Conference address sees Biba commit to innovation and address the weight of regulation for the UK broker community.
The CEO of the British Insurance Brokers’ Association, Steve White, has called on brokers to speed up innovation in his keynote address at the Biba conference in Manchester.
In his speech White challenged the insurance sector to look for ways to stay ahead and evolve systems and processes in order to thrive.
He pointed to the Hackathon taking place at the event and said Biba had taken a number of steps to promote awareness of InsurTech and identify areas that require development.
White said: “We were very determined to demystify innovation for the benefit of our members and a hackathon is a fantastic way to show how accessible InsurTech and innovation can be.”
Technology
In the exhibition space attendees can watch innovation in action in a Hackathon where eight teams will seek tech-led solutions to issues causing real pain to brokers and an innovation lounge will allow brokers to meet InsurTech providers that might push their business forward.
In addition White demonstrated just how much regulation that brokers have to deal with.
He highlighted visually, with piles of documents, the extent of the work that the FCA has imposed on insurance brokers since April 2013 and said it undoubtedly hinders evolution and innovation.
Heavy
He commented: “120 papers in five years – that equates to one every fortnight and none heavier than the 1,240 pages of the FCA second consultation paper on the Senior Managers & Certification regime. 70% of BIBA member firms have fewer than 10 staff and for them especially, 1,240 pages is just too much!
“We contend that our productivity is significantly affected by one of the most burdensome and costly regulatory regimes on the planet. We are calling for a period of stability in the rate of regulatory change, with a pause on the continual influx of new FCA requirements and a focus on proportionate supervision for our low risk sector.”
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