It was interesting to see that the IIB feels there is a need for an "audited" database for the wholesale market.
Subscribers to www.specialperils.com will know that last year we introduced the Brokers4Brokers link where the wholesale market is invited to include their facilities on a personalised basis. While the site is a very successful public facing b2b portal, this part has been passworded so as to prevent public access.
There are many advantages to the Brokers4Brokers extension:
Our facilities are completely independent of any outside source, we merely "tell it how it is" so there will be no bias to any one organisation. The site is totally dedicated to brokers in the commercial market and is completely independent of any other outside influence. It is a brokers' site, designed and funded by brokers entirely for the brokers' market.
As for the IIB's call for an "audited" database, aren't there enough regulations already? Every audit costs money and is usually a duplication of what has gone before. A responsible broker will identify and research the market he/she wishes to use and likewise the "wholesaler" with potential business producers.
Company and financial information will be in the public domain, so let's get back to selling insurance and leave the FSA to do what it has been charged to do by the politicians (whether we like it or not).
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