The British Insurance Brokers’ Association (BIBA) has welcomed the Financial Inclusion Strategy from Government which outlines a new total signposting initiative to better support and help people to find the most appropriate insurance.
The strategy sets out the Government’s approach to improving financial inclusion for underserved groups across the UK, and follows work with consumer groups and industry, including BIBA.
The new signposting initiative will see BIBA working with the ABI to produce a voluntary total signposting commitment to help consumers more easily navigate the market and find suitable cover.
It will build on existing signposting agreements on age, flood risk, medical conditions, and protection insurance which have helped more than 1.7 million people access insurance more easily. Total signposting will ensure that all classes of retail insurance are covered, meaning consumers will be better informed and able to access the options available to them.
Graeme Trudgill, BIBA’s Chief Executive said: “This is a really welcome announcement. We are fully committed to helping those consumers who are not offered insurance, often due to their non-standard needs, to be appropriately signposted. This can be to either a relevant firm or a recognised signposting service like the BIBA Find Insurance Service which can assist, so that the consumer can successfully complete their search for insurance as easily as possible.”
Achieving total signposting has been an ongoing BIBA Manifesto issue and builds on years of work with the Government, the regulator, consumer groups and charities to help improve access to insurance for consumers with specialist needs. BIBA’s Access to Insurance Committee (ATIC) was launched in 2020, is chaired by Caroline Barr, and oversees the existing signposting agreements.
The committee has also been instrumental in championing improved access to insurance for social renters so BIBA is pleased that the new strategy also confirms a pilot from Fair4All Finance to help address this issue. BIBA has been working closely with Fair4All Finance and specialist BIBA members to help assist with this project.
Caroline concluded: We are delighted to have contributed to the Government’s Financial Inclusion Strategy. BIBA is committed to delivering total signposting and looks forward to working with the ABI and others to increase the number of consumers signposted to specialist insurance solutions.”
Case studies of customers who have been signposted to BIBA’s find insurance Service can be viewed here.
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Pam Quinn, Head of Communications
07562 616686
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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 120,000 people.
General insurance brokers contribute 1% of GDP to the UK economy; they arrange 77% of all general insurance with a premium totalling £105.5bn and 94% 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.
