The British Insurance Brokers’ Association (Biba) has unveiled a standardised terms of business agreement (Toba) which it claimed could “revolutionise” the process for brokers and insurers, Insurance Age can reveal.
According to the trade body using the new voluntary Toba would save up to 80 hours of work (see box) as well as reducing bureaucracy and broker queries, lowering costs, making disputes less frequent and increasing productivity.
Biba argued that widespread take-up would achieve a
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