Eric Galbraith on team work

Variety is the spice of life. The views of intermediaries and insurers in the general insurance sector prove that.

Yet too much spice is risky. The sector’s image, reputation and regulation require us to work together. But sometimes deciding whether to compete or co-operate seems too hard – or even impossible. That must change if we are to create a better industry.

So let’s look to the future. Remove the friction, create a watertight solution on client money, think about terms of business agreements, even an insured or bonded compensation scheme. I’m sure there are many more areas where greater co-operation would benefit customers.

Any such initiative must be led by senior people and driven by the trade and professional bodies. We must take matters into our own hands and not be forced by government or regulators. Is that so hard?

Eric Galbraith is chief executive of Biba