What’s next for insurance? Highlights from the BIBA conference 2024

From an increase in incidents of extreme weather to higher cases of underinsurance it appears the industry has much to be apprehensive about. But the title of this year’s BIBA conference – ‘What’s next?’ – was given ‘to identify the challenges and the opportunities’, rather than ‘create fear’. How to overcome these challenges was the overarching theme of the BIBA Conference 2024, as highlighted by BIBA’s chief executive Graeme Trudgill in his opening address to an audience of over 9,000 industry professionals.  

Dramatic headlines aside, BCIS has long been aware of the dangers that underinsurance poses, as well as the unprecedented rise in cases in recent years. In April, Aviva’s Broker Barometer survey revealed that 73% of brokers are concerned their clients are underinsured, despite taking measures to educate them on how inflation and supply chain issues can impact sums insured.   

It is indeed the heady mix of skyrocketing rises in both labour and materials prices and inflationary pressures that has compounded this risk, which neither the commercial nor residential sectors have been immune to. Despite this, only 19% of SMEs increased sums insured in the past year according to Nadia Cote of Allianz, who cited inflation and the cost-of-living crisis as reasons for this.  

AI was also high on the conference’s agenda. Although there’s a tendency for brokers to perceive AI as a threat that could take their jobs away, Erica Mackay, of broker firm Tysers, had a more positive perspective on the topic saying: ‘It’s a common fear that AI could replace industry jobs. But it’s about how to use AI to do our jobs more effectively and eliminate the things we don’t enjoy doing.’ 

This year, our very own insurance expert Anthony Struwig attended. He also sees the benefits that AI can bring to the industry in reducing the more tedious, or time-consuming, parts of insurance. This was the motivation for BCIS’ recent partnership with Intelligent AI Limited, a renowned leader in AI, data, and insurance risk management/underwriting technology. Our new service, the BCIS Intelligent Rebuild Cost Platform, combines our data with cutting-edge technology to address the underinsurance crisis head-on, while also saving time and ultimately money for industry professionals that need to insure large, commercial portfolios.  

Anthony said: ‘It is set to revolutionise the insurance landscape, safeguarding the viability of businesses and property owners while reducing insurers’ exposure in their portfolios.’

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