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Our CEO spoke at the BIBA 2018 conference, on a panel session regarding how customers are at the heart of the broker business. The regulator spoke at a panel session on how customers are at the heart of the broker business at the BIBA conference. Adding to this, Paul Anscombe raised concerns around how consolidation was affecting customer service:-

https://www.insuranceage.co.uk/broker/3408316/biba-2018-fca-pledges-perennial-client-money-focus

A valuable reference tool for brokers, the Insurance Brokers’ Good Practice Guide has a number of benefits

Whether you deal with a doctor, a solicitor or an accountant, knowing they adhere to a set of professional standards can provide considerable reassurance. To enable their customers to have the same confidence in the service they receive, insurance brokers are the latest profession to introduce professional standards.

But establishing professional standards isn’t a simple task. The first formal work on broker standards started back in 2014 with the creation of the Insurance Brokers’ Standards Council.

Two years later, following discussions with the British Insurance Brokers’ Association (BIBA), it was agreed that, as both were seeking to create a single voluntary code of conduct and guidance, the IBSC should continue as a BIBA committee.

As well as a range of broker members from large global firms through to smaller regional ones, the committee includes representation from the Chartered Insurance Institute (CII) and, to provide legal support and guidance, Weightmans solicitors. It also engages with the Financial Conduct Authority and the Association of British Insurers to ensure they are informed about the standards.

Paul Anscombe, chair of the Insurance Brokers’ Standards Committee (IBSC), says: “The committee brings together external sources of guidance and legislation together with broker input to create good practice standards. Our aim is to produce guidance that will support a broker: rather than have to go off and find all the reference guides themselves, it’s all contained within the standards.”

Good practice guide

Working together in this way enabled BIBA to launch a Good Practice Guide for brokers at its annual conference in May 2017. This contains nine chapters covering areas such as role and responsibilities, corporate governance, clients and employees (see box below).

Each of these chapters explores different aspects of that particular area in greater detail to act as a valuable reference tool. As an example, included in the chapter on role and responsibilities are the BIBA Code of Conduct, the Insurance Act, data protection and guidance in respect of conflicts of interest, transparency and disclosure in the commercial insurance market.

Although comprehensive, Mr Anscombe is keen to stress the standards are designed to provide a benchmark rather than tell brokers how to run their business. “We want brokers to have a guide that shows them what the acceptable standard is,” he says. “There’s nothing stopping them doing better if they want.”

The guide is also designed to evolve over time. “It’s a living, breathing document,” explains Pam Quinn, head of communications at BIBA. “As new regulations come into force and market practices change, the guide will be updated to ensure it stays current.”

Sarah Mallaby, director of broker markets at Allianz UK, comments: “Being a broker is a challenging profession. You have to juggle the demands of running a business with meeting the rightly high expectations of customers, employees and insurer partners, as well as understanding and implementing significant amounts of regulation. Minimum standards that help lay out what is required are welcomed, as professional, well-run, advice-led brokers not only provide a valuable service to their clients, they enhance the reputation of the whole insurance industry.”

Standard benefits

As well as providing a valuable reference tool for brokers and helping to build public trust, the standards have a number of other benefits. Bavita Rai, partner at Weightmans, says they will help to create a level playing field. “There is such diversity in the broking market, with sole practitioners working alongside large global brokerages. This can create inconsistency in service,” she explains. “With everyone operating with the same reference point, the standards will help to ensure consistency. It’s good for the industry and it’s good for consumers.”

Setting standards, especially when the profession rather than the regulator is the driving force behind them, can also improve working practices. “When you set standards you always see people wanting to learn more and differentiate themselves,” says Steve Jenkins, development director at the CII. “As momentum grows, this will make an insurance brokerage an increasingly attractive place to work, helping brokers attract and retain talent. It’s a virtuous circle.”

To support this, he points to the growth in the number of insurance broker firms that have gained corporate chartered status. “Around 200 firms have now gained chartered status,” he adds. “Typically, these are medium-sized firms but we’re starting to see much more interest from smaller firms too.”

