BIBA helps to reduce costs for brokers through a new voluntary TOBA template
17th July 2018
In response to member calls for help in reducing the administrative burden placed upon them by having to check many similar but not quite the same insurer Terms of Business Agreements, we have now produced a voluntary TOBA template that is well balanced for both brokers and insurers alike.
In creating the TOBA template we worked with many industry stakeholders and sought expert legal input too. We believe that promoting widespread acceptance of the new template will revolutionise the process of formal TOBAs in the general insurance marketplace.
What we have produced is a standardisation of the common clauses that appear in all TOBAs and which make up more than 70% of the usual content. Using this standardisation the TOBA template will provide a base platform for the broker-insurer relationship which can be amended, added to or reduced if required by brokers or insurers to take into account trading relationships.
This will reduce workloads and increase accuracy, ultimately reducing costs in your business. The roll-out has begun with a launch in the trade press and the BIBA team will now continue to work with insurers to encourage take up of the template as and when each of them is ready to re-issue their agreements.
Read our press release here
View the TOBA template here
If you have any questions or you want to know more about the TOBA development please do not hesitate to contact me.
Head of Technical Services