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 launches new Good Practice Guide for brokers
Under the strapline ‘Guiding Brokers’ the British Insurance Brokers’ Association launched a Good Practice Guide for brokers at the BIBA Conference 2017
The guide comes together as an output from BIBA’s Insurance Brokers’ Standards Committee (IBSC). Uniting much of BIBA’s existing guidance for members as well as completely new material, sections include:
- Roles and responsibilities
- Corporate Governance
- Business protection
- Market practice.
The guide will be a constantly evolving manual for brokers to use in many aspects of their business and will be added to and adapted as legislation and accepted good practice changes.
Paul Anscombe, IBSC Chair and CEO Seventeen Group said: “This guide gives a framework which will allow brokers to set a benchmark for good practice in all areas of the business. As well as input from practicing BIBA member brokers it draws on external sources for guidance including the FCA rule books and legislation and I'm particularly pleased that we have had input from the CII who are part of the committee. I am passionate about standards and I believe this guide will become invaluable in helping brokers to show their added value."
Sian Fisher, Chartered Insurance Institute CEO added: “The CII is delighted to be involved with BIBA in this initiative as we share the same desire to raise professional standards in our sector. We are looking forward to helping with the continued work of the IBSC.”
Graeme Trudgill, BIBA Executive Director concluded: "The guide builds on existing content and materials making these easier for members to access in the context of good practice. We have also commissioned and developed entirely new sections such as our guide to agency law and a coming section on TOBAs where we are looking to get market agreement on many common clauses. The guide’s format allows us to expand and adapt it as necessary and will help drive professionalism in our sector."
Paul Anscombe, Sian Fisher and Graeme Trudgill will be on stage at 10.40 on Thursday 11 May for the BIBA Conference Seminar on ‘Embracing best practice in modern corporate governance.
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