Marvin OnumonuThe Association of British Insurers (ABI) has updated its governance to give more decision-making power to its lead committees for general insurance, long-term savings and health and protection.
These groups, now called product boards, will decide on policy matters for their markets.
The ABI board will focus on sector-wide strategy and keep oversight of major regulatory, political or consumer issues.
Product board chairs will join the ABI board if their firm is not already represented.
Baroness Kay Swinburne, ABI chair, said: “Members are central to the ABI’s work and it’s important to ensure our governance arrangements continue to best support long-term strategic ambitions alongside the delivery of our current priorities.
“This refreshed structure with the elevated product boards provides a robust framework as we work together to drive change for a resilient and thriving society.”
ABI has also set up a new pensions insurance and investment board to focus on pension insurance, annuities and investment.
The board will cover defined benefit (DB) pensions policy, annuity investment and bulk purchase annuity (BPA) market issues.
It will oversee work from the investment delivery forum, which tracked the £100bn investment commitment linked to Solvency II reforms.
Hannah Gurga, director general at ABI, said: “Our members have been clear that they want a stronger voice in shaping the priorities that matter most to them.
“These changes put that principle into practice.
“By elevating our product boards and creating the new Pension Insurance and Investment Board, we are sharpening our focus, speeding up decision making, and ensuring members are driving the agenda on the issues that underpin the UK’s long-term financial security and growth.”
David Richardson, CEO of Just Group, will chair the pensions insurance and investment board and join the ABI board.
Richardson said: “It’s an honour to join the ABI Board and to take on the role of chair of the new Pensions Insurance and Investment Board.
“The insurance sector plays a pivotal role in ensuring pension security for millions whilst investing billions across the UK to support jobs, growth and infrastructure renewal.
“The ABI champions putting the customer at the heart of our industry and I look forward to helping shape the strategic direction of our sector to maximise the benefits to consumers and the wider economy.”
The long-term savings board will focus on defined contribution (DC) workplace pensions.
Michele Golunska, managing director of wealth and advice at Aviva, will chair the board.
Dame Amanda Blanc, group chief executive, represents Aviva on the ABI board.
Golunska said: “The Long-Term Savings Board plays a crucial role in collectively tackling cross-generational challenges to help retirement adequacy for pension savers.
“I’m delighted to be stepping into the chair role and working closely with colleagues across the sector at such a pivotal moment.”
Colm Holmes, UK chief executive at Allianz, will continue to chair the general insurance board.
Mark Till, chief executive at Unum UK, stays as chair of the health and protection board.
Both sit on the ABI board.
