Dave Martin: BIBA Conference - fit for a ‘new era’

The world around us is changing. From the rapid advance of Artificial Intelligence (AI) to geopolitical challenges affecting global trading, not to mention the effects of climate change. The insurance industry faces significant changes in customer expectations, technology and market dynamics, creating new challenges and opportunities. Brokers are at the forefront of this transformation, which is why I think ‘a new era,’ the theme of this year’s BIBA Conference, is particularly relevant.

We all know brokers play a key role in the UK’s economy, contributing to its growth and stability. I thought the BIBA 2025 Manifesto perfectly positioned this, highlighting that broker premiums contribute approximately 1% of the UK's GDP. If growth is the goal of the UK, then brokers have a vital role to play, facilitating risk management and providing essential services to businesses and individuals to stimulate growth. What an exciting time to be in the market and advance into this new era.

Broker optimism

It’s good news, then, that brokers are feeling upbeat about the future. Earlier this year, we asked more than 250 brokers a few questions to better understand how they’re feeling about growth, what their key challenges are and how their insurer partners can support them.

When brokers were asked to look to the year ahead, a staggering 94% said they expected their brokerage to grow, indicating strong optimism about their growth prospects.

When asked how they plan to achieve growth, 70% of brokers cited new customers as the primary driver, more than double last year’s figure (33%), while 57% said offering new services would help them grow. Remarkably, only 15% said growth would be off the back of mergers and acquisitions.

As brokers pursue growth, insurers must adapt to support them effectively. We’re committed to supporting our brokers and helping them trade however best suits them, whether digitally or in person. We have a broad range of solutions, strong physical presence across the UK and a strong appetite for risk acceptance, meaning we're here, in all ways, to help brokers support their clients’ diverse needs.

Trading in a new era

Insurers must meet the promise that brokers hold for the future with new ways of trading. BIBA’s theme of ‘a new era’ signals a transformative moment. One that requires new solutions, leveraging new digital and technical capabilities, to deliver not just improved service, but personalised solutions that support brokers and their clients, whether traded in person or online.

When asked what insurers could do to improve broker service, brokers were clear: ‘greater use of digital technology.’ Brokers are pushing insurers to leverage the promise of digital advancements to deliver tailored solutions and greater insights faster than ever and we’re responding, for example, by completing 70% of mid-term adjustments on the same day across our regional business.

One of the exciting ways that we’ve responded to this challenge is through our broker portal, a transparent service which drives speed of service and increases underwriter accountability. When brokers send us a quotation, we’ll log and enrich the data before forwarding it to our regional underwriters. Brokers can access the portal on the same day to see the assigned underwriter's contact details. This system boosts transparency and response speed – key reasons why 32% of brokers indicated that a dashboard for tracking quotations would improve insurer service.

Brokers increasingly value personalised insights into their customers' insurance needs, with 77% expecting insurers to provide these insights. We're their ally, using GenAI technology to assess entire portfolios, identify coverage gaps and empower brokers with data-driven protection conversations. This service not only meets brokers' demands but also helps unlock additional organic growth.

Trading your way

In a digital world, how can brokers confidently place larger, complex risks online? Broker feedback helped us create a 'best of both' solution, showcased in our enhanced Digital Commercial Combined Insurance proposition. We set up a team of expert underwriters in Perth, giving brokers direct access to the expertise they need. This hybrid approach fosters closer trading relationships and offers brokers the flexibility to trade their way.

Claims

Broker feedback remains a crucial driver of our programme of continuous improvement. So, when brokers voted ‘improved claims service’ as the second most-requested ask of insurers, we wanted to make sure we were able to respond.

The result is the industry’s first claims API into Acturis for brokers, enabling the electronic transfer and integration of claims data into Acturis. This should simplify the claims process for brokers, with fewer manual steps to set up new claims and update existing claims records, while minimising the need for on-demand claims updates, thanks to regular automatic updates.

Personal relationships

In my view, online capabilities must be balanced with offline support. Relationships make this business special, as shown by three out of four brokers telling us they want to work with an insurer with a strong local presence. That's why we're committed to strengthening our regional presence, visibility and responsiveness to brokers and customers across the UK.

Our new office in Cardiff just opened its doors, making us the only insurer with a dedicated, physical mid-market premises there.

New offices aren't just about planting a flag on a map; they enhance our ability to provide tailored local services, drive empowerment in the regions and bring decision-making closer to brokers, making sure they're fit for the new era.

Broker support

To thrive in a new era, brokers and insurers must make sure they have the right people with the right skills. This has been a long-standing industry challenge. However, there are positive signs: 74% of brokers are currently recruiting, down from last year's 91%. Notably, 52% of those hiring are doing so due to brokerage growth.

We must encourage young talent to stay in the industry and develop those who’ve recently joined. Last year, we launched an industry-first programme to support brokers in developing and retaining young talent. The first class of our Rising Stars programme began in October 2024 and runs through July this year. Our goal is to equip brokers' 'Rising Stars' with the skills they need to advance their careers and help brokers retain their top talent.

I look forward to the BIBA Conference and the opportunity it provides to meet with our broker partners to work together in partnership for the benefit of our customers. It may be an increasingly uncertain world, but I’m confident that together, we’ll continue to deliver for our customers as we head into a new era.

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