Last week Manchester became the hub of the UK's insurance sector with thousands of insurance professionals making the trip to Manchester to partake in arguably the most important event in the insurance calendar.
If you're looking to do business, extend your knowledge, make new contacts or reinforce existing relationships, then BIBA is the place to be and Flood Assist were delighted to be part of it.
For new insurance brokers such as ourselves, the opportunity to meet and speak with a large number of insurers, suppliers and providers all in one place is priceless - what normally takes many months can be achieved in a matter of hours!
It was great to see many of the mainstream Flood Re accredited insurers attending including: Ageas, Axa, Allianz, Aviva, RSA, Oak, Hiscox, Legal & General and Sterling, however it was also good to have representation from a number of flood specialist too:
The Flood Re team were present to talk to brokers about how to access the scheme and the great progress they have made in the past 12 months.
BIBA commercial flood scheme holders Randall & Quliter were on hand talking to brokers about their new scheme for high flood risk businesses.
Flood Excess Insurance, a specialist excess insurance provider, were promoting their excess insurance product that allows home and commercial policy holders with high flood excesses to reduce their potential financial loss by insuring the policy excess itself.
In addition to the exhibition BIBA lines up a full programme of guest speakers and seminars over the 2 days, with speaker's subject matters covering a wide range of the latest hot insurance topics.
It's no surprise that a year on from its launch Aidan Kerr, Operations Director at Flood Re gave an update on Flood Re's progress and shared with delegates insight as to how Flood Re's long term plan to move to a risk based pricing model are progressing. Aidan also provided brokers with information on how the scheme can be accessed by brokers; As successful has the scheme has been, to date there is still much frustration within the broker community with a large proposition of brokers still being unable to access affordable insurance cover for their clients through Flood Re.
There's no single reason for this, however speaking from personal insight, I'm not of the opinion that insurance software houses, whom are often apportioned the blame are at fault. Much of the issue stem from insurers themselves who face a number of significant challenges in deploying Flood Re rating including: the cost of deploying rates through multiple software houses, internal IT prioritisation and resource challenges and appetite. Ironically, the relatively beginning and dry weather we have experience over the past 12 months has undoubtedly played a part in pushing the prioritisation of Flood Re rates in to the broker market down the to do list.
As much as it pains to say it, a good dose of rain would definitely focus household insurers and underwriters on their flood exposure.