BIPSA was formed by professionals within the Insurance Industry who saw a need for transformation of the insurance industry and development of black professionals within the Insurance industry in the various sub-industry groups including short-term, long-term, employee benefits, risk management, health, pension administration, investment and specialized risk.

The association is and will remain non-racial, the main focus, however, being Black professionals due to the shortage of skills amongst the Black professionals within the industry and little or no development of Black Professionals.