The standards will also make it easier for brokers to keep abreast of any legislative and regulatory changes. Mr Anscombe explains: “When a new piece of regulation is introduced there can be overload with training courses, seminars and information from all sorts of interested parties. As this can be overwhelming, especially for a smaller broker, they will be able to use the standards as a reference point.”

Emerging issues

The amount of new regulation set to hit insurance brokers’ corporate governance agendas in 2018 is a perfect example of the scenario Mr Anscombe describes.

As well as the extension of the FCA’s Senior Managers and Certification Regime, which is still under consultation, the Insurance Distribution Directive will be introduced in October. This regulates the way insurance products are sold. Brokers will need to ensure they have appropriate procedures in place around areas such as consumer information, remuneration disclosure, and training and competence.

Broader regulatory changes are also scheduled, with the General Data Protection Regulation (GDPR) coming into effect in May. Ms Rai explains: “Brokers, and their customers, will need to review their data protection processes to ensure compliance. If they’re not compliant, they risk a fine that could be up to €20m or 4pc of annual global turnover.”

The implications of Brexit is also on many brokers’ agenda this year. As well as potentially affecting their ability to carry out business across the EU, it could also affect their clients’ insurance requirements.

But, whatever’s thrown at the insurance broker market, having standards that can evolve and adapt to changes in regulation and sentiment will provide considerable confidence to brokers and their customers.

To read the story on The Telegraphs website, please follow the link: https://www.telegraph.co.uk/business/risk-insights/insurance-brokers-professional-standards/

Arts 4 Dementia is honoured to have been selected by Seventeen Group’s London office as its Charity of the Year for 2018.

Seventeen Group, an insurance and risk management organisation made up of subsidiaries James Hallam, 4sight Risk Management and Touchstone Underwriting, has committed to a year-long fundraising partnership with the award-winning charity.

The partnership will see staff from their London teams take part in fundraising and volunteering activities to support Arts 4 Dementia, generating vital income and increasing awareness of the benefits of arts engagement for people living with dementia and their carers.

Paul Turner, Executive Chairman, Seventeen Group said: “At Seventeen Group we are delighted that our City team have chosen to support Arts 4 Dementia this year.　To address a challenge that affects so many in such a creative and embracing way brings back the fun that can too easily drift from those that have so much more to give.”

Nigel Franklin, CEO of Arts 4 Dementia, said: “As a small but growing charity, having the support and commitment of Seventeen Group and their fantastic workforce is a huge step forward for what we can achieve. Ultimately, this means that we’ll be able to help more people living with dementia, their families and carers, and to make dementia training more widely available for arts providers across the country.

“We have already received a great response from employees looking to fundraise for us and we are really looking forward to working with the London teams throughout the year.”

###ENDS###

Media Information

For media queries and for further information about partnership opportunities with Arts 4 Dementia, contact Nigel Franklin or Imelda Dooley Hunter on 020 7239 4954.

Notes to Editors

Arts 4 Dementia develops innovative arts programmes to re-energise and inspire people in the early stages of dementia and carers, helping them live better for longer at home. Its website uniquely signposts arts events nationwide for people living with dementia; and it offers early stage dementia awareness training for arts providers and facilitators. The 500-plus workshop leaders trained to date are reaching well over 10,000 people living with dementia each year.　 A4D focuses on what people can achieve – often very much more than they imagine. The charity looks to assure the availability of local arts opportunities across art forms for families affected by dementia, wherever they may be in the UK, and through its website assure that those in search of such opportunities can easily find them.

Founded in 1982 Seventeen Group is a privately owned multi-disciplined insurance and risk management organisation. We work closely in partnership with insurers, funders and other business affiliates to identify future opportunities. The Group includes James Hallam Limited, Touchstone Underwriting Limited and 4sight Risk Management Limited.

This is the first time the charity has been selected by a corporate partner as its charity of the year.

[For the A4D webpage] Sign up to the Arts 4 Dementia newsletter or follow A4D on Facebook, Twitter or Instagram　to keep up with Seventeen Group’s fundraising achievements.

