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 to deliver a 'dating agency' for brokers and insurTechs
The British insurance Brokers’ Association (BIBA) has announced that it has begun work on a ‘dating agency’ which will help insurance brokers to find InsurTech partners to work with.
In his speech opening the 2018 BIBA conference, CEO Steve White, announced that prototyping has begun on designing the solution:
“If you’re a broker looking to embrace InsurTech, where do you start? Simply Googling InsurTech isn’t likely to give you optimal results.”
“Similarly, if you’re an InsurTech firm looking to collaborate, how do you find these firms, and crucially, the right person within them to speak to?
“That’s where the idea of a dating agency was thought up by our cross-industry innovation group.
“Today, I can announce that will be launching this service which will bridge the gap between the two communities and further details of how to access this will be available on the BIBA website; biba.org.uk.”
The service, which will be available to members through the BIBA website, will seek to put brokers in touch with InsurTech firms who are looking to partner with insurance brokers in a number of different areas. It is being developed in partnership with the insurer Covéa with assistance from Broker Direct.
The idea is one of the key outputs from BIBA’s cross-industry Innovation Working Group, which is Chaired by Vivek Banga, Chief Digital Officer at Gallaghers. The group is working on three workstreams to help foster technology-led innovation in the industry. These are:
· Demystifying InsurTech for incumbents;
· Helping InsurTechs to become established; and
· Developing partnerships and collaboration between incumbents and InsurTech firms.
Andy Thornley, BIBA’s Head of Corporate Affairs, who heads-up InsurTech for the trade body said:
“This is our first foray in to becoming tech-innovators ourselves; it’s important that we practice what we preach and lead by example.
“As well as being an important project for BIBA members, it will give us an idea of what it’s like to learn from iterations to get to a solution that really delivers on what we hope to achieve; building relationships between the InsurTech and incumbent communities.”
Simon Cooter, Director of High Net Worth and Commercial Lines at Covéa said:
“We have had our Innovation team at Covéa Insurance working on this project, with Iain Gray of Broker Direct, scoping out how it would work and building processes that underpin the service.
“With a prototype ready to demo at BIBA it is a great opportunity to get feedback from the wider insurance community. The output of this work will benefit both.
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