It is one of the oldest and most important names in the insurance industry – but despite a rich past, the London and International Insurance Brokers’ Association (LIIBA) is looking very much to the future with its priorities for 2018.
The trade body, which was founded back in 1910 and acts as a representative for Lloyd’s insurance and reinsurance brokers, has pinpointed several key priorities for the year ahead, including “debunking the myths” surrounding the market’s electronic placement platform (PPL).
“We are determined to see PPL become the predominant distribution tool in the market by the start of 2019,” explained Christopher Croft (pictured), CEO of LIIBA. “PPL is all about improving our approach to placing and reducing our reliance on paper – allowing us to focus on the face to face negotiations for which this market is renowned. They are many myths about the threat of e-placement, so we will shine a light on the significant service improvements it will allow us to deliver to our clients and the very real cost savings that PPL will deliver across the value chain.”
Here are its chief goals for 2018, according to a news release:
- Brexit – highlighting the need for contract continuity and to ensure that EU clients can still access the London Market.
- FCA Wholesale Insurance Broker Market Study – working with members and the FCA to furnish the quantity and quality of information necessary to deliver a properly informed review.
- Market modernisation – particularly focussing on the adoption of the market’s electronic placement platform (PPL) to make London an easier place to do business.
Speaking about the targets, Croft outlined that the mission is to ensure that London remains the chief location for insurance business.
“Much attention has focussed on the decisions of underwriting firms on how they will navigate a post-Brexit marketplace,” he explained. “However, the broking industry also faces major challenges and we are working closely with members to help them make the right contingency plan to protect the interests of their clients. For example, it is critical that we ensure that contracts where the period of insurance runs over the date when the UK leaves the EU remain serviceable.”