BIBA Origins

BIBA Origins In 1977 BIBA was created with the sole purpose of representing independent insurance brokers. Once the Financial Services Act was passed in 1988, Independent Financial Advisors joined BIBA and as a result the name “BIBA” was altered to British Insurance and Investment Brokers Association (BIIBA). In 1994, BIBA helped establish the Independent Financial Advisors Association because the independent financial advisors desperately needed an association to represent them.

After the formation of the IFA Association in September 1999, “BIIBA” reverted back to “BIBA”, dropping the “Investment” part. Today, BIBA represents the insurance industry and advises consumer bodies, members, the regulator and other stakeholders on crucial insurance issues. It offers the following facilities and services to its members : Press Office and Marketing Support Member Support Team Publications Consumer Advice Internet Schemes and Facilities for brokers to offer to consumers and businesses. IT Support Insurance Training Services Technical Services

The training sessions include short course assessments. These assessments consist of approximately 10 - 15 multiple choice questions to test the trainees understanding of the main aims and objectives of the course. Companies can send their employees to attend training programs in London or other locations such as locations such as Birmingham, Ipswich, Leeds, Leicester, Liverpool, Manchester, Newmarket, Norwich, Romford, Bristol and Cardiff. If you feel that a training session should be held in your area, contact the Training Coordinator at BIBA (020 7397 0243). Check the ‘Schedules London’ page on the BIBA website for courses held in London and the ‘Schedules Regions’ page for courses held across the UK. BIBA offers both Open Training and In-house Training. In open training, the session is held at your office or any other location you select, but local members will be permitted to join the sessions if you have fewer than 14 members of staff attending the session. You can use this type of training if you want to get just a few members of your staff trained in one subject. In-house training is customized training provided at your office or any other location you select. BIBA will send a trainer to the location to train a maximum of 14 members of staff per training session. Discounts are available and BIBA provides all the training materials.

CHUBB AIG AXA CAPITA The St Paul GROUPAMA Insurances TOWERGATE STERLING ROYAL & SUNALLIANCE ZURICH HISCOX NORWICH UNION CUNNINGHAM LINDSAY ECCLESIASTICAL FORTIS Premium Credit The Underwriter Allianz Cornhill CNA

BIBA offers members a Schemes Collection and a Broker Business Portfolio. The Schemes collection consists of competitively priced insurance products that are high quality and easy to sell such as the unique payment protection insurance (PPI) scheme that is only offered by British Insurance to BIBA members. PPI provides consumers with a financial safety net against the risks of unemployment, sickness and accidents (ASU).The Broker Business Portfolio offers members special services such as training, IT Support, internet, marketing support and technical services etc. The following committees report to the board On the BIBA website, there is a search tool available that helps you find brokers across the UK. These brokers help you find the insurance policy that most closely matches your needs. They will make sure you find a good insurance policy with low premium payments.

A Guide To Life Insurance Brokers Across

A Guide To Life Insurance Brokers Across The UK (UK Life Insurance Brokers Guide)

BIBA (British Insurance Brokers Association) is the UK’s leading independent Insurance body and it represents the insurance broker, intermediaries and the consumer. BIBA brokers advise you on choosing an insurance policy that matches your particular needs.

Insurance brokers such as Moneywise also help you get the best life insurance quotes. You simply need to fill in a form on their website where you supply details such as how much coverage you require and whether it is only for you or your spouse as well. In 2005, the winners were : Scottish Life for Pensions Friends Provident for Pensions GE Life for Pensions Standard Life Healthcare for Protection Friends Provident for Protection

Every year, a company called Incisive Media reviews all the financial product providers in the UK. It then bestows the Gold Standard Award on the companies that show the greatest ‘capability, financial strength, trust and fair value’. The Gold The Gold Standard Award Website explains that “When a company has won a Gold Standard Award, you can be rest-assured that it offers a high level of service, is financially sound, offers fair value for its products, and commands trust. In a nutshell, the Gold Standard Awards are service with a big plus.” In 2006, the following life insurance companies won the Gold Standards Award :

Friends Provident GE Life Scottish Widows Standard Life Healthcare In 2004, the winners were : GE Life for Pensions Scottish Life for Pensions Friends Provident for Pensions Scottish Provident for Protection Standard Life Healthcare for Protection The following companies were highly recommended : James Hay Administration for Pensions Abbey National Wrap Managers for Pensions In 2003, the winners were: Scottish Life for Pensions Friends Provident for Pensions GE Life for Pensions Standard Life Healthcare for Protection Friends Provident for Protection

Some other life insurance companies are : AA Asda Direct Line Egg Halifax Norwich Union Direct Prudential Sainsbury’s Bank Standard Life Tesco Nationw1ide Life Insurance Legal And General Life Insurance More Than Life Insurance

Marsh Legal

Marsh Legal

Like many large insurance companies and brokerage firms, Marsh has had its share of litigation and scandals. This amount will be paid over a four-year period and will be used to compensate approximately 100,000 corporations and smaller businesses whose commercial insurance was arranged by Marsh from 2001 and 2004. Marsh is paying $850 million to settle a lawsuit that accuses it of cheating customers by steering business to insurers in exchange for incentive payments and rigging prices.

