’We are trying to join everyone up to get the best eTrade that we can,’ says chief executive
Biba will carry out further research into eTrading to gain a deeper understanding of the technology “pinch points”.
In its 2024 manifesto, entitled Managing risk for growth and economic security, the association said it wanted to identify potential solutions and industry best practice.
The insurance industry has been investing in eTrading solutions and claims portal technologies in recent years to reduce the cost of handling standard business and free up time for underwriters.
Last year, Biba called on insurers to develop more innovative eTrading systems that could accommodate a wider range of risks and provide more flexible cover in order to improve service for brokers.
In its 2024 manifesto, Biba said achieving a “sweet spot” between technology and people was key.
“Biba’s Insurance Technology and Innovation Committee (ITIC) is working to understand better how technology can help improve service,” it added.
”Biba commits to undertake further research into eTrading to gain a deeper understanding of the technology pinch points and to identify potential solutions and industry best practice.”
Research
This research will be done in partnership with insurance consultancy Gracechurch and supplier Polaris.
Read: Manifesto 2023 – Insurers continue to allow ‘square pegs in square holes’ for eTrading
Read: Theo Duchen – Brokers of the future will be ‘half human and half bot’ when eTrading
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Once complete, it will be evaluated in conjunction with the ITIC, which will then produce a set of practical recommendations for consideration.
Graeme Trudgill, chief executive of Biba, said: “We are going to be doing a survey in conjunction with Gracechurch and Polaris to understand how eTrade can be tweaked and improved, so that things can go through more smoothly.
“We will then look to implement the changes from the survey.
”We are trying to join everyone up – Biba, Polaris, Gracechurch and all the insurers on the board to get the best eTrade that we can.”
Allianz is one of the insurers that sits on the board.
Helen Bryant, manging director of digital and legal protection at Allianz, said: “At Allianz we are committed to providing eTrade solutions that work for our broker partners.
”We look forward to working with Biba to help improve the eTrade journey so that an increasing number of risks can be quoted and bound without referral.
“In this way, we free up our underwriters to focus on brokers’ more complex risks that need more attention.”
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Biba launches 2024 manifesto focused on ‘growth and economic security’
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Manifesto 2024: Further eTrading research needed to identify technology ‘pinch points’
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