(Graeme enters to the song Abracadabra by Lady Gaga)…
Well we certainly hope to add a little magic with this year’s BIBA Conference!
Welcome everyone to the biggest and best ever BIBA Conference I’m Graeme Trudgill.
and it’s wonderful to see you all gathered here as we embark on – an exciting New Era of innovation, collaboration and growth within our industry.
Our theme A NEW ERA, – is relevant in so many ways. BIBA itself, will be entering a new era as the reign of our current Chair Jonathan Evans comes to and end this year. Before we look forward – I’d like to acknowledge Jonathan – for his exceptional leadership over the past six years as our Chair.
He’s a former MP, MEP and Minister responsible for insurance. He has guided us through significant challenges including five prime ministers and helped us navigate the complexities of the Covid period. He has been a wise owl and a voice of reason
thank you sincerely for your invaluable contributions.
The white smoke was recently signalled from the Sistine chapel and we too will have a new Torch Bearer. One who has worked in Government, at Treasury, sat on the FCA consumer panel, been a Captain in the British Army and sat on the BIBA Main Board as our Independent Non-Executive Director.
I am delighted to announce that Caroline Barr is the incoming chair of BIBA, please give a very warm welcome to Caroline, the first female Chair of BIBA.
This completes the band line up for our New Era!
Well…. what a new era we are facing. Compared to last year we have:
- A new Government
- A new Prime Minister
- A new Insurance Minister…(we are on our third since I last saw you!)
- A new President of America
- New tariffs
- In fact, a new world order – There is a new political party LEADING the polls here in the UK.
And on a lighter note:
- We have a new Pope
- Lewis Hamilton is in a new F1 Team at Ferrari.
- And we have a new England Football Manager – we get to hear from the previous one tomorrow…………..
We have some brilliant new members join our Advisory Boards, as well.
And, tomorrow we will announce our new Young Broker of The Year. I am also pleased to advise we have had 70 new firms join the BIBA family this last year…
including members. partners. and associates.
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In this new Era.. we are facing new and fundamental changes in technology…
we will hear more about that in our business session this afternoon.
AI has climbed up the list of worldwide insurance broker priorities. What has been seen
until now as a tool to assist firms, brings in fact, an entirely new dimension to our sector, as revolutionary as the introduction of the internet, and as my good friend
Simon Mabb from Assured Partners will tell you when he first used AI he said…
“it was like he had discovered fire for the first time”.
You can read more about this in our new AI guide coming soon and explaining:
how AI helps brokers with:
- streamlining processes
- policy comparison
- helping with claims
- preventing fraud
- generating reports
- customer interactions
- pricing
- compliance support…
and so much more.
In attempting to become an AI early adopter myself,.I asked Chat GPT to describe ME.
It was very generous in its description as a prominent figure in the insurance industry.
Influential and with extensive experience.
It then said I had an approachable demeanour and polished approach…………
with neatly… styled… hair! So – I am not sure it is that accurate yet!
But please check out our new AI guide which will be on our website very soon. .
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We have a record number of 17 sponsors for this year’s conference – including:
principal sponsors Aviva and RSA. Thank you all for supporting the BIBA Broking family.
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We have a new Manifesto for 2025 – that the new insurance minister…
Emma Reynolds memorably launched in the Houses of Parliament on her VERY first day in office.
And we are working closely with relevant government departments – to support their growth challenge.
Now today, I am delighted to launch our FIRST national Advertising campaign promoting insurance brokers to SME’s. You may have seen it in today’s papers!
This is something that in my living memory has NEVER been done before in the UK.
We will be on SKY TV, on the radio, in The Mail, the Sun, the Mirror,
the Metro, the Daily Express, the Guardian and the Observer.
We’ll be on Spotify, relevant podcasts and social media.
I am pleased to say it launches right now with Ben the Broker!
We aim to reach 33 million people. So please like and re-share…
and let’s promote the sector like never before.
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Now – moving on to everyone’s favourite subject… Regulation.
One of the things I value the most is a new era of relations between BIBA and our regulator – the FCA. You will hear from FCA Head of Insurance, Lisa Sturley – on stage tomorrow. And you can visit her, Matt Brewis and the FCA team on their stand.…
We have rolled up our sleeves and got around the table with the FCA and our members and we have worked closely and constructively – together.
