Guernsey Finance at BIBA 2018

06 April 2018

Guernsey’s thriving insurance sector is right on point with the theme of this year’s British Insurance Brokers’ Association annual conference and exhibition.

Representatives of the sector in the island will be in Manchester for the two-day conference on 16 and 17 May, which has the theme ‘Innovate, Evolve, Thrive’.

BIBA intends to explore the world of insurance innovation as insuretech establishes itself as a real opportunity in insurance product development and delivery.

Guernsey’s insurance industry is wide-ranging for its size and renowned for innovation in providing a range of risk management solutions. In recent years it has also started to embrace fintech and more precisely, insuretech.

Firms such as First Central Group, the Guernsey-based online UK motor specialist, have thrived operating from the island over the past 10 years. At the heart of that business is a commitment to developing the use of technology in the business to generate efficiency and enhance the customer experience, and the company is now diversifying into blockchain technology and the use of artificial intelligence in the claims process.

The concept of start-ups operating with established operators was discussed at last year’s Guernsey insurance forum in London.

“Guernsey’s thriving and entrepreneurial finance community brings together major global players and small, independent firms. Big and small working cooperatively is common practice here and the expertise and experience available in the island is formidable,” said Guernsey Finance Chief Executive Dominic Wheatley, a former insurance professional himself.

“Guernsey has a long history of financial innovation, is ready to embrace new ideas, and planning for the future must be hardwired into the DNA of insuretech firms.”

Guernsey companies also offer a range of solutions from the island, including captive insurance, MGA incubators, professional indemnity insurance, reinsurance, transformer cells and kidnap and ransom insurance. The island has more than 800 international licensed entities, 19 insurance managers and eight domestic insurers, and employs close on 1,000 people, contributing more than £145 million to gross domestic product, with a contribution per employee of more than double the local average per worker.

The BIBA conference will involve more than 7,000 visitors and 200 exhibitor stands for what is the largest insurance broking event in Europe.

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

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