A successful signposting Agreement launched between the Government, BIBA and the Association of British Insurers (ABI) in April 2012 has led to ten years of help for older consumers accessing travel and motor insurance, and more than 860,000 enquiries to BIBA’s Find Insurance Service.
Under the ‘signposting’ Agreement on Age and Insurance, if an insurer or insurance broker is unable to offer cover to an older motorist or holidaymaker because their age is above any upper age limits they have, then they automatically refer the customer to an alternative provider who can meet their needs or to a dedicated signposting service such as BIBA’s Find Insurance Service on 0370 950 1790 or www.biba.org.uk/find-insurance
John Glen MP, Economic Secretary to the Treasury commented: “I am delighted that ten years after launching in 2012, the signposting agreement between the Government, BIBA and the Association of British Insurers has helped many older consumers access travel and motor insurance, with nearly 900,000 enquiries in total. I look forward to the continued success of the scheme and to working with the sector to ensure consumers can access the insurance they need.”
The Agreement helps older people find the essential cover they need when they may previously have struggled to find suitable insurance. BIBA’s telephone triage process links those seeking insurance with an appropriate BIBA member broker that can assess their insurance needs and source an appropriate policy. This month marks the ten-year anniversary of the agreement which has been reviewed and renewed three times since its launch in 2012.
Graeme Trudgill, BIBA’s Executive Director, added: “We are incredibly proud to have helped so many people in need during the past ten years. Finding suitable insurance can be an enormous challenge for many people and this signposting Agreement has made such a difference. Our contact centre team help people daily and hear directly how signposting helps. Access to travel and motor Insurance enables older people to live their lives to the full and we will continue on our mission to help many more people access the insurance they need through specialist brokers.”
James Dalton, Director, General Insurance Policy, Association of British Insurers, said: “The signposting agreement continues to play a key role in helping older customers get the motor and travel insurance that they need. While these markets are competitive for many, for some older people accessing cover can feel daunting, and the agreement offers crucial help for many to get the motor and travel insurance that they need.”
This was the first signposting agreement that led the way to improving access to insurance for consumers with non-standard requirements. Other similar collaboration followed to help different types of customers find insurance.
Other signposting initiatives to make access to insurance easier include work between BIBA and the Ministry of Defence (MoD) in 2016 to encourage ‘signposting’ to appropriate brokers that specialise in cover for military personnel, and in 2020 a Protection Insurance Signposting Agreement was launched to help people with disabilities and pre-existing medical conditions access income protection, critical illness and life insurance.
In January 2021 the FCA confirmed that BIBA’s Travel Medical Insurance Directory met their criteria for a ‘medical cover firm directory’ as part of new rules to help signpost travellers with medical conditions to a specialist directory. Most recently in February this year BIBA, the ABI and Flood Re launched a signposting solution and Flood Insurance Directory to help householders who are struggling to obtain flood cover access the insurance they need.
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