We have made detailed submissions to the FCA on a number of key issues including:
- Reducing the scope of the consumer duty.
- Speeding up Authorisations.
- Streamlining Reporting.
- Helping with market issues in Northern Ireland.
- Feeding into its Thematic review of Claims.
- A submission on how brokers provide fair value with Premium Finance.
- And – which FCA rules we want to clear out of the garage and retire.
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Our new Manifesto has a Chapter called ‘Regulating for growth’…
So check out the key asks on page 36.
I am pleased to say, that for the first time ever the FCA came on all eleven legs of our regional tour meeting over 900 people.
And, like Arnold Schwarzenegger in The Terminator – they will be back this Autumn too! – Their engagement with members on the tour was extremely beneficial for both sides – so please come along.
I also welcome that, for the first time ever… the FCA invited me to speak to the hundreds of people that make up their insurance team at their offices in Stratford.
I am so pleased to say that all of this close and constructive work with the FCA is now set to achieve better outcomes for our members …. as today it culminates in the launch of a brand new FCA Consultation paper …..
CP25/12 ‘Simplifying The Insurance Rules’
And with the number 25/12 it really does feel like an early Christmas present after so much work between BIBA, our members and the FCA
This new announcement today will help towards addressing so many of our key member manifesto points….. as they now formally consult on new rules to:
- Reduce the scope of the consumer duty to eligible complainants under the FOS.
- Removing some of the specific ICOBS and PROD rules (as we have requested).
- And, importantly, they are simplifying the Fair Value Assessment rules, giving firms greater flexibility over how often they review product value under the product governance rules.
In addition to CP25/12The FCA will be introducing a more streamlined reporting process as their CEO has confirmed to the Prime Minister….. and they have stated:……..
“We are committed to reducing regulatory burden and acting proportionately. Supplying us with data is a significant task for firms, especially smaller ones. So, we are reviewing what information we ask for, ensuring we’re only collecting what we need and will use.”
Also in the last week we have seen FCA policy statement, PS25/3…… on consumer credit regulatory returns,
I am pleased that they listened to feedback from us and others and have reduced the questions set on firms’ credit broking activities.
BIBA will be hosting a round table between members and the FCA to progress the work on streamlining reporting.
The FCA has also worked with us on our request for faster Authorisations.…
They have formally responded to us, setting out the improvements to be made, with a major programme of work underway to transform and move their Authorisation forms onto a new IT platform. Importantly they will rationalise the number of forms required, improving the user experience.
I know our members will look forward to this new era of regulation!
That is the partnership this manifesto speaks of. That is the allyship I spoke of a year ago. And that is why you have a BIBA.
This really is a new Era.
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I am DELIGHTED to welcome today, a record…
ONE HUNDRED AND FIFTY SEVEN International Delegates from around the world.
We are also joined by friends from our European Federation BIPAR and our World Federation the WFII.
And I am pleased to welcome the Canadian BIBA CEO and former Canadian MP – Peter Braid – onto to the stage shortly, for the Geopolitical session.
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So to our Manifesto where the theme for 2025 is Partnering to Deliver Value.
Let me mention a few of the issues:
- Our work with members, insurers and Gracechurch on insurer service – has crystalised over the last two years and resulted in a 32 point POSITIVE swing in the average net promoter score.
BIBA will continue to work with our insurer partners – and press ahead with our constructive work – together.
We will also continue with our commitment to the MHCLG broker pledge on buildings with fire-safety issues that helps leaseholders with fair value for buildings insurance.
And I can advise that the McGill Fire Safety Reinsurance Facility launched in conjunction with BIBA and the ABI last year is making a real difference in addressing the premiums faced by leaseholders.. living in tall residential buildings requiring remediation. In the first nine months of the facility going live close to 700 buildings were ceded to the facility and £15 billion of values insured.
Our manifesto has a focus on arranging suitable insurance for the evolving risks that we all face – like Cyber. We are also working with Flood Re and DEFRA to help to improve Flood resilience and resistance.
We are collecting your examples of differential pricing – so we can ensure fair value across distribution channels. And we regularly cross the Irish Sea to meet our Northern Ireland members and help with their market specific issues.
