Recent years have seen the UK economy facing significant challenges, including the aftermath of the Covid-19 pandemic, Brexit uncertainties, supply chain disruptions, and changing consumer behaviours.
In these turbulent times, businesses are urged to embrace risk to foster growth. Insurance plays a pivotal role in this landscape, aligning perfectly with FullCircl’s mission to help businesses operate more effectively. The 2024 BIBA Manifesto, titled “Managing Risk for Growth and Economic Security”, has been warmly received by FullCircl for its forward-thinking approach to economic recovery.
The BIBA Manifesto highlights a concerning trend: a survey by Premium Credit in October 2023 found that 45% of SMEs have seen their insurance premiums increase, leading to reduced coverage as a cost-saving measure. This situation underscores the value of brokers, who can guide businesses to make informed decisions about their insurance, ensuring they get the best possible coverage within their budget. FullCircl commends BIBA’s initiative to improve access to insurance, especially for those in vulnerable positions, through partnerships and agreements aimed at enhancing the industry’s reputation and support.
AON’s Executive Risk Survey Insights and FullCircl’s SmartBroker Service
AON’s Executive Risk Survey in October 2023 identified cash flow and liquidity as a top concern for UK organisations, reflecting the current economic climate. This feedback led FullCircl to launch SmartBroker, a service providing comprehensive information to help brokers manage new and existing clients more effectively. The service, powered by Experian, offers insights into financial risks, adverse director history, and CCJs, which are crucial for understanding clients’ financial situations. The introduction of FullCircl’s New BIBA Facility, offering a 25% discount to BIBA members, demonstrates a commitment to supporting the industry through innovative solutions.
Navigating the Future: Tax Reform, Social Responsibility, and Climate Resilience
FullCircl supports the call for reductions in Insurance Premium Tax to stimulate employment and economic growth, acknowledging the complexities surrounding tax revenue from personal motor insurance. The commitment to resolving issues like those highlighted by the Grenfell Tower tragedy and improving the industry’s approach to cyber losses, new construction methods, and data sharing for self-driving vehicles and personal property terrorism coverage illustrates the insurance industry’s focus on protection and social responsibility.
The lack of a time limit for adverse director history and legal notices poses challenges for brokers advising companies. FullCircl advocates for a more lenient approach, similar to the statute of limitations for motor and criminal convictions, to foster a culture of understanding and support for directors taking business risks.
The Financial Services and Markets Act aims to promote growth and competitiveness in the UK’s financial services sector. FullCircl encourages the adoption of technology to streamline processes and improve service quality, drawing on lessons from the banking sector where data utilisation has significantly reduced manual effort and error.
FullCircl’s partnership with Acturis exemplifies the potential of technology to transform the insurance brokerage industry. By integrating data from over 40 sources, brokers can significantly reduce the time spent on manual tasks, focusing instead on delivering value and insights that help businesses navigate their insurance needs more efficiently.
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