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When we launched our 2024 Manifesto this year I had a very definite feeling that it heralded a new era. And that’s not just at BIBA where I intend to continue and build on the work we do to represent brokers – but also when looking at the sector as a whole and how important it is to the UK economy, to people and business and to the teams that work ( or may consider working) in it.
The insurance broking sector is growing in value surpassing the £100 bn mark in terms of GWP – that is a massive contribution to the UK economy and we know from recent research from Opinium that 62% of SMEs think insurance protection enables them to take more risk and grow. This is indeed a validation of the value of brokers.
And why would we not want to build on and expand this validation?
This era, I see as one to build on positivity. Without doubt we are living and operating in challenging times. Which is why constructive relationships are paramount.
Through allyship I believe we can continue to be a flagship sector. In a way, collaboration is at the heart of BIBA, through interaction with our boards and committees. My planned modus operandi is to take this means of operating across our sector. To work with other bodies including the FCA, the ABI, Flood Re, Pool Re, the CII, LIIBA, the MGAA and LMA. Of course, my plan is not to make us and these august organisations indistinguishable from one another – but to share good practice and to use our individual audiences and stakeholders to amplify messages and calls for action where it is appropriate and mutually beneficial to do so.
Sometimes speaking as a collective can really get results.
I am occasionally asked why we foster relationships with so many Government officials and MPs. The reasons are the same as intra sector relations. Allyship leads to increased understanding and those in Government need to really understand our issues to help make or avoid change. This is true across all sides of the political divide. This year, more than every we are conscious that to serve our members and the sector well, we have to be politically agnostic. Afterall, this year’s ruling party could be next year’s opposition and vice versa.
Working on these key relationships definitely pays dividends. We’ve worked closely with DHLUC for an extended period and the results are positive outcomes for leaseholders in multi-occupancy buildings, while at the same time, and very importantly, ensuring the commission model, which was under threat, can continue and that we have new ways we can help members to demonstrate fair value. We have excellent rapport with HM Treasury and heard wonderfully supportive words from the Economic Secretary to the Treasury, the Insurance Minister, Bim Afolami about the whole of the insurance broking sector.
With the whole sector working together towards the common goals of getting customer service right, building on the sector’s reputation among consumers and businesses and reaching solutions to the issues being faced by customers, then I think that the spirit of constructive collaboration will produce successful outcomes. And that makes it worth it.
As Jim Kerr, leader of my favourite band once said: “I would never apologise for trying too hard.”
Trying hard is what we will do to deliver on our new members’ Manifesto.