We are very committed to working with the new Motor Insurance Taskforce…
and are happy that our manifesto call to change the personal injury discount rate – to a positive percentage – in all four nations – has now happened.
And, our Manifesto even made it to the Arctic Circle thanks to Property Committee member, Peter Robinson.
In the last six weeks we have launched (or will soon launch) six pieces of work:
- Our new research with WPI economics on IPT;
- Our work with London Economics on the cost of regulation as the proportion of the insurance premium;
- We will soon have a new guide on AI;
- We have launched our document: ‘A Clear Approach To Disclosure’ – which we hope will see the end of claims rejections for historical CCJ’s and bankruptcies.
- A new guide to using an MGA…and
- We have new Guidance coming on making claims easier – for commercial clients
We are here to do our best for you…
and – as three times F1 world champion, Ayrton Senna said:“If you no longer go for a gap, you are no longer a racing driver.” So, it is MY mission to continue to keep the pedal pressed firmly to the floor and for BIBA to do all we can…
to go for those gaps…. and to represent… support… and promote you!
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We sit on the Government Financial Inclusion Access to Insurance Sub Committee working with our colleagues at the ABI to help more people on lower incomes access vital insurance protection.
Our Find Insurance Service continues to help more people than ever 434,000 in the last year.
Here is just one example from Carol – a nature lover in Scotland who wanted to buy a nine-acre woodland area behind her home as “a haven for wildlife and endangered species”. She needed Public Liability Insurance to cover potential risks. But finding cover was challenging due to Scotland’s “Right To Roam” laws.
Carol was signposted to BIBA’s Find Insurance Service.
She said: “With BIBA I was quickly connected with a knowledgeable broker who understood my needs.
“The broker assessed potential risks, such as falling trees and provided a reasonable quote of £149.” Within a few days, she received her Policy, covering all necessary liabilities. Reflecting on the experience, Carol said: “I was amazed by the level of service: and was delighted to get such a good service, so effortlessly.
“To this day, I just think, ‘Oh my God, everybody should know about BIBA.”
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Thank you Carol, BIBA members work out of a significant 2,690 offices around the UK, so there is a lot of help available.
And this is important because since we were last here a year ago we have had:
Seven named storms here in the UK. And around the world we have seen the devastating Hurricanes Milton and Helen in the US. The horrendous Earthquake in Myanmar and terrifying Wildfires in California…
That is why we: Insurance brokers, insurers, the London Market and governments around the world…
must work together.to continue to reduce that insurance protection gap…
ensuring more people and businesses have vital insurance protection.
As the legendary Stirling Moss said:
“Success comes from having courage, discipline, and determination.”
You all have these attributes – and together we can deliver the success in covering the risks we face in this new era.
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A new era requires new talent – that’s why we have committed to our talent toolkit…
and it is great to see it rolling out across the UK as our regional committees meet students from schools, colleges and universities.
And we have had great success in encouraging more people into our industry.
We are delighted to announce today…
54 new work experience placements in these BIBA member and partner firms – for students in underprivileged areas of London.
It’s great to have so much support and co-operation for this initiative.
BIBA works closely with the CII to help ensure that talent is trained and competent.
That’s why we have the CII’s broker assess… the tool that helps demonstrate competence to the regulator.so if you haven’t used it – please have a chat with the team on our stand.
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I want you to leave this room today and enjoy the conference full of a sense of pride in what you do.
You have the best job…
you are an insurance broker…
you spend your time helping and protecting people and their businesses and you are there for them – if the worst happens.
Ben The Broker will help us tell that story……….
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So let’s be proud of what we do in this new era…
With:
New clients to help – like Carol.
New risks to cover – like cyber.
New relationships to build.
New products to bring to market.
New ways of helping vulnerable customers.
New young people joining our great industry.
All delivering new growth.
This truly is our New Era.
A period rich with opportunities… innovation… and challenges.
As insurance broker your role in protecting and supporting customers has never been more important. Let’s embrace these opportunities, push boundaries together and proudly shape the future of insurance broking.
Enjoy the conference. I wish you all an inspiring and successful year ahead.
Thank you.
