 2017 13:47:33 +0000 https://www.biba.org.uk/?p=27684 The post The Broker Magazine – Issue 3 2017 appeared first on British Insurance Brokers' Association.

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New BIBA InsurTech facility to reduce motor claims costs and timescales https://www.biba.org.uk/press-releases/new-biba-insurtech-facility-reduce-motor-claims-costs-timescales/ Tue, 25 Jul 2017 13:33:42 +0000 https://www.biba.org.uk/?p=27576 The British Insurance Brokers’ Association (BIBA) has launched a smartphone app facility with Insure Apps which can reduce the average claims reporting time of 23

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The British Insurance Brokers’ Association (BIBA) has launched a smartphone app facility with Insure Apps which can reduce the average claims reporting time of 23 days by up to 90%.

The app, ‘Claims Made Easy’ also significantly reduces claims costs and is available to BIBA members at discounted rates.  Utilizing technology to speed up, standardise and streamline the claims process, it provides an InsurTech solution for brokers to tackle late and inaccurate reporting of commercial motor and fleet claims.

Users of the app and their broker benefit from faster, more efficient and consistent reporting along with greater control.  The app allows the recording of key information such as GPS, police, witness, and third party details, along with photographs and additional information.

A claim can be reported in less than 10 minutes and is instantly submitted to the driver’s head office and their insurance broker.

Steve White, BIBA Chief Executive, said: “The app is a prime example of how brokers can benefit from InsurTech in everyday use – it’s a win for brokers, insurers and customers.  I’m pleased that we have delivered on our Manifesto commitment to provide InsurTech solutions for brokers with an app that’s tailored to them.”

Stephen Marshall, Managing Director of Insure Apps, added: “As an industry we’ve spent millions of pounds on technology to improve back office systems in insurance companies and brokers but how much has it improved the customer experience.  Claims Made Easy will transform the way drivers, insurance brokers and insurers handle claims. It’s about putting technology in the hands of our customers.”

Mike Hallam, BIBA Head of Technical Services, commented: “We are delighted to be launching this new member benefit. Brokers can now offer their own branded claims app that gives them the control to manage claims, save costs and time.  It can also help to address fraud issues and is easily transferable if the policy is moved to a different insurer.”

BIBA members are offered a 10% discount on a one year contract or a 25% discount on a three-year plan. They also receive double the amount of initial downloads meaning they can implement the app with 1,000 drivers at the base level price.

Claims Made Easy is licensed to BIBA members to use with their clients.  Once signed up, brokers can receive their own branded service within 24 hours.

For more information brokers should visit the website.

 

-ENDS-

Notes to editors

  1. For further information please contact:BIBA press office:
    Pam Quinn, Head of Communications
    020 7397 0223
    quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

 

  1. About the British Insurance Brokers’ Association

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

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy, they arrange 52% of all general insurance and 78% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

 

  1. About Insure Apps

The UK Motor Industry has long suffered the problem of slow and inaccurate reporting of claims, resulting in additional costs on premiums. Insure Apps, alongside the contribution of UK Insurance Brokers, have developed an app as an innovative solution to this industry issue. The company seeks to utilise its background and expertise in both technology and insurance to deliver a unique product and service to brokers around the UK.

The company is managed by Stephen Marshall of 25+ years Insurance experience and Gareth Stubbs a recent graduate in both Law and Politics and partnered by 25 App developers in Dundee, Scotland. The company has set its sights not only on innovating the way motor claims are reported but soon seeks to move onto property and liability.

Innovative and open minded, Insure Apps look forward to working with brokers to develop solutions for the insurance industry.

 

 

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BIBA Journalist of the Year Awards – Winners announced https://www.biba.org.uk/press-releases/biba-journalist-year-awards-winners-announced/ Tue, 04 Jul 2017 14:58:31 +0000 https://www.biba.org.uk/?p=27408 The British Insurance Brokers’ Association (BIBA) has named Sally Hamilton from the Mail on Sunday as the 2017 BIBA Journalist of the Year. The awards

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The British Insurance Brokers’ Association (BIBA) has named Sally Hamilton from the Mail on Sunday as the 2017 BIBA Journalist of the Year.

The awards showcase journalists who have made a contribution to furthering the understanding of what can often be highly complex insurance issues. National, regional and trade journalists are eligible to enter their work in a number of categories in the competition.

Steve White, BIBA’s Chief Executive, acknowledged Sally’s quality work, research, accuracy and appeal.  He said: “Not only has her work been recognised by our external judges, but the BIBA internal judging team also commend this journalist for their absolute professionalism, their desire to get the story right and their balanced approach to the sector and insurance brokers in particular.”

