What is the story about?
What's Happening?
The London and International Insurance Brokers’ Association (Liiba) is set to publish a new research paper this autumn, titled 'The Innovation Imperative: Why Brokers Matter More Than Ever.' The report aims to evaluate the views of global brokers, insurers, and clients to highlight the value of commercial broking to the worldwide economy. Christopher Croft, Liiba's chief executive, emphasized the importance of demonstrating the value brokers create in a format understandable by government, regulators, and the financial community. The report will be available on the Insurindex platform before the Council of Insurance Agents and Brokers' annual conference in Colorado Springs.
Why It's Important?
This report is significant as it seeks to change the narrative around brokers, who have often been misunderstood and labeled as mere distribution costs. By showcasing the value of insurance intermediation, Liiba aims to influence governments and regulators globally to appreciate the economic contributions of brokers. This could lead to better regulatory support and recognition, potentially benefiting the insurance industry by enhancing its role in economic development and stability.
What's Next?
The publication of the report is expected to precede the Insurance Leadership Forum, where industry leaders will gather to discuss key issues. The findings may spark discussions on regulatory changes and the strategic role of brokers in the insurance sector. Stakeholders, including brokers and insurers, may use the report to advocate for policy adjustments that recognize their contributions to the economy.
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