The Chief executive Officer of British Insurance Brokers’ Association (BIBA), Mr Steve White has charged insurance brokers to speak out on issues bothering on the industry.
White at the 2022 BIBA conference said, “While I am sure you don’t mind chipping in to help the system, it is starting to feel that we are bailing out others who do not have the same standards as we do… rather than just chipping in.”
He asserted: “Globally, compensation schemes involving insurance brokers and intermediaries are quite rare. We never mind being leaders, but we must not be left paying over the odds for the failures of others. When the FCA (Financial Conduct Authority) produces its consultation paper on possible new approaches to funding compensation, I encourage you all to make your voices heard and respond.
“We will commit time and resources to make a strong submission on your behalf. You are driven by a sense of what is right and wrong and the need for fairness. It is only right that we must push back when we feel those values are not being applied to us as an industry. We must never be shy to have our voice heard. We must continue to speak up for the good of the industry and our customers.”
Meanwhile White also highlighted the crucial role played by insurance brokers.
“It may not be an easy year given the environment you are operating in,” he said, “but I have no doubt your fundamentals will allow you to become even stronger and ensure our customers continue to get the support they, at times, desperately need. You manage risk, but you do it in a way that seeks solutions, not barriers. That is a very good thing. Please never change.”
Over 50 Nigeria insurance brokers was at the BIBA 2022 conference led by the President of the Nigerian Council of Registered Insurance Brokers, NCRIB, Me Rotimi Edu.
The NCRiB Executive Secretary, Mt Tope Adaramola was also at the conference.