The British Insurance Brokers’ Association (BIBA) has revealed that it is forming a new cross-industry group to explore the challenges and opportunities presented by insurance innovation.
The group, initially called BIBA Innovation Station, aims to support insurance brokers and start-ups and reflect their changing needs. It will discuss innovations and developments including the use of big data for more accurate rating, drones for survey work, artificial intelligence and chatbots to handle simple customer queries.
“Insurtech and innovation are key Manifesto issues for our members this year. Insurance brokers have long been innovators, finding inventive solutions for customers in a variety of ways,” said BIBA CEO Steve White.
“We have seen great changes in our market and we want to help members understand how they can benefit from new technologies and our new insurance innovation focus group will be key to this,” White added.
The Innovation Station will start operating this year and will be managed by BIBA head of corporate affairs Andy Thornley.
“By its very nature any group focusing on emerging technologies and innovation needs to be agile, creative and responsive to change,” he said. “I am very much looking forward to pulling this group together to drive innovative thinking in our sector.”
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