The Association of British Insurers (ABI) has announced plans for a fresh approach to the savings and life insurance markets after declaring it was "devoting too much of its time" to historic issues.
The 250-member body said it would be splitting its committee structure so it was composed of a "forward facing" long-term savings committee and a new 'legacy' committee.
ABI chairman Paul Evans said: "A year ago it became evident that the long term savings and life insurance committee was devoting too much of its time looking back over its shoulder to address issues of the past.
"Splitting it in two means we now have one committee focused on the needs of members with large books of in-force business, and one focused entirely on the future - new business models, new technology, new products, and hopefully, in time, new members."
Board changes
Confirmation of the new location for the ABI's base camp was announced alongside the addition of two new members to its board: AIG EMEA president and CEO Seraina Maag and Swiss Re UK and Ireland CEO Russell Higginbotham.
Andy Briggs, CEO of Aviva UK and Ireland Life, who already sits on the board, will also become deputy chair.
The board appointments are part of a package of reforms designed to make the ABI a "modern, lean and agenda setting organisation".
Other changes announced by the ABI at its conference also included a new associate membership offering.
ABI chairman Evans said: "The ABI modernisation programme will be helped by an opportunity to move out of the very expensive and rather musty premises in Gresham Street. I am delighted to announce today that in early 2016 the ABI will be moving to new offices in 1 America Square.
"This offers a modern office facility, with much improved facilities for all our members, big and small - at a substantially lower cost to members."
