The British Insurance Brokers’ Association (BIBA) has launched a new framework to help members articulate, assess and evidence the value of the services they provide to meet regulatory requirements. Created by economics and finance consultancy Oxera, the Fair Value Assessment Framework is available to members on BIBA’s website. A dedicated webinar will be hosted on 26 October to provide brokers with a detailed overview.
The Framework and accompanying material are voluntary, and designed to help brokers implement or refine their own fair value models to best suit their particular customer segments and operating models.
The new Framework has been developed in the context of the Financial Conduct Authority’s (FCA) findings within the multi-occupancy buildings sector. It will provide brokers with a useful tool for them to assess the value they deliver through their services in a structured way.
BIBA CEO, Graeme Trudgill, commented: “BIBA members are committed to providing fair value to the customers they serve, as well as the new policy stakeholders created in relation to multi-occupancy properties, reinforcing the core principle that the broker is the agent of the customer and acts in their best interest.
The new Fair Value Assessment Framework will help our members to demonstrate the value they provide to customers and it can be applied by member firms of all different sizes.”
Reinder Van Dijk, Partner, Oxera, commented: “Oxera was delighted to partner with BIBA to produce this Fair Value Assessment Framework. It has been a process with excellent engagement from many BIBA members along the way. The end product is a richer tool which members can use to ask the relevant questions in a structured way, regardless of the size or business model of the firm or the particular propositions they deliver.
The framework helps firms define the ‘space’ within which fairness is achieved and, where necessary identify the steps so that fair value will be delivered.”
BIBA members are encouraged to review the framework and register for the webinar on the 26 October.
Notes to editors
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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 around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 74% of all general insurance with a premium totalling £85.8bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.
BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
- About Oxera
Oxera is an economics and finance consultancy that advises companies, policymakers, regulators and lawyers on any economic issue connected with competition, finance or regulation. Oxera has been doing this for over 40 years, gathering deep and wide-ranging knowledge in the sectors it specialises in. Oxera has a reputation for credibility and integrity among those it advises, and among key decision-makers such as policymakers, regulators and courts.