Every year, the British Insurance Brokers’ Association (BIBA) hosts the BIBA Conference, the largest insurance broking event in the UK. BIBA received over 9,000 registrations for this year’s event and welcomed 229 exhibitors.
For all insurance brokers across the UK, the BIBA Conference continues to be an unmissable date in their calendar, continuing to grow its presence in the community year after year. The theme for 2023 was “rising to the challenge”, and as we’ll explore in our four key takeaways reflections from the conference this year, it certainly lived up to that theme.
If you’re interested in other ways the Insurance industry is using technology, check out our 4 key takeaways from InsurTech Insights 2023.
However, we felt that the conference was missing was a key focus on data. All of the takeaways below are important for the insurance industry, but data has a huge role to play in each of these areas in some way, and it seemed like there was a lack of a specific focus on data alone and why it's so significant for brokers today and the future.
In the subsequent blogs in this series, we’ll explore the significance of data in broking and how advanced technologies like AI can support insurance brokers in tackling key issues like regulation and monetisation.
1. Collaborating sectors: cybersecurity and insurance
The conference kicked off with a discussion with the foremost cybersecurity organisation in the UK, the National Cyber Security Centre (NCSC). Lindy Cameron CB OBE, CEO of NCSC, was joined by Graeme Newman, CEO of CFC Underwriting, to discuss cybersecurity and insurance.This discussion aligned with our view of the two main ways in which cybersecurity and insurance converge. The key points were:
- Protecting data: In cases of cyber-attacks, sensitive data must be protected at all costs. Insurers must take action to protect data both for the benefit of their customers and for their own sake
- Specialty insurance: Insurers who specialise in cyber – CFC Underwriting being a perfect example – must have a deep understanding of the latest trends in cybersecurity to ensure they price their cyber insurance appropriately.
Overall, the conference reinforced our belief in the value of protecting sensitive data, keeping organisations safe online, and, if needs be, effective partnering to help companies recover from a cyberattack.
2. Prepare now for incoming regulation
As is always the story with impending regulatory change in the insurance industry: fail to prepare, prepare to fail. One of the other major topics at this year’s conference was regulation, specifically addressing Consumer Duty.
Rightly pointed out at the conference, with the FCA’S Consumer Duty 1 regulation coming into full force, it's vital that brokers (and underwriters) understand its key elements and map out an action plan for implementation. Due diligence should be the first action as brokers seek to truly understand what Consumer Duty means for them. With that foundation, brokers can then start to prepare for implementation.
We advise catching up on the speech from FCA Chief Executive, Nikhil Rathi, to get on the front foot 2.
3. Putting the customer first
Another key trend at The BIBA Conference 2023 was customer experience. As an industry shaped by customer demand, new and emerging technologies are playing a key role in shaping how brokers tailor their services.
Examples of this tech include AI-powered chatbots, straight-through processing (STP) for simple claims, and extracting structured data from unstructured input. Behind all tech solutions of this kind is a desire to make insurance easier, cheaper, and more efficient for the customer.
4. Helping to build a sustainable future
The last trend from BIBA we’ll explore is Environment, Social, and Governance (ESG) initiatives within the insurance industry. Sustainability has rightly become an area of key focus across all industries, and insurance is no different. Before regulation forces the issue, we recommend that brokers get a hold of the issue and start building their own sustainability strategies.
There are many shapes those strategies might take, but one key consideration is ESG ratings, where large amounts of data are used to determine how sustainable an organisation is based on a number of factors and metrics. We would certainly recommend looking at ESG ratings as a place to start for brokers.
The future of data in broking
Overall, we were excited to see so many fascinating topics covered at this year’s BIBA Conference. However, as stated above, we believe data has much more of a starring role to play, not as the undercurrent of the other themes, but instead, as the overarching theme that brings them all together.
In the next blogs in this series, we’ll explore the significance of data to broking and wider insurance and the role it plays in monetisation, regulation, and advanced analytics.
Until then, if you want to find out more about the work we do with brokers and specialty insurers, let’s chat today.