Insurance industry welcomes signposting collaboration by BIBA
A collaboration between The British Insurance Brokers' Association (BIBA), insurers, protection insurance groups and brokers, charities and other stakeholders has led to a new agreement to help people with disabilities or medical conditions access protection insurance. The signposting agreement was launched yesterday at the launch of BIBA’s 2020 Manifesto in the Houses of Parliament.
The 26 signatories to the agreement, which addresses access to protection insurance for people with pre-existing medical conditions and disabilities, include both regulated providers of insurance and supporting bodies. The latter will encourage support of the ethos of the agreement and promote its benefits, while the providers will signpost customers that they cannot help because of their medical condition or disability towards a firm that can help.
Graeme Trudgill, BIBA executive director said: “BIBA is ideally positioned to help those with medical conditions find their way to a specialist provider to help them access the cover they need, and we committed in our manifesto to launch a signposting agreement. This is the culmination of a year of discussion and collaboration across different stakeholders; all with a strong desire to help those most in need. The fact that we have been able to launch this signposting system today will make a difference to thousands of people that may previously have thought protection insurance was out of their reach.
“I’m tremendously grateful to everyone around the workstream for their commitment, input and determination to make this happen.”
Johnny Timpson, insurance disability champion, added: “This is absolutely the right thing to do and will not only make a positive impact on many lives but will raise levels of trust in the insurance sector. Now the work has started to educate those in the sector and its customers on the existence of the agreement and to get as many firms as possible on-board.”
Alan Knowles, managing director of Cura Financial Services and chair of the Protection Distributors Group said: “Specialised firms have the experience and expertise as well as the appetite to find solutions for those people who, because of a medical condition or disability can find obtaining suitable protection insurance a challenge. The launch of this agreement is great for customers and the insurance industry alike.”
Sian Fisher, CEO of the Chartered Insurance Institute (CII), said: “I support this agreement’s aim of setting up an effective signposting system to specialist providers and improving access to insurance for consumers.
“Seeking to improve access to protection products, especially for people with disabilities and long-term illnesses, is not just a social good but ethical and professional behaviour
“At the CII, equality, diversity and inclusion is at the heart of our work to modernise perceptions of insurance and drive confidence in the power of professional standards. We believe this work by BIBA accurately reflects the shared belief of these goals across the profession.”
