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BIBA’s Graeme Trudgill on the Insights Needed to Create Change

This economic landscape is challenging, but we are determined to push for the changes needed to ensure growth for the broker market year after year. And we’re not short of ideas for how to make it happen.

Graeme Trudgill’s guest column in the Insurance DataLab Broker Performance Report 2025

I like to think that if Insurance DataLab was in a Bond movie they would work for the Q Branch, such is their unique and innovative attention to the subject of performance.

In the ultra-competitive world of commerce, a firm lives or dies by its performance. That’s why I always find Insurance DataLab’s Broker Performance Report such an interesting read, as it considers a firm’s key pillars of growth, profitability and productivity.

Of course, the world moves along at pace and there are good and ‘less good’ factors every year. I am pleased to see that profitability across the sector has increased, always a good marker of performance, but, at the same time, the overall rate of growth has dropped by two percentage points.

Changed Needed to Drive Growth

Growth is a topic BIBA has been working on closely with the government, through ongoing engagement with the City Minister and her team.

We have put forward 21 ideas that we believe present great opportunities to make changes that will elicit a better environment for growth. This includes our six manifesto points around regulation:

  • speeding up authorisations
  • streamlining reporting
  • reviewing the scope of the Consumer Duty
  • improving metrics
  • removing unnecessary rules
  • reforming the product value regime

Closing The Insurance Gap

The insidious general gap in insurance protection also remains a concern. We see this in the worryingly low take-up of cyber insurance and the under-insurance we see across many lines during the current challenging economic times.

As a sector we do need to do more to improve access to insurance for all and close this gap.

If you aren’t part of the BIBA family then I hope you will consider both joining up and joining in. It would be great to see all three metrics of the Insurance DataLab Broker Performance Report making a positive step change every single year.

Finally, my thanks to the Insurance DataLab team for working with BIBA and giving us such helpful insights.

You can download the full report for free here.