BIBA response to FCA’s Policy Statement and final rules for ‘Signposting to travel insurance for consumers with medical conditions’.
Graeme Trudgill, BIBA Executive Director, commented:
“BIBA is highly supportive of signposting consumers to a specialist insurance provider. The existing Signposting Agreement on Age and Insurance has helped many thousands of older people find the insurance they need through BIBA’s Find-Insurance Services.
Helping people that have pre-existing medical conditions to more easily access travel insurance is a key commitment in our 2020 Manifesto. We are pleased that the new FCA rule(s) relating to access allows the flexibility for firms to meet the signposting requirement by choosing to signpost to an organisation (other than MAPS) hosting a directory of suitable specialists, providing that they meet the FCA criteria and are listed on the FCA website as a medical cover firm directory.
BIBA has been in discussions with the FCA about the development of our successful Find-Insurance Services, and we are ready to make the changes required and will be looking to apply to be listed as a medical cover firm directory. We accept enquiries both online and in addition, via the telephone to our experienced contact centre, going beyond the requirements of the new rules and of particular benefit to vulnerable customers.
Including the BIBA Find-Insurance services as a directory that meets the FCA’s criteria will give firms more choice in where to signpost customers.”
BIBA will now be reading the policy statement in detail to progress our involvement.
Notes to editors
- For further information please contact:
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Pam Quinn, Head of Communications
020 7397 0223
Leighann Forsyth, Deputy Head of Communications
020 7397 0224
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- 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 more than 1800 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totaling £66.5bn and 81% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives more than 600,000 enquiries per year to its Find Insurance services, online and via the telephone which are directed to member insurance broking firms.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.