Speed is of the essence if brokers are to innovate, evolve and thrive
16th May 2018
BIBA CEO, Steve White looks at what’s driving the sector in his 2018 conference address
Speaking at the 2018 BIBA conference and exhibition in Manchester Steve White stressed, live to around 1000 delegates, how fast the insurance sector is developing. Emphasising that innovation is happening everywhere and happening faster than ever before, he challenged the industry to look for ways to stay ahead, to evolve systems and processes and to thrive.
In 2017 BIBA created a cross-industry working group on innovation with a remit to:
- promote greater awareness of InsurTech development trends, opportunities and issues
- identify the areas that would benefit most from innovation and tech-led change as well as issues that actually inhibit innovation; and
- share this feedback widely
These commitments led to a focus on innovation at BIBA2018. In the exhibition space attendees can watch innovation in action in a Hackathon where eight teams will seek tech-led solutions to issues causing real pain to brokers and an innovation lounge will allow brokers to meet InsurTech providers that might push their business forward
White said: “We were very determined to demystify innovation for the benefit of our members and a hackathon is a fantastic way to show how accessible InsurTech and innovation can be.”
Turning to the regulation of insurance White showed visually, with piles of documents, the extent of the work that the FCA imposed on insurance brokers since April 2013 which undoubtedly hinders evolution and innovation. He said: “120 papers in 5 years – that equates to one every fortnight and none heavier than the 1,240 pages of the FCA second consultation paper on the Senior Managers & Certification regime. 70% of BIBA member firms have fewer than 10 staff and for them especially, 1,240 pages is just too much!
“We contend that our productivity is significantly affected by one of the most burdensome and costly regulatory regimes on the planet. We are calling for a period of stability in the rate of regulatory change, with a pause on the continual influx of new FCA requirements and a focus on proportionate supervision for our low risk sector.”
More about BIBA’s calls to make markets work well, and its commitment to innovation can be found in the 2018 BIBA Manifesto, Engaging online at www.biba.org.uk