The British Insurance Brokers’ Association (BIBA) and the Association of British Insurers (ABI) are teaming up to develop a joint voluntary code for managing the insurance renewals of vulnerable customers.
The code, which will apply to motor and home insurance customers, aims to alleviate concerns that some individuals may not be able to consider the alternatives available to them at renewal, due to their personal circumstances.
The vulnerable customers’ code is one of a number of initiatives on which BIBA and the ABI have co-operated in recent times.
Steve White the CEO at BIBA, said that his organisation’s members were in a unique position to advise customers about their options at renewal and to ensure that they continue to be covered by appropriate insurance.
“This planned coming voluntary code will embody much of what our members already do for their customers in terms of providing advice and choice,” said White. “Having a published code will raise awareness that customers can look to their brokers to provide additional support and advice when renewing their insurance.”