The agreement helps older people find the essential cover they need when they may previously have struggled to find suitable insurance. BIBA’s telephone triage process links those seeking insurance with an appropriate BIBA member broker that can assess their insurance needs and source an appropriate policy. This month marks the 10-year anniversary of the agreement, which has been reviewed and renewed three times since its launch in 2012.
Under the Signposting Agreement on Age and Insurance, if an insurer or insurance broker is unable to offer cover to an older motorist or holidaymaker 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 alternatively to a dedicated signposting service.
John Glen MP, Economic Secretary to the Treasury, commented: “I am delighted that 10 years after launching in 2012, the signposting agreement between the Government, BIBA and the Association of British Insurers has helped many older consumers access travel and motor insurance, with nearly 900,000 enquiries in total. I look forward to the continued success of the scheme and to working with the sector to ensure consumers can access the insurance they need.”
Access to travel insurance helps older people
Graeme Trudgill, BIBA’s Executive Director, added: “We are incredibly proud to have helped so many people in need during the past 10 years. Finding suitable insurance can be an enormous challenge for many people and this signposting agreement has made such a difference. Our contact centre team help people daily and hear directly how signposting helps. Access to travel and motor insurance enables older people to live their lives to the full and we will continue on our mission to help many more people access the insurance they need through specialist brokers.”
Other signposting initiatives to make access to insurance easier include work between BIBA and the Ministry of Defence (MoD) in 2016 to encourage ‘signposting’ to appropriate brokers that specialise in cover for military personnel, and in 2020 a Protection Insurance Signposting Agreement was launched to help people with disabilities and pre-existing medical conditions access income protection, critical illness and life insurance.