BIBA has collaborated with LifeSearch to launch a new protection scheme that offers BIBA members access to a full range of personal and business protection cover for their clients.
The comprehensive scheme will allow brokers, on an introducer basis, to provide protection cover including mortgage, family, income and critical illness, along with key person, shareholder, business loan, relevant life protection, group life, group critical illness and executive income protection.
BIBA members’ customers will be advised and supported throughout the process by a dedicated, specialist team to ensure customer continuity as well as delivering great customer outcomes as quickly and seamlessly as possible.
Mike Hallam, BIBA’s Head of Technical Services, said: “This is a step in a new direction for BIBA schemes bringing the protection market to BIBA’s general insurance members. It’s an opportunity for BIBA brokers to support their clients with expertise and access specialist products from a complex sector of the market.”
Brokers will be supported by LifeSearch through a BIBA advice helpline, education and learning on the protection market, award winning retention and early warning cancellation systems, and a review service to ensure customer plans keep pace with lifestyle.
Tom Price, Chief Partnerships Officer from LifeSearch, added: “This is a great solution for any BIBA member who is looking to grow their business but doesn’t have time to learn about protection insurance.
“Historically, many brokers may have asked customers to look elsewhere for protection but now there is a simple, tried and tested process to allow those firms to grow their revenue while also protecting their customer.”
The collaboration follows work between BIBA and the protection market to improve access to specialist protection insurance through an industry signposting agreement earlier this year.
Johnny Timpson, Financial Inclusion Commissioner, Financial Services Consumer Panel Member and Access to Insurance Working Group founder, concluded: “Covid 19 and the support measures introduced by the Government have exposed the fragility of UK consumer and small business financial health and wellbeing plus, and importantly, the need to improve financial resilience to income shocks – particularly those following health events.
“With ‘Acting in the customer’s best interests’ an ICOBS, COBS and MCOB regulatory requirement, I’m delighted that LifeSearch are collaborating with BIBA brokers to improve consumer and SME access to appropriate financial protection insurance advice, guidance, products and services.”
-ENDS-
Notes to editors
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Pam Quinn
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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 staff. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 67% of all general insurance with a premium totalling £65.1bn and 81% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
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