Insurance industry figures have called the “signposting” agreement between the Government, the British Insurance Brokers’ Association (BIBA), and the Association of British Insurers (ABI) a success.
Under the “signposting” agreement, if an insurer or broker is unable to offer cover to an older motorist or traveller because their age is above any upper age limits they have, then they automatically refer the customer to an alternative provider who can meet their needs or to a dedicated signposting service.
Data from BIBA revealed that more than 700,000 enquiries in respect of motor and travel insurance from older people have been made to the association as a result of the agreement.
“We are committed to expanding the ease with which customers with many and varied needs can access suitable insurance,” said Graeme Trudgill, executive director at BIBA. “We are sure, because we have seen many hundreds of thousands of enquiries from older people seeking insurance where other providers could not assist because of their age, that a signposting system does work and that BIBA brokers are able to help.”
For his part, James Dalton, director of general insurance policy at ABI, said that the agreement is having a “positive impact in helping many older customers access the motor and travel insurance that they need.”
“We want all customers to be able to access competitively priced insurance, and this initiative is helping to deliver on this,” said Dalton.
Meanwhile, John Glen, economic secretary to the Treasury, said that the agreement allowed consumers of “all ages” to access the right insurance for them.
“I’m delighted that the government and industry have again been able to come together to help,” said Glen. “It’s great to see hundreds of thousands of people have used the signposting service to enquire about motor and travel insurance products and I hope to see even more benefit in the future.”
