UK signposting agreement offers a step in the right direction

cheerful elderly lady on a swing

The ‘insurance signposting’ agreement in the UK has been deemed a success after data from the British Insurance Brokers’ Association (BIBA) revealed that more than 700,000 related cover enquiries have been made since the agreement passed

Made between the UK Government, BIBA and the Association of British Insurers (ABI), the new signposting agreement basically ensures that should an insurer or broker be unable to offer an older customer motor or travel cover due to any upper age limits in place, the insurer or broker shall automatically refer the customer in questions to an alternative provider able to meet their needs, or else to a dedicated signposting service.

Since the agreement was passed, BIBA has revealed that over 700,000 enquiries regarding motor and travel insurance from older people have been made and BIBA’s Executive Director Graeme Trudgill believes that this emphasises the agreement’s success. “We are committed to expanding the ease with which customers with many and varied needs can access suitable insurance,” he said. “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.”

Meanwhile, James Dalton, Director of General Insurance Policy at the ABI, insisted that the agreement was having a ‘positive impact’, by helping many older customers access the type of insurance that they need. John Glen, Economic Secretary to the Treasury, agreed with this view. “I’m delighted that the government and industry have again been able to come together to help,” he added. “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.”