BIBA calls for greater industry cooperation

In his opening address at this year’s British Insurance Brokers’ Association (BIBA) Conference in Manchester, the organisation’s CEO, Graeme Trudgill, outlined his vision of “cooperation and allyship” across the insurance industry.

Trudgill also called for the industry to “close protection gaps” through innovation – “innovating to cover new risks, and not to exclude them”.

The BIBA CEO noted that at present, “only a small portion of the economic risk faced by individuals and businesses is insured”, adding that “as nothing moves without insurance, it is vital to close this protection gap”.

Trudgill also told the audience that “through allyships, we can work together for the greater good”, and highlighted BIBA’s strong engagement with the UK’s Financial Conduct Authority (FCA).

However, he also called on the FCA to “give us a period of regulatory stability”, stating that “it is not right” that small brokers are forced to “sell up” due to recent influxes of new and demanding regulation.

In particular, he said “the Consumer Duty is an overarching piece of regulation”, and asked the regulator to “allow us to breathe, to focus on clients, and new innovations”.

Trudgill also outlined how new technologies such as artificial intelligence (AI) will provide critical support for the insurance sector, and announced that BIBA will be producing new guidance to help members maximise the opportunities.

He ended by stating: “I’m very positive about the insurance sector’s future, and when we ask ‘what’s next?’ we will look to identify the opportunities.”

The opening speech was Trudgill’s first, following the departure of former BIBA CEO Steve White after last year’s conference.