Insurance broker’s work centres around building resilience

BIBA’s 2021 Manifesto aims to improve resilience in the sector, among small businesses and for individuals.

The British Insurance Brokers’ Association (BIBA) has highlighted six key ways in which insurance brokers can help build resilience as the United Kingdom adapts in a post Brexit world and seeks to confidently adapt to our new, post-pandemic normal.

In a departure from tradition and reflecting the changing environment, BIBA’s 2021 Manifesto: Resilience was launched digitally via a webinar presentation and on social media. As usual though, the Manifesto draws on BIBA’s engagement with members about the issues that are vital to insurance brokers and their customers and highlights the importance of using an insurance broker, particularly in challenging times.

Steve White, BIBA CEO said: “The last 12 months have been amongst the most challenging most of us have ever faced. Insurance has hit the headlines, with travel being restricted and business forced to close. The right insurance is key to helping build resilience and is a highly apt theme for BIBA’s 2021 Manifesto.”

Access to insurance is a vital part of BIBA’s campaigning and the means of signposting consumers to essential insurance are once again on the agenda.  BIBA’s cross-sector Access to Insurance committee is now at the forefront of overseeing the effectiveness of various existing and planned signposting agreements which are highlighted as a means of increasing resilience.

Insurance brokers help business obtain the cover they need and at the right level. The Manifesto highlights in addition the increasing need for protection against cyber-attack with suitable insurance to keep businesses operating and details the prevalence of underinsurance and the need for the right type and level of insurance.

Covid-19 rocked the world and the UK’’s insurance sector and BIBA will work on solutions to avoid future lack of protection for pandemic risks. The pandemic landed while the sector was already seeking ways to tackle a hardening market that was leaving many without insurance protection, from issues with cladded buildings to obtaining professional indemnity or directors’ and officers’ insurance and navigating insurer security, BIBA wants to help build resilience.

Graeme Trudgill, BIBA’s Executive Director said: “Resilience is so necessary to survival, and insurance can provide financial resilience. BIBA plans guidance for members and their customers as well as a continuing programme of engaging with Government and other stakeholders to bring about solutions that will improve resilience. As well as the challenges through our Manifesto we want to highlight the excellent work that brokers do to help their customers, and to enable them to weather the storms they face.”

Steve White concluded: “Our manifesto, as always includes the matters that brokers tell us are important to them. While much of the agenda is about helping their customers, we will also be campaigning on regulation and taxation, issues that are directly impacting brokers’ own resilience. Brokers are vital to the UK economy and their expertise is vital to customers. BIBA will continue to support them and help them to help customers and demonstrated by the promises to act with have made within it.”