A full listing of winning and highly commended journalists from this year’s BIBA Journalist of the Year Awards follows:

Best Consumer Award

Highly Commended: Emma Munbodh, Mirror Online

Winner: Tricia Phillips, Daily Mirror

 

Best Personal Finance Journalist Award

Highly Commended: Sarah Pennells, freelance

Winner: Sally Hamilton, Mail on Sunday

 

Trade Feature Award

Highly Commended: Charlie Thomas, The Insurance Insider

Winner: Michèle Bacchus, Insurance Post

 

Trade News Award
Highly Commended: Siân Barton, Insurance Age

Winner: Martin Croucher, Post Magazine

 

Gary Hyndman Most Promising Newcomer Award

Highly Commended: Matthew Neill, The Insurance Insider

Winner: Rosie Quigley, Post Magazine

 

Scoop of the year Award
Highly Commended: Anthony Hilton, Evening Standard

Winner: Michael Faulkner, Insurance Day

 

Best Interview/Profile Award

Highly Commended: Ben Dyson, Insurance Times

Winner: Matt Scott, Freelance


Online Award
Highly Commended: Charlie Thomas, The Insurance Insider

Winner: Paul Handleigh, youTalk-insurance

 

Overall winner
Winner: Sally Hamilton, Mail on Sunday

Judges
The awards are judged independently by the following industry panel:

Sian Fisher, Chief Executive Officer, Chartered Insurance Institute

Keith Stern, Lloyd’s Regional Manager, UK & Ireland

Huw Evans, Director General, Association of British Insurers

 

Brendan McCafferty, CEO Personal & Commercial Lines, AXA

 

Peter Blanc, Group Chief Executive Officer. Aston Scott Group

Mark Weil, Chief Executive for UK and Ireland, Marsh Ltd

Simon McGinn, General Manager, Allianz

Jane Kielty, Area Director, Aon Risk Solutions

 

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Notes to editors

  1. For further information please contact:BIBA press office:
    Pam Quinn, Head of Communications
    020 7397 0223
    quinnp@biba.org.uk

Leighann Forsyth; Deputy Head of Communications
020 7397 0223
forsythl@biba.org.uk

 

  1. About the British Insurance Brokers’ Association

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

BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff.  General insurance brokers contribute 1% of GDP to the UK economy, they arrange 52% of all general insurance and 78% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.

BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.

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Millions hit by increased bills as insurance tax goes up https://www.biba.org.uk/press-releases/millions-hit-insurance-tax-hike/ Wed, 31 May 2017 23:30:00 +0000 https://www.biba.org.uk/?p=27298 Millions of people and businesses will be hit with increased insurance bills as the Government’s increase in Insurance Premium Tax (IPT) takes effect from today

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Millions of people and businesses will be hit with increased insurance bills as the Government’s increase in Insurance Premium Tax (IPT) takes effect from today (1 June 2017).
This latest increase now means the rate of tax paid on most insurance policies has doubled, from 6% in 2015 to 12% – in a period of only 19 months. This has significantly added to the cost of policies as the Government now rake in over £7bn a year in IPT from UK insurance customers.

Steve White, Chief Executive of the British Insurance Brokers’ Association (BIBA), said:“This rapid increase is unprecedented – between 1997 and 2015, a period of 18 years, there were only two rate rises, taking the rate from 4% to 6%.
“The Chancellor has indicated that more increases are possible, so this remains a massive cause of concern for our member brokers’ customers – who are also experiencing significant premium increases following Government’s changes to catastrophic injury awards.
“Let’s be clear about this – it is a tax on protection and penalises those that take the burden off the state by showing responsibility and prudence. We feel this rise is counter-productive to what Government should be doing and we’re calling for a freeze of the tax for the term of the next Parliament.”

Because of the way the tax is applied, those that pay more for their insurance face the heaviest burden – such as those in less well-off areas, young drivers and those in flood risk areas.
For example, the tax contribution by young drivers paying a premium of £2,000 will be £240 per year, compared to £120 just 19 months ago.

The increase will also affect:*
• 20.4 million home owners/renters with contents insurance
• 20.1 million drivers with motor insurance
• 3.2 million home owners with mortgage protection
• 1.9m million people with private medical insurance
• 3.4m pet owners.

Small businesses also face a considerable increase to the cost of doing business as a result of this increase.
In recent research by BIBA, 90% of insurance brokers anticipated that a further rise in the tax on insurance will mean clients reduce their insurance protection or buy no cover at all.

