Signposting Service Helps Older Drivers
BIBA (British Insurance Broker’s Association) recently announced they have received over 700,000 enquires from older people about travel and motor insurance due to the organization’s signposting agreement, which was set up in cooperation with ABI (Association of British Insurers) and the UK government.
The Signposting Agreement
The signposting service, launched in 2012, was set up to help older people find the insurance coverage they need, when previously it was more difficult due to upper age limits set by some insurance providers.
The agreement was put in action in 2012, and then it was reviewed in 2015. It was reviewed once again in October 2019.
The agreement helps to solve the age problem; many older drivers and travelers in the past tried to buy insurance coverage for their vehicles or trips. However, they came face-to-face with the upper age limits set by some insurance providers. The upper limits are set, and the insurers cannot insure anyone over the age limit. As a result, many older people were not able to purchase the insurance they required.
However, after the signposting agreement was implemented, insurers were able to refer these older customers to alternative insurance providers and brokers who could cover them. The agreement helped to solve the age issue, making it easier for this mature market segment to obtain insurance coverage.
BIBA provides the ‘Find-Insurance service, which can be found on their website or via phone. The service connects people seeking insurance with brokers, who are BIBA members, who will be able to determine the type of insurance the customer needs, and then help them find the right policy.
Helping Older Customers
Graeme Trudgill, executive director at BIBA responded, “Understandably, some older people have found looking for appropriate travel or motor insurance challenging and we are delighted that so many have found their way to our Find-Insurance service.
“We are committed to expanding the ease with which customers with many and varied needs can access suitable insurance.
“We are sure because we have seen many hundreds of thousands of enquiries from older people seeking insurance where other providers could not assist because of their age, that a signposting system does work and that BIBA brokers are able to help.”
James Dalton, ABI Director of General Insurance Policy, added, “This agreement between the government, ABI and BIBA is having a positive impact in helping many older customers access the motor and travel insurance they need. We want all customers to be able to access competitively priced insurance, and this initiative is helping to deliver on this.”
John Glen, Economic Secretary to the Treasury commented, “Consumers of all ages should be able to access the right insurance for them. I’m delighted that the government and industry have again been able to come together to help.”
Services Customers Can Expect
The Find-Insurance signposting service has assisted more people to obtain the insurance protection they need for all types of insurance, including homes, holidays, vehicles and more when it comes to insurance renewal and purchase. The program also helps people to avoid the problem of underinsurance or no insurance, which can put them at high financial risk, with no protection to fall back on.
The service’s insurance brokers provide guidance and access to a variety of insurance providers, helping to meet the needs of their customers. Other services include representing clients in claims settlements, brokers are authorized and regulated by the Financial Conduct Authority, can give risk management advice, and more.
If you’re having trouble finding insurance coverage, be sure to check out the Find-Insurance service on BIBA’s site, or by phone at 0370 950 1790.