City Minister makes a keynote address as BIBA calls for Fairness For All
The British Insurance Brokers' Association (BIBA) has launched its 2016 Manifesto (Fairness For All) at a reception in the Houses of Parliament to an audience of Ministers, MPs, Lords, senior Government officials, insurance brokers, media and other stakeholders. Harriett Baldwin MP, City Minister, gave the keynote address...
The Manifesto includes 18 calls to action and 14 BIBA commitments on the issues that are impacting general insurance brokers and their customers.
BIBA’s key calls for action are:
· Helping vulnerable customers access insurance;
· Avoiding the advice gap - making sure that advice on general insurance is widely available to customers, so they can make informed decisions;
· Helping the UK’s SMEs insure against the risk of flooding;
· Managing under–insurance for SMEs following the FCA’s thematic review of insurance claims;
· Improving recognition of the value, awareness and take up of cyber insurance protection;
· Ensuring smooth implementation of the Insurance Act and the Insurance Distribution Directive (IDD); and
· Achieving proportionate and cost effective regulation including reform of the Financial Services Compensation Scheme (FSCS)
We are also supported in our calls by Government representatives, ranging from a Cabinet Office Minister to the Chairman of a Select Committee.
Steve White, BIBA’s Chief Executive, said: “The 2016 BIBA Manifesto, #FairnessForAll has been compiled following the broadest engagement with our members. So many thanks to our advisory boards, technical committees and the hundreds of members that attended and contributed at our regional roadshows last autumn. This Manifesto is the embodiment of what matters to our members and forms the basis of our public affairs activity for the year ahead. We are already engaging with the relevant decision and policy makers on a number of the Manifesto issues and we look forward to discussing these issues with our broader stakeholders.”
Graeme Trudgill, BIBA’s Executive Director, said: “In an insurance broker’s capacity as agent of the customer, their duty is to act in their customers’ best interests and that is why so many of our Manifesto issues relate to fairness for insurance customers. Our members can help to bridge the gap in understanding what insurance cover is provided by identifying a customer’s particular needs and providing access to suitable products. BIBA will continue to signpost older customers to specialist providers under our continuing agreement with Government and members help vulnerable customers make choices about the insurance they need; a new agreement with the ABI has resulted in a code of good practice in this respect. Alongside this personal approach, insurance brokers help their customers manage the challenges arising from major incidents such as the recent floods. They continually adapt to changing risks such as the increasing risk of cyber-attacks, the sharing economy and improving technology that has led to telematics and autonomous vehicles, offering advice and developing products for the future.
These issues are all covered by our calls to action and commitments in our 2016 Manifesto, #FairnessForAll.”
Speaking at the parliamentary launch of the Manifesto, Economic Secretary to the Treasury Harriett Baldwin MP said: "Biba has worked within the industry to help older customers find cover and also has launched a code to help vulnerable customers. I also appreciate their help on the insurance fraud task force"
Lord Hunt of Wirral, BIBA Chairman concluded; “BIBA’s purpose is to represent its members and their customers. Including a broad range of issues in our Manifesto from the effects of a European referendum, through brokers’ operational matters and regulation and onto delivering better outcomes for customers these commitments and calls will help to deliver #FairnessForAll.”
Heather Wheeler MP, Chair of the All Party Parliamentary Group on Insurance and Financial Services, hosted the Parliamentary reception.