The British Insurance Brokers’ Association (BIBA) is working with UK InsurTech Worry+Peace to bring insurance customers to brokers.
Image: BIBA partners with Worry+Peace. Photo: Courtesy of geralt/Pixabay.
From now on, BIBA members will have access to Marketplace from Worry+Peace, a new insurance platform that brokers can use as part of their marketing strategy.
Marketplace has been designed to connect buyers of both consumer and commercial lines to insurance providers across the market.
BIBA has clarified that Marketplace is not an aggregator but, it is a smart, online search directory where brokers can list any and every product they provide, making them visible for buyers to find. A broker with a particular specialty can also boost visibility of any listing by using a weekly, transparent auction tool to push that particular product to appear first, second or third in search results.
BIBA CEO Steve White said: “Through our Manifesto BIBA is committed to helping members to adopt new technologies and adapt to our changing market place and Marketplace is an interesting and innovative way for brokers to reach their customers.”
BIBA technical services head Mike Hallam said: “This new facility is designed to connect insurance providers to insurance Buyers and for our members could be an additional route to market particularly where a broker wants to promote a particular type of insurance because, for far less than traditional paid searches, they can bid to improve visibility.
“We see this as a simple to use tool to help members unlock more opportunities and we are excited to be working with Worry+Peace on this new project.”
Worry+Peace founder James York said: “We’re delighted to partner with BIBA. Our all-new Marketplace will connect everything insurance in a fair and transparent way. Brokers are the perfect community to join this mission – they are the Providers behind a diverse range of risks and specialist covers across the UK. With BIBA brokers on board, together we will help more people buy insurance better. The journey starts here.”
In January, BIBA appointed Home & Legacy, a high net worth (HNW) services provider, to offer its members with new HNW insurance scheme. Through this scheme BIBA members will benefit from Home & Legacy’s three tiers of top-rated household cover, flexible underwriting and competitive pricing from Home & Legacy’s panel arrangement, in-house claims handling by Home & Legacy’s team and high net worth e-trading, with Home & Legacy Online.