’Broker engagement has been really positive,’ says chief executive
Flood Re chief executive Andy Bord has said broker engagement over Build Back Better has been “really positive” since the scheme was unveiled a year ago.
Launched in April 2022, Build Back Better offers householders the opportunity to install property flood resilience measures up to the value of £10,000 when repairing their properties after a flood.
When Flood Re revealed its results for the last financial year earlier this month (19 July 2023), it said 63% of the UK insurance market had committed to offering Build Back Better as an option for customers.
Bord said in an earnings call that brokers had shown a lot of interest in the scheme, especially at the Biba conference earlier this year (10-11 May 2023).
“Broker engagement has been really positive, both in terms of interest and commitment to want to work to communicate the benefits of Build Back Better to their customers,” he said.
“We were at Biba this year and had a lot of interest. I was their myself personally, meeting brokers and talking about Build Back Better.”
Training
Bord said that he we wanted to see the scheme offered as standard in all home insurance policies for those living at high flood risk.
Read: Aviva’s Winslow issues plea as homes face risks ‘like never before’
Read: Flood Re announces plan to drive ‘deeper understanding’ of Build Back Better scheme
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While 37% of the UK insurance market is yet to commit to offering the scheme, he said he was “very confident” that more firms would sign up.
Earlier this year (26 April 2023), Flood Re also published a new training video for the insurance market in a bid to drive a “deeper understanding” of Build Back Better.
The video was designed to further explain the scheme and the principals behind it.
In the earnings call, Kelly Ostler-Coyle, head of communications and stakeholder engagement at Flood Re, said the mutual reinsurer would be focusing on education over the next 12 months.
“We want to extend the training videos to brokers and insurers if they want it for their CPD (continuing professional development),” she said.
“We can add in questions at the end, so people can use that to get their CPD points and we think that would give more uptake.
“But its been really well received.”
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