Mike Cherry, National Chairman at the Federation of Small Businesses (FSB), said: “The recent increases in insurance premium tax have hit our members, directly increasing the cost of doing business at a time when additional costs of doing business are already rising.
“If insurance premiums continue to increase, small business take-up of insurance will begin to dip, and it will be those most at risk that will be affected. Unlike VAT, businesses cannot claim back the cost of Insurance Premium Tax.
“We agree all parties should commit to a freeze on Insurance Premium Tax for the term of the next Parliament.”

ENDS
Notes to Editors
1. *Statistics from the Association of British Insurers’ Key Fact Book 2016:
2. The historical rate of Insurance Premium Tax is as follows:
• 1 April 1997 to 30 June 1999 – a standard rate of 4%
• 1 July 1999 to 3 January 2011 – a standard rate of 5%
• 4 January 2011 to 31 October 2015 – a standard rate of 6%
• 1 November 2015 to 30 September 2016 – a standard rate of 9.5%
• 1 October 2016 to 31 May 2017 – a standard rate of 10%
• 1 June 2017 – a standard rate is 12%

3. BIBA’s recent research revealed that more than three quarters of brokers had been forced to address the issue of increasing insurance costs with many of their customers and more than 90% felt that a further increase in Insurance Premium Tax would have a detrimental impact on customers with almost 20% believing customers would choose to go uninsured. See BIBA’s press release for more.

4. Case study
Mr Dearsley a retired local government officer lives with his wife Karla an author and their two Bischon Frise dogs Harry and Sophie. He has insurance policies for Motor, Home, Private Health and Pets and the recent doubling in the cost of IPT has had a considerable impact of the cost of these policies.
Mr Dearsley is keen to support BIBA’s call for a freeze on IPT and is willing to speak to the media and act as a case study.
Contact details available upon request.

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BIBA appoints John Pennick of Berkeley Insurance Group to Chair its Cyber Focus Group https://www.biba.org.uk/press-releases/john-pennick-chair-biba-cyber-focus-group/ Wed, 24 May 2017 15:08:24 +0000 https://www.biba.org.uk/?p=27272 In its 2017 Manifesto, the British Insurance Brokers’ Association (BIBA) highlighted the need for increased cyber-threat awareness and committed its Cyber Focus Group to educate

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In its 2017 Manifesto, the British Insurance Brokers’ Association (BIBA) highlighted the need for increased cyber-threat awareness and committed its Cyber Focus Group to educate the broking community on the nature and scale of threats, good practice in terms of cyber-security and the insurance products available.

BIBA has now confirmed the appointment of John Pennick of Berkeley Insurance Group as Chair of the focus group and Tom Draper of Arthur J Gallagher as deputy chair.

Speaking about the appointment, Pennick said: “Cyber risks have increased considerably in recent years as most businesses rely heavily on their computer network for a variety of critical functions. This has led to brokers having to rapidly expand their understanding of the exposures that their clients face and the cover available. The BIBA Cyber Focus group will play an important part in supporting, educating and representing brokers in a marketplace that continues to evolve. I’m very happy to contribute to this as Chair of the group.”

The development of BIBA’s Cyber Focus Group couldn’t be more timely with the threat caused by the recent Wannacry ransomware attack as well as numerous other publicised cyber incidents.

Andy Thornley, Head of Corporate Affairs at BIBA said “Part of BIBA’s commitment to members and customers is to help them deal with threats and also make the most of new opportunities being presented. Cyber ticks both of these boxes. Undoubtedly the risks of cyber-attack are increasing with 66% of medium sized firms experienced a cyber security incident in the 12 months leading up to the Cyber Security Breaches Survey 2017. However with enough information and knowledge this presents opportunities for brokers to help their clients become better protected. This is an exciting time for the group and with John and Tom at the helm we can really help our members with these new risks.”

 

 

— ENDS—

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BIBA believes that urgent changes are needed in the way the damages discount rate is set https://www.biba.org.uk/press-releases/biba-changes-needed-discount-rate-set/ Mon, 15 May 2017 15:52:38 +0000 https://www.biba.org.uk/?p=27130 In its response to the Ministry of Justice’s Damages Discount Rate consultation, the British Insurance Brokers’ Association (BIBA) outlined some current deficiencies in the law

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In its response to the Ministry of Justice’s Damages Discount Rate consultation, the British Insurance Brokers’ Association (BIBA) outlined some current deficiencies in the law to set the rate and called for urgent changes and for experts to be involved.

BIBA highlighted that problems with the existing law include;

• a heightened risk of under-insurance in liability classes;
• the need for insurers to, with little warning, radically change their reserving models and resulting increases in claims reserves;
• the potential upward pressure on customers’ premiums as a result of expected increases in claims; and
• concerns around reduced capacity in the motor insurance market.

A number of examples of existing liability claims being increased significantly by £millions have already been shared with BIBA.

