Biba has made several commitments to furthering broker understanding and use of insurtech, including setting up a government-backed ‘insurtech cluster’
In its manifesto, Biba has pledged to “demystify” insurtech for brokers.
“The UK is in a position where it can become a world-leader in insurtech and Biba has an active role in delivering that,” the manifesto reads.
It will aim to deliver a “mechanism” to keep brokers up to date with emerging technologies, and aims to play an active role in helping new insurtech firms develop.
Biba has set out three clear calls for action, that it hopes will bring brokers and innovation together.
Biba’s calls for action
- For Government to engage with the industry in establishing an insurtech cluster.
- For the Financial Conduct Authority (FCA) to engage with the industry to streamline the regulatory approval process to enable firms to get to market much quicker.
- To simplify the rules surrounding schemes such as the Seed Enterprise Investment Scheme (SEIS) and make them available for insurance firms currently excluded.
Source: Biba Manifesto 2018