Seventeen Group announce further acquisitions

Seventeen Group has announced that, effective 22nd February 2018, it has acquired Complete Insurance Solutions Ltd and Total Insurance Services Ltd for undisclosed sums.

Complete and Total will be integrated into James Hallam Limited. James Hallam have a long standing Scottish presence including the acquisitions of Annandale Insurance Brokers and Westscott Insurance Brokers. These acquisitions further strengthen our position as an independent broker in a very important region.

All staff are remaining with the business and will continue to operate out of the existing premises.

Seventeen Group is a privately owned insurance Group which includes James Hallam insurance brokers, Touchstone Underwriting and 4Sight Risk Management.

Paul Anscombe, Chief Executive Officer of Seventeen Group comments “We are really pleased to be strengthening our team in Dumfries which is headed up by John Dougherty.

The teams will be a great addition to the Seventeen Group.

END OF PRESS RELEASE

For further information please contact:-

Jackie Knight Group Marketing and Media Manager E jackie.knight@seventeengroup.co.uk T 020 7977 7880

Seventeen Group Limited
5 Lloyds Avenue
London
EC3N 3AE

Seventeen Group leadership team and key insurers are off to Madrid next week for their annual group conference.  Paul Anscombe, the CEO, commented on the lead up to the event:

” I am very much looking forward to the Seventeen Group conference in Madrid next week. It is an opportunity for our leadership team and key insurers to review our business plan and update on key developments within the Group. The agenda is packed and the two days will fly by but it will be great to get us all together to assess our progress and network in an amazing city.”

Seventeen Group has announced that, effective 20th February 2018, it has acquired Rupert Burgoyne Limited (‘RBL’) based in East Sussex for an undisclosed sum. The founder, Rupert Burgoyne, established RBL in 1994 and has since developed the company to focus on High Net Worth Private clients and commercial business. The Gross Written Premium is £2.6 million and is split 70% Private clients / 30% Commercial.

All staff are remaining with the business and will continue to operate out of the existing premises. The business will be integrated within James Hallam under the brand of Hallam Burgoyne.

Seventeen Group is a privately owned insurance Group which includes James Hallam insurance brokers, Touchstone Underwriting and 4Sight Risk Management.

Paul Anscombe, Chief Executive Officer of Seventeen Group comments “Seventeen Group is growing both organically and through acquisition. Rupert Burgoyne Limited adds significantly to our Private Client proposition and expands our presence in the South East. Further significant growth is planned we and continue to see opportunities for us as an independent mid-sized business with a long term plan.

For further information please contact:-

Jackie Knight Group Marketing and Media Manager
E jackie.knight@seventeengroup.co.uk
T 020 7977 7880

Treat the one you love to a luxury train experience this Valentine’s Day and dine in style aboard the Northern Belle vintage train.

Sink into your plush seat in one of the beautiful carriages, each evoking the glamour of 1930s rail travel and the famous “Belle” trains. Admire details such as mosaics floors and ceiling murals lovingly made by some of the country’s top craftspeople.

Relax at your elegant table, set with crisp white linen and sparkling bespoke glassware, and anticipate the gastronomic journey ahead.

As you savour the first of five delicious, seasonal courses, take in the ever-changing views of the British countryside. Your attentive, liveried steward is on hand to see to all your needs.

Sip chilled champagne, and enjoy every minute of this unforgettable day.

It is the perfect surprise treat for your loved one, or a wonderful anniversary celebration for friends and family.

INCLUDES

• Round-trip travel aboard the Northern Belle luxury train
• Welcome champagne reception on board
• Fine-dining
• Sumptuous five-course lunch: British seasonal table d’hôte menu including Great British cheese board, biscuits and chutneys
• Bottle of wine per couple.
• Coffee, tea and petits fours
• Surprise gift for your Valentine

This amazing trip will take place on Friday 16th February and leaves Manchester Victoria at 12.40pm it will take approx. 4 – 5 hour.

For more information about the great work Hospitality Action do please see www.hospitalityaction.org.uk.

Please send your bids to david.noble@jameshallam.co.uk