As the UK insurance sector descends on Manchester for the 2018 British Insurance Brokers' Association Conference, Jonathan Swift predicts some of the key talking points on the floor and in the bars around the venue.
Some of you might already be in Manchester.
Many of you of you will be heading up/down/across today/tomorrow as the UK insurance sector gets ready for one of the most important dates in the annual calendar, The British Insurance Brokers’ Association Conference.
To mark the event, I have outlined a few things to look out for, split into two parts across both the Insurance Age and Post sites.
Not only to get you ready for the next few days, but also remind you that you can come and visit us all on Stand E76.
UK brokers we’re back baby!!!
In terms of setting the Biba Conference narrative it is all about timing. And so last week’s announcement that Arthur J Gallagher has broken its four year acquisition duck in the UK by picking up Chester-based Risk Services could not have been better orchestrated.
This year had already seen the likes of PIB, GRP, Jelf and Broker Network to name just four grab a number of headlines with deals. Whilst the business now run by the man who oversaw the last Gallagher buying frenzy, David Ross’ Ardonagh, has been as active as his former employer has been passive over the last few years.
It would be over-stating it to say that Gallagher had been forgotten as a force in consolidation, but there name has certainly not come up as frequently as in the past when discussing M&A.But with a marker laid down before the annual Biba beano, they have very much made a statement of intent to any broker looking to sell up.
And given they also have a shiny new toy, in the Rugby Premier League sponsorship, to play with too, Gallagher definitely are looking to wrestle that ball back and join the buying scrum.
Mr Bailey, don’t worry we are listening
Talking of timing, given that the Financial Conduct Authority CEO Andrew Bailey kicks things off on Wednesday morning – and that previously the regulator had outlined that it would look at the issue of why existing customers are often charged more than new customers – it is fitting that the industry trade bodies are taking action here.
Coincidence or not, Biba and the Association of British Insurers last week unveiled a set of Guiding Principles and Action Points to tackle dual pricing, an issue that has been lingering over the industry like a two day collective Biba hangover for some time now.
The proof will be in the delivery, but as a defensive measure it is certainly up there with Mr Miyagi teaching Daniel to ‘wax on, wax off’ in the original Karate Kid.
We’re hacking
A fixture at conferences for a number of years now, it was inevitable that given the strapline of “innovate, evolve, thrive” that 2018 would mark the first time Biba would get in on the hackathon action.
On Wednesday delegates will be able to witness a six-hour innovation challenge where industry teams will compete to come up with InsurTech solutions that could add real value to the broker’s bottom line.
From my point of view, it will interesting to see how the attendees treat the hackathon zone.
Will they walk past without feigning any interest; will they look at it as one might an animal in a zoo - something of interest in a controlled environment, but you would not take it back to the office; or will they show significant interest and not only interrogate the teams, but arrange meetings in the Innovation Hub with some of those taking part.
Why do the sausage/bacon sandwiches taste different?
A few years ago we challenged young reporters to savour the porky sandwich delights from a number of stands and asked them to rank them.
The challenge resulted in a split decision as to the best.
A result which caused mirth to some I spoke to as I was then informed that they were all sourced from the same supplier/caterer.
Whether that is still the case – and indeed whether it was an urban myth – I am adamant that the sausage/ bacon baps do taste different depending on the stand from which they were sourced. Maybe some insurers have their own version of the McDonalds secret sauce?
So there you have it.
Just a few thoughts ahead of the conference starting Wednesday.
I hope you all don’t suffer too much #bibafever, and I look forward to catching up with you either on the Insurance Age/Post stand E76 … or failing that at the Radisson around midnight.