More than 100,000 older people helped by insurance/Government ‘signposting’ agreement

15th January 2014

More than 100,000 older motorists and holiday makers have now been able to find suitable insurance cover following a land-mark agreement between the Government and the insurance industry.

Under the ‘signposting’ agreement, if an insurer or insurance broker is unable to offer cover to an older motorist or traveller due to the fact that their age is above their upper age limit, then they will automatically refer them to an alternative provider who can meet their needs; often this is the British Insurance Brokers’ Association’s (BIBA’s) ‘Find a Broker’ service.

Since the agreement came into force on 6 April 2012, more than 100,000 older people have now accessed the service, helping them to find the essential cover they need where previously they may have struggled to find suitable insurance.

Financial Secretary to the Treasury, Sajid Javid MP, said: “I’m excited to see that the signposting agreement the government helped to set up is going from strength to strength, helping thousands of older customers access vital insurance products.

“We look forward to working with BIBA and the insurance industry to ensure that signposting continues to be successful and will seek opportunities for similar agreements for other types of cover.”

Steve White, BIBA’s Chief Executive, said: “To reach this milestone so quickly shows not only that BIBA’s Find a Broker Service plays an important role in helping people to find insurance, but that the solution the industry has put forward works and works well.

“Previously, many older people would not have been able to find appropriate cover, however brokers have once again demonstrated that they’re able to play a vital role in helping people through our service.”

Minister for Women and Equalities Jenny Willott said: “I am delighted that in reaching this milestone, the agreement between Government and the industry has been shown to be successful in helping customers who might otherwise have struggled to find the insurance they need.

“This is an excellent example of how the Government continues to work with the insurance industry on many issues which will help to deliver benefits for consumers.”

Huw Evans, Deputy Director General, Association of British Insurers said: “The signposting service demonstrates the insurance industry’s commitment to ensuring older customers get the best possible insurance deal by having wide access to the motor and travel insurance markets. This shows how the industry can work effectively with Government to provide services that meet the specific needs of older consumers.”
 

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Notes to editors

  1. For further information please contact:
    BIBA press office:
    Leighann Forsyth, Head of Communications
    020 7397 0223
    forsythl@biba.org.uk
  2. About the British Insurance Brokers' Association

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

BIBA membership includes just under 2,000 regulated firms having merged with the Institute of Insurance Brokers (IIB) in November 2011.

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

BIBA helps more than 400,000 people a year to access insurance protection through it’s Find a Broker service, both online and via the telephone.

Brokers provide professional advice to businesses and individuals, playing a key role in the identification, measurement, management, control and transfer of risk. They negotiate appropriate insurance protection tailored to individual needs.

BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.   BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.