A diverse room of senior professionals from all parts of the insurance market joined us last night to hear the CEO of BIBA, Steve White, impart his wisdom on the role of the Broker in what is a rapidly changing Market.
We heard about the impact of the Insurance Act, how customers are changing, about emerging and altering risks, the important role that technology can play, the importance of carrier relationships, and the threat of disruptors. Of course, given the recent referendum on the EU, Steve also encouraged us to debate the impact of Britain leaving the EU on the Insurance sector.
One of the main challenges both Insurers and Brokers face is to retain relevance in the face of customers who are forever seeking more and more value from their purchases. As we were advised, one only needs to look at the impact such firms as Ali Baba, Air BnB, and Uber have had on their respective industries to understand that the biggest menace is often unseen. There was a confident perspective given though, that the Broker will continue to be an essential part of the insurance process. For me, it is those firms that seize the initiative and seek to provide a more enjoyable and rewarding customer journey that will ensure their longevity.
So with the accompaniment of good food and good wine, the debates stretched on with many varied subjects examined by our guests.
Our thanks again to Steve White for taking the time to prepare a considered and enjoyable presentation, and also to all those who joined in the lively discussions for the rest of the evening.