The hopeful and inspiring theme of the BIBA2025 Conference is ‘A New Era’, but what are my thoughts based on the research we do and the brokers and insurers I meet in the course of my job?
I’ve picked four trends that I think are driving positive change:
#1 Competition
The UK GI market is more competitive than it’s ever been, plus rates are softening so every player is having to rethink their winning strategies. This is ultimately healthy for the whole insurance value chain.
#2 Brand
The UK market has been dominated by three incumbents for a long time, and this has made the market feel slow and reactive at times. The RSA merger and its upcoming rebrand blows that out of the water as the market goes from a Big Three to a Big Four. This is a major shift that every player, large or small, has to respond too: competitive weaknesses will be exploited ruthlessly, and success will be decided on effective marketing and delivering on brand promises.
#3 Service
Since the pandemic, service has become a true competitive tool; initially driven by brokers who need to go beyond price to customer value and now being picked up by insurers needing to create edge. It’s no longer lip-service for service – insurance businesses are realising that positive service experiences help them win and retain business. Claims for example is now second to price as a selling point for customers – five years ago it wasn’t even on the list.
#4 AI
AI is a truly democratic technology not controlled by the IT department that will over time revolutionise how we all work including in the insurance sector. Most immediately it will work hardest at taking away the work that humans don’t like doing, and this will free up time to innovate and – as per #1 – enable businesses to spend more time creating competitive edge.
I look forward to meeting new and old friends and colleagues at BIBA2025.
Come visit us on Stand F96 to discuss the present and future of our amazing market, the Voice of the Broker programme and our brilliant partnership with BIBA.