At a glance
- BIBA returns 10-11 May and the Zurich team is looking forward to meeting brokers
- Points of discussion are expected to include the impact of the Ogden discount rate cut and the latest developments in online trading
- We share some of our key developments impacting brokers since BIBA 2016
On the back of last year’s record-breaking conference, BIBA 2017 has plenty to live up to.
More than 7,000 people, including nearly 4,500 brokers, attended BIBA 2016, and anticipation is building ahead of this year’s event, which takes place in Manchester from 10-11 May.
The past 12 months have seen massive changes affecting businesses and the insurance industry in the UK – from the surprise EU Referendum result to new insurance legislation and changes to the Ogden discount rate.
Here, we round up some of the key developments at Zurich over the past year, and look at what we’ll be doing at BIBA 2017.
A year of transformation
In January, we announced we would be bringing our UK businesses together under a single leadership team.
This structural change was designed to make our business fit for the future and enable us to serve our customers large and small as their needs and expectations evolve.
We remain committed to the broker market and to continually improving our retail and commercial offerings.
Making strides in online trading
Online trading platforms are a key part of a broker’s armoury, and it is vital they are fast, reliable and easy to use.
Since last year’s BIBA, we’ve made a number of enhancements to our e-trading platform, ZTrade, including improvements to its functionality and adding a renewal option. We’ve also added five additional products, bringing the total to 13.
These improvements have been well received. The number of brokers using ZTrade has increased by 91% in a year, and the number of quotes carried out using the platform has risen by 152%. This has been confirmed by our ranking at number 4 in the Insurance Times e-trading survey (of platforms receiving 50 or more responses).
You can find out more in our ZTrade Q&A article, watch our video guide to our five new products and if you are attending this year’s BIBA conference, come over to stand A20 for a demonstration of the system.
Adapting to a world of change
There have been a number of important legislative developments affecting insurers, brokers and customers since BIBA 2016.
The Insurance Act, which came into force last August, aims to minimise disputes between insurers and customers by improving information sharing and introducing a new duty of fair presentation of risk.
We have striven to ensure our position on the Insurance Act is clear to both brokers and customers – receiving positive feedback on our Additional Premium remedy. We have also welcomed the introduction of the Enterprise Act, which will give customers new rights to seek damages for unreasonably delayed claims payments when it comes into effect on 4 May.
Most recently, we have responded to the surprise Ogden rate reduction, by providing brokers with a clear explanation of how developments like this can affect premiums, assisting them in discussion of these issues with customers.
As Britain prepares for a General Election dominated by Brexit, it is worth reiterating that the UK remains one of Zurich’s most important markets.
We will continue to follow developments closely – keeping an open dialogue with European governments and regulators and sharing any insights that might benefit customers, distributors and employees.
Zurich at BIBA 2017
On 10-11 May, we’ll be happy to talk to you about these issues, or anything else you’d like to discuss, on Stand A20.
Vinicio Cellerini, Head of Commercial, and Conor Brennan, Head of Retail, and their teams, will be at the show on both days to discuss your business requirements and answer any queries.
We will also be offering refreshments throughout the conference, served by our barista, and holding a drinks reception on our stand at 2pm on the first day – so come and see us there.
Visit us at stand A20, and follow @ZurichInsider to stay up-to-date with the latest insurance industry news and shareable content.