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FullCircl responds to the launch of the BIBA Manifesto
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FullCircl responds to the launch of the BIBA Manifesto

On January 10th, BIBA launched their 2024 Manifesto at the Houses of Parliament. FullCircl's newly promoted Director of Insurance Industry Growth, Ashleigh Gwilliam, shares his thoughts on what this means for the industry.

On January 10th, BIBA launched their 2024 Manifesto at the Houses of Parliament. FullCircl's newly promoted Director of Insurance Industry Growth, Ashleigh Gwilliam, shares his thoughts on what this means for the industry.

In this article:

  • Post-Covid-19 turbulence, inflation, Brexit uncertainties, and changes to consumer behaviour pose challenges for the UK economy.
  • BIBA has launched its 2024 Manifesto, highlighting the necessity for businesses to take risks for growth and economic recovery.
  • 45% of SMEs experienced increased insurance premiums, leading to reduced coverage, providing a unique opportunity for Brokers to advise on optimal coverage within budget constraints.
  • AON's recent survey identifies cash flow and liquidity as new top risks for UK organisations, reflecting the current economic situation.
  • BIBA calls for its members to "embrace technology" to "deliver excellent service".
  • Graeme Trudgill, BIBA Chief Executive to address senior figures at industry lunch hosted by FullCircl.

Turbulence in the UK Economy

Recent years have been turbulent to the UK economy. Following the Covid-19 Pandemic, we experienced high levels of inflation, uncertainties related to Brexit, supply chain disruptions, and shifts in consumer behaviour.

For the UK economy to fully recover, businesses need to take risks. Without risk, there is no growth. Insurance allows businesses to take risks, aligning with FullCircl's mission of helping businesses to better business faster, which is why I really welcome the 2024 BIBA Manifesto "Managing Risk for Growth and Economic Security".

The Crucial Role of Brokers in SME Insurance Amid Rising Premiums

The Manifesto references a survey by Premium Credit from October 2023 which uncovered that 45% of SMEs’ Insurance Premiums have increased, resulting in them reducing cover to reduce cost. This is an unfortunate fact but highlights the value brokers can add. When funds are limited, it is more important businesses receive a return on their investment; businesses are not insurance professionals, so taking the advice of a broker is essential to ensure you have the best cover possible within your budget. I commend BIBA for the steps they have taken in partnership with the ABI with their Signposting Agreement and access to the insurance committee to help drive individuals and businesses to organisations that can help them – particularly those in vulnerable positions. But, reflecting on the comments from my good friend Angela Irvine at Bletchley Group, it is important for brokers to demonstrate the value they are adding to the client journey, as it helps improve the industry’s overall reputation.

AON’s October 2023 Executive Risk Survey, also mentioned in the Manifesto, uncovered the Top 10 Risks facing UK Organisations, including a new addition to the list - Cash Flow and Liquidity, indicative of the current UK Economy. It is an issue many of our clients have discussed with us; feedback that contributed to our decision to launch our new SmartBroker service.  

FullCircl SmartBroker provides you with all the information you need to acquire new business & retain existing clients, prepare better underwriting submissions, and assist with compliance, aligned to the new consumer duty requirements; including key financial risk and liquidity information from Experian-powered credit data, adverse director history and CCJs – all designed to help brokers understand the financial situation at their clients. 2023 was also the year we announced our New BIBA Facility, allowing BIBA members access to our FullCircl SmartBroker service, with a 25% discount.

Navigating the Future: Initiatives for Tax Reform, Social Responsibility, and Climate Resilience

I commend the calls to reduce Insurance Premium Tax, ideally, I would like to see a complete removal of IPT on mandatory classes of insurance, for example employers’ liability, which would help fuel employment and economic growth. However, I understand this would be an impossible ask, as the tax revenue from personal motor insurance would be hard to replace.

I am also encouraged by the determination of BIBA, the ABI and DLUHC, to find resolution to the issues highlighted by the horrible tragedy at Grenfell tower. The Insurance industry’s primary concern should be to provide protection – particularly to those who need it most. This continues to be highlighted in BIBA’s Manifesto, with calls for improvement to categorising Cyber losses, dealing with new methods of construction, data sharing protocols regarding self-driving vehicles and personal property terrorism cover.

Is More Leniency Needed Towards Directors in Business?

Clarity surrounding Previous Insolvencies and County Court Judgments is long overdue. At FullCircl, we surface adverse director history and legal notices to our clients regarding the companies they are transacting with. A lack of a time-limit makes it difficult for brokers to provide advice to companies. Motor and Criminal convictions both have statute of limitations, why not insolvency? As a nation we except that people make mistakes, and certain crimes can be deemed ‘spent’, why are we stricter on directors taking chances in business?

Lessons from the Banking Sector

The Financial services and Markets act gives the FCA a secondary objective to fuel "growth and competitiveness" from the Financial services sector in the UK, yet the UK continues to have the second highest financial burden caused by regulation when compared to other leading jurisdictions.

BIBA calls for its members to “embrace technology” to “deliver excellent service”, calling out the value e-trade, claims management systems and improvements AI can bring through timesaving. While I commend this response, I would like to see further encouragement on the use of Data and Information. Lessons can be learned from the Banking Sector, who utilise the data to reduce manual effort and human error during the application stage. This tried and tested process can easily be replicated for the Insurance Industry. At FullCircl, we have assisted numerous multi-national banks by prepopulating business banking application forms, in one circumstance reducing the number of required answers from 80 down to just three. Not only does this improve the customer experience during the application process, but the increased accuracy could also minimise potential issues at point of claim; ensuring the right protection is in place when clients need it most.

Embracing Technology to Delivery Excellence in Insurance

This is why I am proud of our new partnership with Acturis. At the click of a button, brokers can enrich client files with data from over40 different sources, significantly reducing the time spent manually completing forms and removing potential for human error.

There is a plethora of data available to modern insurance brokers, the real key is finding the information that provides valuable insights, this is where our market leading Screening functionality can be so valuable. In seconds, FullCircl analyses all the information available, highlighting the key ‘golden nuggets’ that enable brokers to do better business, faster. This may include Adverse Director History, CCJs and PEPS & Sanctions, but also insights derived from company financials that identify a company’s demands and needs. It also assists with consumer duty requirements – for example, an increase in Export Turnover prompts a conversation regarding Marine Cover, Trade Credit requirements, and changes in PL & EL exposure, allowing you to deliver positive outcomes that protect clients from financial harm.


On January 31st, FullCircl, in partnership with BIBA and Acturis, are hosting an exclusive lunch for senior executives across the insurance industry. If you would like to learn more about our new SmartBroker service and Acturis integration, or hear more from BIBA CEO, Graeme Trudgill, regarding BIBA’s 2024 Manifesto, you can register your interest by emailing Robert Taylor.

Remaining spaces are limited and strictly limited to senior executives; therefore, unfortunately not all applicants will be accepted.

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