Biba, the British Insurance Brokers Association has welcomed the government’s equality office new policy statement which proposes new measures to help make sure customers get the insurance they require. Take an insurance provider who has refused cover to an individual, they have no obligation to point the individual in the right direction to a specialist insurer. The new laws proposed will make it compulsory for providers who decline to provide cover, to refer the individual to a more appropriate source who can help them with their requirements.
The signposting system is a way of helping individuals who are turned down at point of sale to be directed to an independent source of information and guidance so they can offer help in finding the consumer the right insurance product.
Biba , which has been calling for greater assistance for customers, stated that it is “delighted” that signposting will become compulsory, they already promote their own ‘find a broker service’. However, Biba believes there are many more consumers who are refused cover from comparison sites and direct insurers who are unaware of this helpful service and that insurance brokers help them find the information and products they require.
A Biba executive, said: “There is a solution through insurance brokers who can cover extremely difficult risks. It really is just a case of knowing where to go. This new requirement for signposting, once introduced, will help customers to find the protection they need, otherwise they run the risk of travelling uninsured, we know of some that have even decided not to go on holiday as they could not find insurance.”
It is another example of helping consumers find the information and services they require, the greater the transparency in the market and the information provided the better the service the consumer receives. We are building an insurance guide to help you answer those all important questions when buying insurance.
Whether you need some life insurance advice or health insurance quotes we are here to try and make your life easier. If you have specific requirements or just need pointing in the right direction then please do not hesitate to get in touch.
For more information regarding the regulation of the industry visit the FSA website.
