BIBA launches insurance schemes management facility
Written by staff reporter
The British Insurance Brokers’ Association (BIBA) has launched a new facility with Accelerate Underwriting that allows members to place non-standard and niche commercial insurance schemes business. In a change for the association, the agreement with Accelerate is not product specific, instead it provides a solution that allows brokers to create insurance schemes, or manage existing arrangements more efficiently.
The Accelerate facility can offer an alternative where existing broker schemes have grown beyond the manual processes in place or where the administration is cumbersome or cannot meet current minimum regulatory or governance requirements.
BIBA members will have access to Accelerate’s e-trading platform, Accelerater, which allows brokers to quote, bind, adjust and renew non-standard business and produces instant documentation including dynamic policy wordings – only the cover sections selected are produced. This facility reverses traditional scheme models.
Head of technical services at BIBA, Mike Hallam, said the association was looking to create something different with this facility. “We see this as a great innovation for our members which will help them take control of the direction of their insurance scheme business,” he explained. “Accelerate will be able to work with our members to create a bespoke schemes management facility for them that ticks all the product governance and claims handling boxes. We know members will enjoy the freedom to then focus on growing their businesses.”
Scott Brown, MD at Accelerate, added: “We are excited to be launching this facility for BIBA members. Accelerate will control the underwriting framework, product governance and life cycling product management allowing brokers to concentrate on their operations and their sales. We’re looking forward to working closely with BIBA to ensure we support their members in delivering a product their customers need as well as providing operational efficiencies along with helping reduce the regulatory burden that brokers face – allowing them to concentrate on working for their clients.”