BIBA recommended that as a result of these consequences the law in relation to the discount rate should be changed to provide greater certainty.

Graeme Trudgill, BIBA Executive Director said: “We want claimants to receive fair and just compensation which needs to take into account equitable investment opportunities. It is unlikely that many individuals would seek, or be advised to seek, to invest all of their lump sum payments in index-linked gilts. We believe it is very unlikely that a prudent investor with appropriate advice would receive a negative return on investment.

“Using a deviation against a pre-agreed norm of a basket of low-risk mixed portfolio investments to trigger reviews may present better way of keeping the discount rate current with transitional arrangements to avoid swings in claims adjustment.”
BIBA also believes that, although ultimately the decision rests with Government, when considering discount rate changes, formal advice from experts and consultation with representatives of specified claimants and defendants groups should be sought. This would result in fair and appropriate adjustments.

ENDS

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BIBA 2018 Heads to Manchester on 16 and 17 May https://www.biba.org.uk/press-releases/biba-2018-heads-manchester-16-17-may/ Thu, 11 May 2017 12:10:28 +0000 https://www.biba.org.uk/?p=26759 BIBA Chairman, Lord Hunt of Wirral, has announced that the BIBA 2018 conference and exhibition will be held at Manchester Central on Wednesday 16 and

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BIBA Chairman, Lord Hunt of Wirral, has announced that the BIBA 2018 conference and exhibition will be held at Manchester Central on Wednesday 16 and Thursday 17 May.

Steve White, BIBA’s Chief Executive, said: “Once again the feedback we have from exhibitors, sponsors and delegates is that Manchester continues to work very well, we have had two fantastic days here. The BIBA Conference is regarded as one of the prime networking and information gathering events of the year and I am looking forward to welcoming everyone back to Manchester next May.”

-ENDS-

 

 

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Oliver Ferrari named winner of the Young Broker of the Year Award https://www.biba.org.uk/press-releases/oliver-ferrari-named-winner-young-broker-year-award/ Wed, 10 May 2017 14:10:07 +0000 https://www.biba.org.uk/?p=26849 The British Insurance Brokers’ Association has named Oliver Ferrari from Marsh as its national Young Broker of the Year for 2017. Siobhan Mulvaney of Willis

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The British Insurance Brokers’ Association has named Oliver Ferrari from Marsh as its national Young Broker of the Year for 2017.

Siobhan Mulvaney of Willis Towers Watson and Samantha Slade of Higos Insurance Services were named as national finalists for the award which recognises the performance of younger brokers and encourages commitment to the future professionalism of insurance broking.

As a result of his commitment to his role Oliver has seen his own career develop as well as becoming an essential addition to the team at Marsh.

The award was presented at the BIBA Conference by Dame Jessica Ennis-Hill, olympic athlete at BIBA 2017.

BIBA Chairman, Lord Hunt of Wirral said: “Oliver is a truly impressive candidate and a deserving winner of the Young Broker award, he has demonstrated that he is capable of identifying and exploiting gaps in the market which has proved beneficial for his firm Marsh.  It is highly likely that Oliver will be a senior figure in the industry in the coming years and his work with the BIBA regional committees as well as winning this Young Broker of the Year award is a positive start to a bright future.”

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BIBA conference has world wide appeal https://www.biba.org.uk/press-releases/biba-conference-world-wide-appeal/ Wed, 10 May 2017 09:30:47 +0000 https://www.biba.org.uk/?p=27016 With Brexit looming the Government has espoused the importance of developing new international trading markets to reduce the UK’s reliance on the EU. If the

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With Brexit looming the Government has espoused the importance of developing new international trading markets to reduce the UK’s reliance on the EU.

If the BIBA Conference and Exhibition is a bellweather then the future could be rosy.

At his opening address on 10 May BIBA CEO, Steve White welcomed delegates from around the globe.  Thanking first the insurance professionals from the EU, namely Belgium, Denmark, France, Germany, Gibraltar, Guernsey, Ireland, Isle of Man, Italy, Jersey, Luxemburg, Slovakia, Spain and Switzerland for travelling to the UK, he went on to welcome others who had journeyed far further.

Delegates at conference also arrived from China, Israel, Nigeria, South Africa and the USA.

Speaking about the multi-national appeal of the conference White said: “Insurance is multinational and multicultural need and it’s more important than ever that our sector builds relationships across the world. Of course we are continuing to call for access to a single market in Europe and for Government to seek to protect passporting arrangements, but seeing so many nationalities, as well as colleagues from Guernsey, Isle of Man, and Jersey bodes well for the UK insurance broking market.”

The annual conference is free to all authorised insurance brokers and welcomes anyone connected with the insurance sector.

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