FullCircl, a prominent player in the InsurTech sector, recently offered its perspectives on the British Insurance Brokers’ Association’s (BIBA) newly unveiled 2024 Manifesto.
Ashleigh Gwilliam, the newly promoted Director of Insurance Industry Growth at FullCircl, shared valuable insights on the Manifesto’s launch at the Houses of Parliament. The Manifesto’s release comes at a time when the UK’s economic landscape is marked by post-Covid-19 turbulence, inflationary pressures, Brexit uncertainties, and significant changes in consumer behaviour.
BIBA’s 2024 Manifesto underscores the imperative for businesses to embrace risk as a catalyst for growth and economic recovery. This aligns with FullCircl’s mission of aiding businesses in navigating these complex times.
The Manifesto delineates the challenges and opportunities in the current economic climate, particularly highlighting the plight of SMEs grappling with escalating insurance premiums. A staggering 45% of SMEs have witnessed a surge in their insurance premiums, compelling them to curtail their coverage. This scenario underscores a vital opportunity for brokers to guide businesses towards optimal insurance solutions within their budget constraints. FullCircl lauds BIBA’s initiative in collaborating with the Association of British Insurers (ABI) through the Signposting Agreement and facilitating access to the insurance committee, thereby aiding vulnerable individuals and businesses.
Furthermore, AON’s recent Executive Risk Survey, highlighted in the Manifesto, points to cash flow and liquidity as emergent top risks for UK organisations – a reflection of the current economic challenges. FullCircl’s response to these insights has been proactive, leading to the launch of their SmartBroker service. This service equips brokers with comprehensive tools to secure new business, bolster underwriting submissions, and adhere to compliance mandates, including the new consumer duty requirements. FullCircl also proudly announced its BIBA Facility in 2023, offering BIBA members a 25% discount on the SmartBroker service.
The Manifesto also ventures into broader societal and environmental concerns. It advocates for the reduction, if not the complete abolition, of Insurance Premium Tax on mandatory insurance classes to stimulate employment and economic growth. The insurance industry’s commitment to social responsibility and climate resilience is also manifest in BIBA’s, ABI’s, and DLUHC’s concerted efforts to address the implications of the Grenfell Tower tragedy.
FullCircl also touches upon the need for leniency and clarity in business regulations. The company emphasises the significance of providing clear guidance regarding adverse director history and County Court Judgments, advocating for a more forgiving approach towards directors who have faced insolvency, akin to the limitations on motor and criminal convictions.
Drawing lessons from the banking sector, FullCircl underscores the potential of data and information to revolutionise the insurance industry. The company’s partnership with Acturis exemplifies this vision, enabling brokers to enrich client files with data from diverse sources, thus streamlining processes and reducing the scope for human error. FullCircl’s market-leading Screening functionality stands as a testament to the power of data, offering brokers quick access to crucial insights that enable informed decision-making and enhanced client protection.
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