The conference agenda of Biba’s flagship event in May will dive into topics that are at the heart of organisational success or failure – attending brokers will be listening hard to gain business benefits
As we enter April, the insurance industry is collectively comparing diaries as broking trade body Biba’s annual conference is now a little over a month away.
The two-day event, to be held on 14 and 15 May 2025 at Manchester Central, is already shaping up to be a record-breaking affair in terms of attendance – however, a peruse of the conference’s agenda suggests that the time could not be more ripe for an industry-wide get together.
Traditionally, the primary benefit in attending the Biba Conference has been the vast exhibition hall, where networking, meetings and discussions can often end with lucrative deals being struck.
But the conference’s agenda should be viewed as an insightful litmus test for the state of the general insurance market within the UK.
On the face of it, Biba has decided a positive theme for the event.
Its ‘A New Era’ mantra could indicate that in a post-Covid world, the economy has finally turned a corner and with this will come new opportunities.
The trade association said: “The insurance broking industry is undergoing a profound transformation. ‘A New Era’ [is] driven by shifting market dynamics, evolving customer expectations, alongside rapid technological advancements.”
Alongside this opportunity potential, however, there will also arise new risks – from artificial intelligence (AI) to supply chain management – all at a time when a global trade war is seemingly looming. Demand for insurance support will certainly not be lacking.
Brokers are, therefore, likely to pack into the conference hall as discussions on geopolitical risks dominate the opening sessions. Following this insight sharing, Biba expects brokers “to identify the key challenges and opportunities that lie ahead for insurance brokers in the short and medium term”.
Providing value
Within its agenda, Biba is also keen to emphasise the symbiotic relationship between brokers, insurers and reinsurers – they win together and lose together.
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It added: “In an evolving risk landscape with changing market conditions, capital availability and risk appetite, those relationships will need to drive the creation of increasingly competitive solutions for the protection of clients and their businesses in the future.”
Capital availability remains a huge issue, but so is the flexibility to structure products to meet the needs of individual companies and clients. Whether AI and the greater use of technology will have a marked difference here is yet to be seen.
While on the subject of technology, Biba is additionally vocal on the value brokers provide alongside technological tools – a subject that will be discussed on the second day of the conference.
It said: “In an increasingly commoditised world, with clients who want to quickly click and buy, with their main focus on price, an insurance broker must deliver genuine value to their client.”
This particular session will seek to explore how brokers can differentiate themselves from other distribution channels by providing expert advice, tailored propositions and a personalised service.
“How do we start the insurance broker renaissance?” it asked.
It will be interesting to see what answers and solutions the conference sessions produce – I am sure that many would pay handsomely for the answers.
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