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Knowing how much publications like to look at the first weeks or months of a new leader I thought I would try and beat them to it by looking back at my first 100 days.
It’s fair to say that my first 100 days in office have been a whirlwind of activity for BIBA, so much so it passed without me noticing! I am actually on day 114!
From meeting with many of my key contacts in the sector as early as possible, looking at where the BIBA team needs bolstering to continue delivering for members, considering where I can investment more to most help members, through to simply getting on with the job, it has been humbling to feel the goodwill towards me and BIBA in these first few months.
Those who know me will confirm that I am as passionate about insurance broking now as when I began my career back in 89. And that’s what drives me - doing the best for brokers and helping them avoid those regulatory and governmental googlies.
As I travelled on trains between regions in our annual tour, I sat with my iPad and considered what actually has happened since my appointment in July (swiftly bypassing the Cricket World Cup defeat of England by Afghanistan).
Firstly, I was very proud of the team in delivering on some major work undertaken with Oxera to help members assess and demonstrate fair value through a new voluntary Fair Value Assessment Framework. It is a complex task for members to demonstrate fair value to the regulator, so I am pleased that BIBA members can now access the voluntary Framework and training to help them meet regulatory requirements more efficiently and effectively.
Though I have been part of BIBA for more than two decades now, I really welcomed the approaches made after my appointment to CEO and I was delighted to meet one-2-one with a good number of senior leaders in our sector. Keeping open productive channels of communication across all players in our sector is essential to our mutual continued success and to driving customer satisfaction.
Those open channels are essential also in matters of Government. BIBA enjoys excellent relations with the HM Treasury insurance team along with other MPs and decision makers. It’s really important to have the opportunity to put industry concerns to those in power (and those who could be in power in the future) which is why we attend party conferences to build relationships. At the latest events we met both the Chancellor, Jeremy Hunt and the Shadow Chancellor, Rachel Reeves, and held a fringe session at the Conservative Party Conference to raise member issues with the Insurance Minister Andrew Griffith.
The last three months have also seen the publication by the FCA of a Policy Statement on multi-occupancy buildings. It confirmed a sensible outcome of which preserves the all-important commission model which has operated so successfully in our market, allowing consumers and businesses access to free advice. There had been uncertainty about the outcome, as readers may recall that Secretary of State, Michael Gove had threatened to ban commission, which is why we put so much energy into this issue and are pleased to have landed on an acceptable outcome for both the industry and the leaseholders who were the subject of the main issue.
I also want to push the agenda of brokers being consumer champions. I am delighted the ‘Signposting Agreements’ on Age and Insurance for travel and motor cover and separately on protection insurance for those with medical conditions have both been renewed recently.
These, along with our flood insurance directory and travel medical directory, really drive-up access to insurance.
The Financial Services and Markets Bill was enacted on 29 August this year – and the resulting Act included a secondary growth and competition objective on the regulator. This was something we had lobbied for since 2018. Not only should this help deliver more proportionate regulation, but it also aptly demonstrates how representing member interests is often a long game. We are now meeting with the City Minister and his bill team to drive home the metrics about how this new objective for the regulator is measured.
And of course, we’ve had a lot of ‘business as usual’; a new guide to the Consumer Duty, our 2023 Tour of the Regions - which has had record attendance, making a submission on behalf of members ahead of the Government’s Autumn Statement, and continual monitoring of insurer service through our work with Gracechurch on the UK Insurers Monitor Study, which has seen an improvement in the overall NPS score as well as bringing on board new schemes & facilities for members.
On reflection, it’s been a busy 114 days, but this is not the time to rest on our laurels. Success has to be earned, and in BIBA our teamwork, dedication and enthusiasm really can make a difference to brokers and their customers by continuing to work at it. I hope to see many of you on the remaining dates of our regional tour.
