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 announces partnership insurance networking platform Insurercore
BIBA has today announced it is launching a partnership with the InsurTech firm Insurercore to deliver two exciting new initiatives to brokers via a searchable networking platform.
The original aspect of the platform allows brokers to find markets to write their risks and source underwriters with the necessary capacity – bringing the concept of paper-based risk appetite guides into the 21st century.
The new functionality allows brokers to search for technological solutions to day-to-day issues they face in their businesses – bridging the gap between the incumbent broker and InsurTech communities.
In his 2018 BIBA conference speech, CEO Steve White announced that BIBA would be working to deliver a ‘dating agency-type’ solution to enable this. One year on and with the help of the cross-industry Innovation Group run by BIBA, Insurercore has developed the means for brokers to be able to search for solutions offered by InsurTech providers.
Insurercore will be demonstrating the platform to brokers and service providers on stand F88 at the BIBA 2019 Conference and Exhibition in Manchester, inviting them to activate their profiles - a process that only takes a couple of minutes.
Insurercore is a technology firm with a team formed of ex-insurance professionals who identified a gap in the market for a digital solution for brokers seeking capacity. A member of the first cohort of the Lloyd’s Lab, they were able to expand their offering, in partnership with BIBA, to also deliver the InsurTech search functionality.
Andy Thornley, BIBA Head of Corporate Affairs and lead on InsurTech, said:
“Brokers told us that they found it difficult to know what type of tech solutions were available to help them and where to access them. Similarly, InsurTech firms said they didn’t know who to approach in brokerages, to have the conversation about what InsurTech could do for their bottom line.
“The need for a solution to connect these two communities was an obvious one and the fact that brokers can also use this platform to search for capacity is fantastic.
“We feel it will bring real value to BIBA members and we’re delighted Insurercore will be at the BIBA conference to showcase the platform to brokers.”
Peter Clarke, Founder and Managing Director of Insurercore, said: “Insurercore has been built to future-proof the insurance market without bringing any disruption to current practices. By opening the network up to other tech companies trying to use digital to drive efficiencies in the Insurance market, we act as a bridge between the old and new.
“We’re delighted to be partnering with BIBA to deliver this benefit to their members and look forward to demonstrating it to them at the BIBA conference.”
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