World’s first sharing economy kitemark launched with BIBA’s support

7th July 2016

The British Insurance Brokers’ Association (BIBA) has joined the Expert Advisory Panel for the sharing economy’s ‘TrustSeal’, which sharing economy’s trade body, Sharing Economy UK (SEUK), launched today.

The TrustSeal stamp of approval is the world’s first kitemark for the sharing economy and will be awarded to sharing economy companies who successfully meet a list of Good Practice Principles.

PwC UK will review all of the applications put together by the companies participating in the pilot programme. It will then report back to the TrustSeal’s newly formed Expert Advisory Panel which has been formed to award and govern companies with the TrustSeal stamp of approval.  BIBA’s Executive Director, Graeme Trudgill, is part of this panel following BIBA’s involvement with the sector.

Graeme said: “The phenomenal rise of the sharing economy brings with it new insurance exposures and BIBA committed in its 2016 Manifesto to work with representatives from the sharing economy.

“Trust is front and centre with the sharing economy and knowing there is insurance protection in place can give confidence to participants. To support this we have produced a guide, updated our list of specialist brokers and supported this new trust seal stamp of approval by joining the Expert Advisory Panel.”

Debbie Wosskow, founding chair of Sharing Economy UK, says, “The TrustSeal has been created to set global standards for sharing economy companies around the world. This is another world first created by the UK, and the principles outlined can be used as a benchmark for companies to follow in other markets.

“Insurance plays a fundamental part in the sharing economy as it can help consumers to feel safe and protected when using relatively new services and businesses.
“Through working with BIBA we’ve taken significant steps forward towards making sure that the sector collaborates with sharing economy companies of all shapes and size and we will continue to push this forward. We’re excited about the rate of change and are looking forward to working with Graeme and his team to continue to make progress, and stamp exemplar insurance companies with the TrustSeal of approval.”

The good practice principles for the TrustSeal that have been outlined by world-class business and sharing economy leaders are:

1. Identity verification
2. Criminal and background checks
3. Education and employment history checks
4. Transparent communications
5. Customer help and support
6. Secure payments, clear pricing and refunds
7. Insurance and guarantees
8. Data protection

-ENDS-

Notes to editors

1. The Sharing Economy UK (‘SEUK’) is the trade body representing and championing the UK’s sharing economy industry – from some of the world’s most influential sharing economy businesses to innovative and industry-defining start-ups, across a spectrum of sectors.

2. The sharing economy involves using Internet technologies to connect distributed groups of people and organisations to make better use of goods, skills, services, capital and spaces, sharing ‘access’ and so reducing the need for ‘ownership’. Sharing economy businesses help individuals to better utilise their assets, helping make downtime uptime.

3. The Expert Advisory Panel is made up of business leaders including Rachel Botsman (sharing economy expert), Graeme Trudgill (Executive Director of BIBA), Alison Hastings (former BBC Trustee and Chair of Editorial Standards Committee), Trevor Pearce (former Director General of the Serious Organised Crime Agency) and Mark Gallagher (Founding Partner of PageField and former Executive Director of ITN, Camelot and ITV).

4. Click here for BIBA’s guide to The Sharing Economy and here for a list of BIBA brokers who can provide cover for the sharing economy.

5. For further information please contact:
   BIBA Press office
   Pam Quinn, Head of Communications
   07496 394471
   020 7397 0223
   quinnp@biba.org.uk

   Leighann Forsyth, Deputy Head of Communications
   BIBA
   020 7397 0223
   forsythl@biba.org.uk

Charlotte Winslett

Sharing Economy UK
07792 352 164

6. About the British Insurance Brokers’ Association
   The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms.

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff. 54% of all general insurance is sold by an insurance broker and they arrange 79% of all commercial insurance business.

Insurance brokers put the client’s interests first, providing advice, access to suitable insurance protection and risk management.

BIBA helps more than 250,000 people a year to Find-A-Broker, both online and via the telephone.

BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.