Broker manifesto brings a new hope

New possibilities await as the broker sector sets ambitions high

Broker manifesto brings a new hope

Insurance News

By Graeme Trudgill

A New Hope…

…. was the actual title of Star Wars (Episode 4) in 1977, and we have a lot of hope for what we can achieve with our new Manifesto in 2025.

Our 2024 Manifesto work was successful, with the BIBA team ensuring many of the published issues made it across the line. So, of course, we set our ambitions at a high level for 2025, taking on a galaxy of issues.

There is always strength in teamwork, and our 2025 theme: 'Partnering to deliver value' resonates with our activity and that of our insurance broker members.  BIBA continues to work closely with Government, the regulator, other trade bodies, insurers and all relevant stakeholders, as we hope to achieve, or prevent, changes that affect our sector.

As ever, the Manifesto is packed with issues, more than 2024’s in fact, but the golden opportunity (as per my last Insurance Business column) I believe, lies with our chance to make some changes to the regulatory agenda.

 We have had a constructive year of working with the FCA, and they have met with our Advisory Boards and also with 100s of brokers on our Regional Tour. I think that their understanding of our sector is all the better for it. However, there is work to be done – from reducing the scope of the Consumer Duty,  to retiring certain ICOBS, and speeding up authorisations.  

The 2025 Manifesto has new issues too; differential pricing, permitted insurance payments under the Leasehold and Freehold Reform Act, challenges with premium finance, the work to be done on the Motor Insurance Taskforce, regional broker issues - particularly in Northern Ireland, new guidance for members on non-financial misconduct and new research on IPT. It goes without saying that we will also continue to work on the more long-term projects, for example on the Gracechurch Insurer Monitor that has seen the NPS score move up 23 points in the last two years.

The new Manifesto also had a seam running through it, telling the story of the great work and value that brokers provide to their customers from helping to advise them on the cover they need, all the way through to supporting them in a claim. This is neatly illustrated with case studies. In the last 12 months our Find Insurance Service, which puts those seeking cover in contact with a broker, received a record 429,000 enquiries. We continue to champion access via brokers and signposting though our Access to Insurance Committee and with Government soon to set out its financial inclusion strategy, insurance brokers will have a key role to play.

I hope you get a chance to read our Manifesto and perhaps partner with us on relevant areas, as together we will restore order in the galaxy.

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