The British Insurance Brokers’ Association (BIBA) has launched a new facility with Accelerate Underwriting that allows members of the trade body to place non-standard and niche commercial insurance schemes business with UK A-rated insurance capacity.
According to BIBA, the Accelerate facility offers an alternative where existing broker schemes have grown beyond the manual processes in place or where the administration is burdensome or cannot meet current minimum regulatory or governance requirement.
Accelerate will provide solutions for brokers, allowing them to create insurance schemes, or manage existing arrangements more efficiently using technology and independent expertise that will meet both broker and client needs.
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The Accelerate facility reverses traditional scheme models, with Accelerate and BIBA members working together to build new facilities for their schemes, instead of presenting standard, “off-the-shelf” products.
“We have developed this facility with Accelerate in order to achieve something different and we see this as a great innovation for our members, which will help them take control of the direction of their insurance scheme business,” said Mike Hallam, BIBA head of technical services.
The facility also enables BIBA members to focus on operations and sales while being supported with expertise in underwriting and product governance.
“Accelerate will be able to work with our members to create a bespoke schemes management facility for them that ticks all the product governance and claims handling boxes,” Hallam said. “We know members will enjoy the freedom to then focus on growing their businesses.”
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