Businesses are encouraged to take risks in order to promote growth during these unsettling times. In this context, insurance is essential and completely fits with FullCircl's goal of enhancing business operations. FullCircl has praised the 2024 BIBA Manifesto's "Managing Risk for Growth and Economic Security" for its innovative strategy for promoting economic recovery.

The BIBA Manifesto draws attention to a worrying trend: according to a Premium Credit survey conducted in October 2023, 45% of SMEs had their insurance premiums rise, which forced them to cut coverage in an effort to save money. This circumstance emphasizes the importance of brokers, who can help companies make well-informed insurance decisions and guarantee the greatest coverage available while staying within their budget. FullCircl applauds BIBA for taking the effort to increase insurance accessibility, particularly for people in vulnerable situations, by forming alliances and agreements that will boost the standing and assistance of the sector.

The Executive Risk Survey Insights from AON and the SmartBroker Service from FullCircl

Given the state of the economy, cash flow and liquidity were ranked as the top concerns for UK organizations in AON's Executive Risk Survey conducted in October 2023. FullCircl launched SmartBroker, a service that offers thorough data to assist brokers in more efficiently managing both new and current clients, in response to this feedback. Understanding clients' financial circumstances requires knowledge of financial risks, unfavorable director history, and CCJs, all of which are provided by this Experian-powered service. The launch of FullCircl's New BIBA Facility, which provides BIBA members with a 25% discount, shows a dedication to advancing the sector through creative solutions.

Getting Around in the Future: Social Responsibility, Tax Reform, and Climate Resilience
FullCircl recognizes the difficulties associated with tax collection from personal car insurance and supports calls for Insurance Premium Tax reductions to promote employment and economic growth. The insurance industry's focus on protection and social responsibility is demonstrated by its dedication to addressing issues like those brought to light by the Grenfell Tower tragedy and enhancing the sector's response to cyber losses, innovative building techniques, data sharing for self-driving cars, and personal property terrorism coverage.

Broker assisting companies face difficulties because adverse director history and legal notices have no time limit. FullCircl supports a more forgiving approach to encourage a culture of understanding and support for directors who take business risks, equivalent to the statute of limitations for criminal and auto charges.

The Financial Services and Markets Act seeks to increase the financial services industry's size and level of competition in the UK. Following the banking industry's lead, FullCircl promotes the use of technology to optimize workflows and enhance service quality by leveraging data utilisation to drastically decrease human labor and mistake.

The collaboration between FullCircl and Acturis is a prime example of how technology has the ability to revolutionize the insurance brokerage sector. Brokers may drastically cut down on the amount of time spent on manual processes by integrating data from over 40 sources. This allows them to concentrate on providing value and insights that enable businesses to more effectively navigate their insurance needs.