The British Insurance Brokers’ Association (BIBA) has started work on a dating agency to allow insurance brokers to find InsurTech partners in an easier way.

BIBA CEO Steve White made the announcement during his opening speech at the 2018 BIBA conference saying that prototyping has begun on designing the solution.

White said: “Today, I can announce that will be launching this service which will bridge the gap between the two communities and further details of how to access this will be available on the BIBA website; biba.org.uk.”

The service will be available to members through the BIBA website and will help in putting brokers in touch with InsurTech firms looking to partner with insurance brokers across several areas.

It is being developed in partnership with insurer Covéa with assistance from Broker Direct.

BIBA stated that the idea to develop such a service was the outcome of its cross-industry Innovation Working Group.

The group is working on three workstreams to help foster technology-led innovation in the industry.

These include demystifying InsurTech for incumbents, helping InsurTechs to become established and to develop partnerships and collaboration between incumbents and InsurTech firms.

BIBA Corporate Affairs Head Andy Thornley, who heads InsurTech for the trade body said: “This is our first foray in to becoming tech-innovators ourselves; it’s important that we practice what we preach and lead by example.

“As well as being an important project for BIBA members, it will give us an idea of what it’s like to learn from iterations to get to a solution that really delivers on what we hope to achieve; building relationships between the InsurTech and incumbent communities.”

BIBA has also partnered with specialist insurance provider CFC to launch cyber insurance guidelines for brokers. These new guidelines are expected to help brokers understand cyber risks and the insurance solutions that are present to mitigate such risks.

The guidelines can help brokers learn about the evolution of cyber risk, read examples of cyber claims and know how cyber policies will work which can be invaluable in helping identify client’s risks.

Image: BIBA to develop new ‘dating’ agency for brokers and InsurTech companies. Photo: Courtesy of BIBA.