The British Insurance Brokers’ Association (BIBA) has highlighted nine key areas that would benefit from more open access to suppliers, markets, fairness, information and legislation in its 2020 Manifesto: Access.
The Manifesto was launched in the Houses of Parliament to an audience of Ministers, MPs, Lords, senior Government officials, insurance professionals and the media on 21 January 2020.
John Glen MP, the Economic Secretary to the Treasury said:
“Insurance brokers make a significant contribution to our economy, supporting the UK’s reputation as a global insurance leader.
Brokers help people find the insurance they need, managing everything from terrorism insurance for businesses to travel insurance for individual consumers with serious medical conditions.
BIBA’s action on financial inclusion is helping vulnerable consumers access the insurance they need, and I urge them to continue this important work.”
The Manifesto, created with the widest possible engagement of BIBA members, is the broadest and most comprehensive in the association’s history. Nine chapters focus firmly on access in the insurance broking sector.
Steve White, BIBA CEO said: “A broker’s fundamental role is in assisting customers with access to appropriate and suitable insurance yet brokers themselves also need access to insurance capacity for those more challenging risks.
“The UK insurance sector is facing innumerable changes, uncertainty, and opportunity over the coming years, including access to the EU. Because of this, BIBA is also committing to help brokers prepare for Brexit and a means to access customers or risks in Europe if this is not explicit in the new trading relationship.”
Access to insurance is part of BIBA’s ethos and so understandably, a major focus of the 2020 BIBA Manifesto majors on helping people and businesses to access the insurance cover they need. From signposting solutions to closing gaps in flood and terrorism cover; guidance on emerging risks, a freeze on Insurance Premium Tax and more proportionate regulation, BIBA has a number of commitments and calls to action to advance access and raise trust in the sector.”
Graeme Trudgill, BIBA’s Executive Director added: “Our aim is to aid our broker members ably help their customers. With this in mind, we are looking to help them stay ahead of the risks and demands arising from economic, regulatory and market changes, with a hefty programme of guidance, liaison, and support. We plan more good practice and technical guides as well as initiatives to assist brokers in developing sustainable trading, employee wellbeing, and resource planning for the future.
“We are also doing more work on helping people with pre-existing medical conditions or disabilities to access insurance – with the FCA on travel insurance and as part of a wider industry initiative we are launching a new agreement on access to protection insurance.”
BIBA’s Chair, Jonathan Evans in the first official duty of his tenure concluded: “This Manifesto is evidence of the work being done to push forward broker issues. More importantly, it clearly highlights the good that can be done by working collaboratively. I’m delighted to see so much inter and extra industry support demonstrated by 32 confirmatory quotes. Now the hard work begins to deliver on the 37 commitments and 29 calls to action to help members and their customers.”
Download a copy of the Manifesto here.
Notes to editors
- Access: To help brokers help vulnerable customers; Insurance for landlords letting to tenants on benefits; Better access to travel & protection insurance for those with medical conditions; Increased availability of Professional Indemnity cover for construction trades. To develop solutions for flood and terrorism To make insurance more understandable. Examine the potential of Open Insurance platforms.
- Ethical & Sustainable Trading: Government’s Green Finance strategy; Green repair in claims; Making BIBA2020 environmentally sustainable; Promoting D&I, mental wellbeing and financial resilience.
- Brexit: Highlighting financial services; No-deal preparedness; Free trade agreement; travelling in Europe post Brexit (inc Green Cards and EHICS).
- Broking Challenges: Our commitment to broker Guidance; dealing with emerging risks and encouraging uptake (cyber, intellectual property, political risks); avoiding under-insurance; adjustable policies; good practice; positive claims experiences; Lloyd’s future and the hard market.
- Tax: IPT freeze and tax breaks on private health insurance and telematics
- Regulation: An international competitiveness objective for regulators; Cost of regulation and future framework; Data collection reform; pricing practices and MFNs
- Innovation: the digital market and parametric insurances.
- Skills: Promotion of broking careers and insurance apprenticeships; and succession planning.
- Transport: Micromobility – liabilities for the likes of e-scooters); Road safety and telematics uptake; Modified vehicles and dashcams; issues and actions from the Civil Liability Act (nuisance calls and Ogden rate), Vnuk compulsory motor insurance solution