NEWS 33
Bradshaw joins board
of Our Network
Barbara Bradshaw, chief executive “achieved its initial aims of broker enhancement, compliance and
of the Institute of Insurance recruitment and insurer support, the electronic trading benefits without
Brokers (IIB), has joined the board organisation of OurNetwork will now losing their independence and at the BIBA’s
of OurNetwork. be a partnership between Broker same time supporting the IIB.”
Direct and the IIB, each contributing
OurNetwork now has over 270 from its strengths.” The new board And, Ms Bradshaw added: “Those
Manifesto
members making it one of the UK’s is aimed at co-ordinating and giving specialist administration skills we’ve
largest broker networks. A large direction to the joint effort. developed over the years will be put
number of OurNetwork members to practical use to assist our partner,
outlines
are also IIB members, many of As a result, the IIB will: Broker Direct, with OurNetwork and
whom are shareholders in Broker • take over membership and other OurServices. The IIB Board join me
Direct - the broker-owned insurance administration roles in enthusiastic endorsement of this
management company. • be responsible for business closer relationship with Broker Direct
priorities
support services, known as which will undoubtedly benefit all IIB
The British Insurance Brokers’
OurNetwork said it frees brokers from OurServices member brokers. This arrangement
Association (BIBA) has launched
long term contracts and minimum • provide a Quality Assurance role will provide more resources to
its 2010 manifesto outlining its
support requirements, and that it was polling its members through its support our vigilance in representing
priority lobbying issues for the
set up to ensure that independent website. brokers’ interests with government
year ahead.
brokers were not penalised for and the industry.”
retaining their independence. In addition, the IIB and Insurance
BIBA’s key focus will be on
Compliance Services (a subsidiary Broker Direct was founded in
the changing environment
Broker Direct’s chief executive, Roy of Broker Direct) will be working 1996, supported by members of
that brokers operate within,
Green said: “Barbara Bradshaw will provide a political and practical the IIB who own a majority of the
particularly the potential
brings to the venture administration response to FSA proposals and shareholding. It provides a range
change of Government and
skills demonstrated admirably in the measures. of personal lines, commercial and
regulation structure that a new
running of the IIB. Her team’s skill set claims Management products and
Government may implement.
fits perfectly. Paul Brierley, managing director of services sold through its agency base
OurNetwork said:“ Now brokers of over 1000 firms.
The manifesto highlights
A statement said that having can get network, commission
five key lobbying themes,
suitable insurance protection,
driving change, regulation and
IUA forecasts industry challenges
consumer protection and the UK
and Europe.
Two of the London Market’s cent of Solvency II implementation rekeying. He added: “This initiative
Eric Galbraith, BIBA’s chief
biggest challenges for 2010 – costs are related to technology. This directly complements the need for
executive, said: “The big
modernisation and Solvency includes modelling software, data high quality data to be available for
challenges for 2010 are the
II – will be closely linked and warehousing and consideration analysis of risk and capital modelling
changing political and regulatory
interdependent, the chief of data quality. Meanwhile market for Solvency II. One could say that
landscapes and developments
executive of the International modernisation is a continuous there is a regulatory imperative for
in Europe. We will be strongly
Underwriting Association (IUA) has improvement process as technology insurers to be ACORD standard
representing our members
predicted. provides opportunities for further compatible, as this would at least
in these areas along with the
efficiencies.” give greater assurance that data
urgent IPT issue. I am sure that
Dave Matcham said he believed received and processed by insurers
the manifesto will provide us
the way companies implement One of the market’s key 2010 will be of high quality and give
with a number of opportunities
technology changes will have a major modernisation projects is the wider regulators greater comfort that their
to engage relevant stakeholders
impact on how they deal with both implementation of ACORD data capital modelling is adequate.
and ensure that we are at the
issues. standards which will be seen in
heart of representing brokers.”
greater use of the Lloyd’s Exchange “I believe that many companies are
“On the face of it they are separate for endorsements and other peer to now seeing the direct connection
The 2010 manifesto is the third
initiatives – one is regulatory, the peer transactions between brokers between data standards and internal
manifesto produced by BIBA and
other technology and carriers. capital modelling. So, directing
will be distributed to all political
and process change,” he said. resources to ACORD standards could
stakeholders who are influential
“However, I believe that they are not Mr Matcham stated that the well be a good investment decision
on the issues affecting insurance
mutually exclusive. project enables validated data to for the future.”
brokers.
“It is estimated that up to 40 per be submitted and reused without
February 2010 Insurance Brokers’ Monthly
Whats New 30-33.indd 4 1/2/10 13:58:47
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