The British Insurance Brokers’ Association has established an Insurance Technology & Innovation Committee (ITIC) to be regarded as and protect the interests of BIBA members on all technology and innovation matters. The committee will validate the existing collaboration with insurance technology suppliers on behalf of BIBA members.
This Insurance Technology & Innovation Committee (ITIC) consists of establishing Applied Systems, Durell, HUGHUB, Acturis, Open GI, Polaris, Schemeserve, and SSP. These members of the ITIC have become associates and will meet in three-month intervals.
In the meantime, some BIBA members have been invited to attend the committee meetings to give diverse intermediary perspectives on market drifts and developments, including regulatory changes.
Head of Commercial at BIBA, Nicola Maguire, said that Company is excited for the possibility for this ITIC to ultimately become the best place for third party organizations and decision-makers including Government and other regulatory bodies. The committee will authorize them to seek advice when making decisions on industry-related matters that will influence the insurance ecosystem. Committee will also help the insurance technology providers to deliver masterfully, and ITIC members will benefit from smooth transitions during periods of change.
Steve Waller, Polaris standards head, who chairs the new committee, said that long established software houses and new and emerging technology providers have become part of the critical infrastructure within intermediary offices. They depend upon to manage day-to-day operations, trade, document compliance and innovate. And they are pleased to support this new committee to encourage representation and collaboration on the significant issues.