More older people are seeking help with motor and travel insurance as a result of cross-industry signposting scheme.
Biba reports it has received more than 700,000 enquiries from older individuals regarding motor and travel insurance as a result of the association’s signposting agreement, delivered in conjunction with the government and ABI.
The scheme, which launched in 2012, strives to help older people find insurance when previously this may have proved elusive due to upper age limits.
Under the agreement, if an insurer or broker is unable to offer cover to a more mature driver or traveller because their age is above an upper age limit, then the broker or insurance firm must automatically refer the customer to an alternative provider that can meet their coverage needs, or direct customers to a signposting service, such as Biba’s Find-Insurance tool.
The Find-Insurance service links those seeking insurance with an appropriate Biba member broker, who can assess the customer’s insurance needs and source a suitable policy. Find-Insurance can be accessed via phone or online.
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Supporting older consumers
Graeme Trudgill, executive director at Biba, said: “Understandably, some older people have found looking for appropriate travel or motor insurance challenging and we are delighted that so many have found their way to our Find-Insurance service.
“We are committed to expanding the ease with which customers with many and varied needs can access suitable insurance.
“We are sure because we have seen many hundreds of thousands of enquiries from older people seeking insurance where other providers could not assist because of their age, that a signposting system does work and that Biba brokers are able to help.”
The signposting scheme was renewed this month, following a review in October. Since its launch in 2012, the agreement was also reviewed in 2015.
The ABI’s director of general insurance policy, James Dalton, said: “This agreement between the government, ABI and Biba is having a positive impact in helping many older customers access the motor and travel insurance that they need.
“We want all customers to be able to access competitively priced insurance, and this initiative is helping to deliver this.”
John Glen, economic secretary to the Treasury, added: “Consumers of all ages should be able to access the right insurance for them.
“I’m delighted that the government and industry have again been able to come together to help. It’s great to see hundreds of thousands of people have used the signposting service to enquire about motor and travel insurance products and I hope to see even more benefit in the future.”