British Insurance Brokers' Association Urges Insurance Market to Help Customers by Increasing Signposting

LONDON, England, Feb. 10 -- The British Insurance Brokers' Association issued the following news release:

As a leading issue within its 2021 Manifesto, the British Insurance Brokers' Association (BIBA) is calling on the industry to embed signposting to help customers better access insurance.

The call comes as BIBA launches it new Manifesto, Resilience, and just weeks after the BIBA Travel Medical Directory received confirmation that it meets the FCA's criteria for a 'medical cover firm directory'.

This achievement provides a simple solution for travel insurance brokers and insurers who need to meet incoming signposting rules from the FCA and means that consumers with serious medical conditions will be signposted to specialists in certain circumstances. BIBA has published guidance to the market on the incoming rules.

New for this year is how BIBA will work with the ABI and Flood Re to implement the signposting recommendations made in the report of the Independent Review of Flood Insurance in Doncaster.

Graeme Trudgill, BIBA's Executive Director, commented: "We support the recommendations from the report of the Independent Review of Flood Insurance in Doncaster. We will work to support solutions for signposting in this area along with the need for greater access to Flood Re, flood defences and the launch of the flood resilience and accreditation schemes."

BIBA believes signposting can aid a great deal in helping customers to access insurance and occurs when insurance firms point customers they are unable to assist to firms such as a specialist broker that can help. If firms are unaware of a specialist in any class of insurance, they can signpost to BIBA which will put the customer in contact with a specialist.

Graeme Trudgill, BIBA's Executive Director, added: "For many different reasons some people can find accessing insurance a challenge. We are committed to helping consumers navigate their way to suitable insurance protection to improve their resilience to financial shocks. There are specialist brokers who can assist customers that represent both straightforward and the most challenging of risk profiles, we will play a key role in helping customers find them."

In addition to helping consumers with medical conditions and those looking for flood cover, BIBA has also committed to the management and promotion of a number of existing signposting agreements to help older consumers to access travel and motor cover and to improve access to protection insurance.