The British Insurance Brokers’ Association (BIBA) has launched a fair value assessment framework exclusively for members.
“BIBA members are committed to providing fair value to the customers they serve, as well as the new policy stakeholders created in relation to multi-occupancy properties, reinforcing the core principle that the broker is the agent of the customer and acts in their best interest,” BIBA chief executive Graeme Trudgill said in a release.
“The new fair value assessment framework will help our members to demonstrate the value they provide to customers, and it can be applied by member firms of all different sizes.”
Created by economics and finance consultancy Oxera, the voluntary framework is aimed at helping brokers implement or refine their own fair value models. To provide BIBA members with a detailed overview of the new tool, the trade body is hosting a dedicated webinar on October 26.
“Oxera was delighted to partner with BIBA to produce this fair value assessment framework,” Oxera partner Reinder Van Dijk commented. “It has been a process with excellent engagement from many BIBA members along the way.
“The end product is a richer tool which members can use to ask the relevant questions in a structured way, regardless of the size or business model of the firm or the particular propositions they deliver. The framework helps firms define the ‘space’ within which fairness is achieved and, where necessary, identify the steps so that fair value will be delivered.”
BIBA members can access the framework here.
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