Risks and opportunities is the theme of BIBA’s 2019 Manifesto. Everyone and every business face differing levels of risk every day. For them, the benefit of using professional insurance brokers is that they can transfer much of these risks via suitable insurance, enabling individuals and businesses to seize opportunities in these uncertain times.
And our Manifesto, which represents the issues of the broker community, addresses the sweeping changes that affect us all. Market practice, legislation, technology and regulation are all changing. This will of course present risks but I sense that opportunities will also abound, as highlighted particularly in the innovation section of our Manifesto.
I read daily in the press, stories about businesses ‘stockpiling’ ahead of Brexit, which brings with it a perhaps unconsidered under-insurance risk. Put this risk together with increasing risk of under-insurance resulting from the personal injury discount rate change and businesses could find themselves in real trouble. That is why we are calling for the reforms from the Civil Liability Act to be carried forward into law as soon as possible.
Also, we see in the press accounts of people not being able to access insurance. Perhaps they have a medical condition or a non-standard insurance record. But insurance does exist for these people – what they need is to be able to find it. That is why we are pushing to maximise the opportunity to improve signposting for those struggling to find a relevant specialist insurance broker.
Insurance is often intangible until it comes to claims, therefore we have included some valuable case studies in the new Manifesto of how brokers have ensured some important claims outcomes. Hopefully, these help illustrate the benefits of insurance and will see more people seeking out cover, rather than simply buying the minimum cover to satisfy their minimum legal or contractual requirements.
I am sure you can’t wait to see your copy of the Manifesto. Please take a moment to leaf through. There are six chapters, 30 ‘Calls for Action’, 26 ‘Commitments’ and a cast of supporting brokers, Ministers and stakeholders.
Whether you want to join us in fighting the fight on IPT, swipe right on the innovation dating agency, participate in digital up-skilling, need some help on implementing the new senior managers and certification regime or want to learn more about changing cyber risks, think about what matters to you and maybe get involved in your BIBA region or a BIBA technical committee – there is certainly a fabulous chance to reduce your risks and increase your opportunities in 2019.