More than 30,000 consumers have sought help to access life and protection insurance since an industry agreement to signpost customers with medical conditions to specialists was successfully introduced in January 2020. Because of its success the agreement has now been renewed allowing more people to access the insurance cover they need.
Since its launch, 30,227 enquiries have been made for protection insurance to BIBA’s Find Insurance Service following the requirement in the agreement for providers to signpost customers that they cannot help, because of their medical condition or disability, towards a firm that can. BIBA’s Find Insurance Service, which is available both online and by phone, is recommended within the agreement as one of the solutions to help customers.
Graeme Trudgill, BIBA Chief Executive said: “This agreement has made such a difference to consumers, and we are delighted with the support that it has received during the first three years and now at the renewal. BIBA is ideally positioned to help those with medical conditions or disabilities find their way to a specialist protection provider to help them access the cover they need, and we look forward to continuing to do so.”
The service has proven to help people such as a lady with medically managed HIV who struggled to find life insurance. BIBA’s Find Insurance Service put her through to a specialist broker. She commented: “It is important for me to protect my family and have that peace of mind that life insurance brings. Unfortunately, more education is needed about my ailment as many misunderstand the condition. When I spoke to the specialist broker they were really helpful and spent a lot of time understanding my treatment so that cover could be offered to me.”
Peter Hamilton, Zurich’s Head of Market Engagement and the industry’s Disability and Access Ambassador, added: “The renewal of the agreement is a great example of different parts of the industry coming together and collaborating to make access to insurance easier for those with more complex medical histories. There’s more to do – we want to grow the number of charities signposting to BIBA for example – but the number of customers visiting the site and seeking cover is evidence of a very real need that the industry is well placed to meet.”
The agreement has been renewed for a further three years and includes 39 signatories including industry bodies such as BIBA and the Association of British Insurers, protection insurance groups, insurers, brokers, charities and other stakeholders. The Association of British Insurers is a new signatory who will bring additional support to the agreement.
Yvonne Braun, Director of Policy, Health and Protection, ABI, commented: “Life and protection insurance offers vital peace of mind that, should anything happen to us, our loved ones will be supported. The ABI and our members are committed to making sure this product is accessible to as many people as possible. That’s why we are delighted to be joining the industry’s signposting agreement, to ensure anyone who needs specialist protection is able to find it.”
The Agreement on Access to Protection Insurance is voluntary and can be viewed here.
Caroline Barr, Chair of the Industry’s Access to Insurance Committee, concluded: “BIBA is committed to working across the industry and with the charity sector to increase awareness of the insurance solutions available to customers with pre-existing medical conditions and disabilities. We are well-placed to provide bespoke briefings to charities to improve the information they provide to the people they support. We welcome early engagement to prevent misinformation and dispel myths about the availability of insurance, both of which can deter customers from accessing the insurance they need for peace of mind for them and their families.”
BIBA’s Find Insurance Service can be viewed online at https://www.biba.org.uk/find-insurance/ or contacted on 0370 950 1790.
Notes to editors
- 30,227 enquiries have been made to BIBA’s online and telephone Find Insurance Service relating to life insurance, critical illness and income protection between January 2020 and 31 August 2023.
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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.