The British Insurance Brokers’ Association (BIBA) has formed an Insurance Technology & Innovation Committee (ITIC) to represent and protect the interests of BIBA members on all technology and innovation related matters. The committee will formalise the existing collaboration with insurance technology suppliers on behalf of BIBA members.
The founding members of the committee, who have become BIBA associates, include; Acturis, Applied Systems, Durell, HUGHUB, Open GI, Polaris, Schemeserve and SSP. A number of BIBA members have also been invited to attend the meetings to give varied intermediary perspectives.
Meeting quarterly, the role of the committee is to connect BIBA at the highest levels with technology providers and senior external stakeholders, on market trends and developments.
It is imperative that BIBA collaborates with those providing technology services in our sector for the benefit of our members so we can advise and support members on matters arising including: the impact of regulatory changes, GDPR and Brexit implications. The new committee will also enable BIBA to share market intelligence, technological innovation and emerging trends which affect our members.
Nicola Maguire, Head of Commercial at BIBA, said “We are excited at the possibility for this committee to ultimately become the go to place for third party organisations and decision makers including Government and other regulatory bodies. This will allow them to seek advice when they are making decisions on industry matters that will have an impact on the insurance eco-system. This will help the insurance technology providers to deliver effectively and our members will benefit from smooth transitions during periods of change.”
Committee Chair, Steve Waller Head of Standards at industry-owned standards body Polaris, added: “Long established software houses as well as new and emerging technology providers have become part of the critical infrastructure within intermediary offices. They are relied upon to manage day-to-day operations, to trade, to document compliance and to innovate. We’re pleased to support this new committee to encourage representation and collaboration on the big issues.”