The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
BIBA and ITN productions create De-risking the Future programme
Chair of the Treasury Select Committee, Nicky Morgan has agreed to take brokers’ concerns to the regulator
New ‘De-risking the Future’ programme reveals how issues surrounding the burden of regulation are critical to those the Financial Conduct Authority (FCA) regulates and BIBA has asked the Treasury Select Committee to raise these issues. Interviewed exclusively for ‘De-risking the Future’, Nicky Morgan MP also championed the BIBA manifesto and said “The Treasury Select Committee quizzes senior officials from the FCA several times a year so the issue of the burden of regulation is very alive to those the FCA regulates and they will ask the Treasury Select Committee to raise these issues.”
‘De-risking the Future’ is a news and current affairs-style programme exploring the vital role of insurance brokers as an essential interface between insurers and clients, at a time when customers’ buying habits are changing. With the insurance broker role changing, this programme brings to life how the sector is embracing professionalism and diversification, and striving for proportionate regulation.
The programme also features a special report looking at how general insurance brokers contribute significantly to the UK economy, however the productivity of the sector is negatively affected by what many believe is one of the most burdensome and expensive regulatory systems in the world.
With under-insurance posing a big problem, the broker’s role as a trusted advisor has never been so important, ‘De-risking the Future’ looks at how brokers put their customers’ needs first, finding the right insurance and providing support throughout the claims process.
Steve White, Chief Executive, British Insurance Brokers’ Association, said: “I am proud to be working with ITN Productions, who have produced this exciting and professional programme to promote the benefits of insurance brokers to a wide reaching audience.
“We are delighted that Nicky Morgan MP has discussed the burden of regulation and the opportunities to raise these with the Treasury Select Committee. We will continue to work with her to provide the evidence that she needs to question the FCA over why specific regulations are needed or drafted in a particular way.
“De-Risking the Future will demonstrate that our sector is strong, innovative and evolving - all underpinning the wider messages about the benefits of using insurance brokers. At a time when customers’ buying habits and risks are changing, the programme will highlight a range of issues such as cyber insurance, technology and how brokers can help customers to access insurance.”
Simon Shelley, Head of Industry News, ITN Productions, said: "ITN Productions has been delighted to partner with the British Insurance Brokers’ Association to create ‘De-risking the Future’. We hope this programme will help to inform and enlighten viewers about the ROLE of the trusted insurance broker, especially during a time of extensive change. We are extremely pleased with how this programme brings to life the people and innovations within insurance, we hope this can be used to share ideas and promote best practice within the sector and wider audience.”
Drawing upon ITN’s 60-year heritage and expertise in storytelling, presented by national newsreader Natasha Kaplinsky, the news-style programme combines key interviews, case studies and sponsored stories from Applied Systems Europe, ARAG Plc, Ashley Page, Barbon Insurance Group, Cunningham Lindsey, Cytroa Ltd, Legal & General Group, PremFina, RSA Group, SSP Limited, Stanmore Insurance Brokers and Staysure Travel Insurance.
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