BIBA and Polaris have been working with insurers and software houses to help the industry meet the requirements of the Competitions and Markets Authority (CMA) recommendations on No Claims Bonus (NCB) Protection.
A review conducted by the CMA found that insurers and brokers should provide transparent information regarding NCB protection to consumers at the time when the decision to purchase the add-on is made. The CMA also asked the industry to make the necessary changes to systems and procedures to meet this requirement by August 2015.
BIBA were concerned about the tight deadlines for meeting the requirements and approached Polaris for assistance in persuading the CMA to extend the time available for the changes.
Martin McLachlan, Managing Director of Polaris commented: “Polaris is a trusted body within the insurance industry with a deep knowledge of how insurer and broker systems function. We were able to work with all three parties - BIBA, insurers and software houses - through our Electronic Trading Practices Group (ETPG) to help BIBA persuade the CMA to accept a later delivery date for their requirements.”
Graeme Trudgill, Executive Director for BIBA, concluded: “When lobbying for change in any area of Government it is important to have fact based expert evidence. Polaris was able to work with BIBA to provide the critical evidence needed to establish the correct time period for implementation for the CMA. This resulted in a significant time extension, providing a far more realistic lead time and will give software houses and brokers the time needed to adapt systems to ensure compliance with the new regime. Polaris’ involvement in this was most welcome by the broking sector.”
If you have any further questions about this article, please contact us.