The World Federation of Insurance Intermediaries (WFII) is an organisation that represents over 400,000 life, home and car insurance intermediaries from over 80 countries around the world. It is by far the most dominant intermediary federation in existence and is an extremely influential force in building a positive future for insurance intermediaries.
The term “intermediary” was chosen for the title of this powerful organisation in order to include both brokers and agents. Any company which stands between the insured and the insurer can be called an intermediary, and it is these providers which are represented by the WFII.
The primary role of the WFII is to ensure that insurance intermediaries are promoted in the current business world and that their purpose is understood. The federation provides a prominent voice that speaks on behalf of organisations that range from individual intermediaries to much larger associations.
The WFII is a central point which enhances the communication of important global issues and objectives to insurance intermediaries across the world. In this way, insurance agents and brokers can perform in a much more harmonised fashion, working towards common goals and targets.
Its existence as a unified body means that it is much more formidable than lots of separate car insurance brokers, for example, would be. It holds interests of intermediaries close to its heart and is dedicated to ensuring there is a level playing field on which they can compete. The WFII values fairness highly and is always ready to promote and defend equality in the marketplace.
One of the beliefs at the centre of the WFII is that of liberalisation. The Federation wishes to see life, home and motor insurance brokers and agents carrying out international trading more easily and profitably, and has been urging World Trade Organisation members to consider intermediaries for GATS (General Agreement on Trade in Services) negotiations. If this was successful under ideal terms, it would see foreign intermediaries fair and equal treatment in the insurance markets in a country.
The WFII was launched in 1999 and now consists of more than 100 national intermediary associations. From the UK insurance industry, these include the London Market Insurance Brokers’ Committee and the British Insurance Brokers’ Association (BIBA). All types of intermediary are included, with both general insurance (home and car insurance) and life insurance brokers making up the membership.
One of the most important founding members of the WFII was the European Federation of Insurance Intermediaries, also known as BIPAR. BIPAR represents car insurance intermediaries, amongst others, from all over Europe and is very important in helping smooth the way for the introduction of EU law into the individual nations.
BIPAR has remained in place as the advocate for European insurance intermediaries whilst WFII handles matters on a global basis. Together, these two organisations provide strong, united representation for intermediaries large and small across the world, promoting positive moves towards further economic success.