The lawsuit was brought by the New York attorney general (Eliot Spitzer) stated that “Marsh received kickbacks from insurance companies that increased the cost of coverage for its customers and did not serve as an unbiased broker”.

Eliot has negotiated billions of dollars in restitution and penalties from mutual funds and banks for fraudulent activity.

Citigroup’s analysts were accused of providing misleading advice on stocks. The chief executive of Marsh said “we don’t believe that our corporate entity has ever been involved in a pattern of covering up or a pattern of criminal behavior” and apologized for the “shameful” and “unlawful” behavior of “a few people” at the company.

After the charges were filed in October 2004, Marsh stopped taking incentive payments from insurers and its chief executive, Jeffrey W. Greenberg, was forced to resign. The company agreed to “make fundamental changes in the way it does business” and it is believed that as a result of this lawsuit, Marsh is no longer involved in any illegal practices. A Review Of British Insurance Brokers Association (British Insurance Brokers Association Review)

BIBA is a broker organization that represents the interests of insurance customers, brokers and intermediaries. Many leading companies in the insurance industry are members of BIBA.

The British Insurance Brokers Association (BIBA) is the leading general insurance organization in the UK. Рlease write comment on my blog!

Types of Commercial Insurance Brokers ? FSA and BIBA

Types of Commercial Insurance Brokers ?

A commercial insurance broker deals in different varieties of commercial insurance and sells them to commercial customers including small businesses, home businesses, mid size offices and large corporations. Brokers work in small agencies that are licensed and regulated by the Financial Services Authority (FSA).

Commercial insurance brokers deal with many insurance firms and provide their clients with a wide range of choices for insurance packages, discounts, prices and service. This makes working with brokers convenient for customers. Commercial insurance brokers are regulated by the FSA and are members of BIBA (the British Insurance Brokers’ Association).

FSA and BIBA: The Financial Services Authority (FSA) is an independent, non-governmental body that was given wide ranging powers according to the Financial Services and Markets Act 2000. The FSA regulates most financial services, markets and firms. It even has the authority to take action against firms that fail to comply with the standards set by FSA.
BIBA: The British Insurance Brokers’ Association (BIBA) is an organization that represents the interests of insurance brokers, intermediaries and customers. BIBA has partner members from the leading companies in the insurance industry. The members handle more than three quarters of UK’s industrial, commercial and consumer insurance business. BIBA also provides training, schemes, facilities, technical advice and regulation guidance.

Commercial insurance

Commercial insurance brokers deal with many insurance firms and provide their clients with a wide range of choices for insurance packages, discounts, prices and service. This makes working with brokers convenient for customers. Commercial insurance brokers are regulated by the FSA and are members of BIBA (the British Insurance Brokers’ Association).

FSA: The Financial Services Authority (FSA) is an independent, non-governmental body that was given wide ranging powers according to the Financial Services and Markets Act 2000. The FSA regulates most financial services, markets and firms. It even has the authority to take action against firms that fail to comply with the standards set by FSA.

The British Insurance Brokers’ Association (BIBA) is an organization that represents the interests of insurance brokers, intermediaries and customers. BIBA has partner members from the leading companies in the insurance industry. BIBA also provides training, schemes, facilities, technical advice and regulation guidance.The members handle more than three quarters of UK’s industrial, commercial and consumer insurance business.
Types of Insurance Brokers
Long-term Investment Insurance Brokers

These brokers deal with life insurance and pensions and require an FSA approved qualification in insurance or financial advice.
Non-investment Insurance Brokers

These brokers deal with motor or house insurance and any non-investment contracts. Such brokers do not require FSA approved qualification but it is preferred that acquire one from FSA as it will improve their credibility in the market.

These brokers are located in your council or borough. They offer a personalized service in the form of advice, consultation, one-on-one sessions for auto, home and business categories.
A telebroker is like a telemarketer. They conduct a major part of their insurance business via the telephone. They offer commercial insurance products in the categories of auto, motorbike and home.
Internet Broker: This type of broker exists on the internet.If you have any queries regarding commercial insurance, you can ask them through an email or through an online form.
You will not have a face to face meeting, as all the products and services are featured on their website.

Leave a comment if you like.