ILC Breakfast News – Wednesday 1 February 2023
31st January 2023Tweet
ILC Day 2023
Headed up by ILC Founder Chris Ashworth, the Great Insurance Bike Ride will see individuals jump on a bike (at home, in the gym or outdoors) and cycle 50 miles on Tuesday 14 February for ILC Day – helping to raise awareness and sponsorship for the Rainbow Trust children’s charity.
However, this is just one way you can get involved in ILC Day – a host of other fundraising opportunities exist from bake sales to head shaves to simply asking colleagues to wear red and make a small donation.
Key ILC event dates 2023
Click here to see all of ILC’s key event dates for 2023.
Stellar line-up set for Subsidence Surge event
Support is continuing to grow the ILC’s forthcoming ‘The Subsidence Surge’ conference, with new additions to its sponsor and speaker line-ups.
The conference is headline sponsored by Optera Structural Solutions, along with Gold Sponsors: 360 Globalnet, Corelogic, Geobear, Innovation Group, Sedgwick and Stress UK, as well as Silver Sponsors: Crawford & Co and Davies.
CCG founder takes part in Digital Dragon’s Den
Claims Consortium Group founder Jeremy Hyams took part in a Dragon’s Den-type digital event organised by the Evo Agency intended to inspire the next generation of tech talent.
The event was held to encourage and support young talent after it was estimated by the government’s UK Digital Strategy that the digital skills gap costs the UK economy £63bn a year in potential GDP.
WTW enhances cyber security support
WTW has launched a new excess layer cyber facility, called CyXS, which is available to all clients who purchase excess layer cyber programmes.
Glyn Thoms, Head of GB Finex, Cyber and TMT, WTW, said “CyXS helps us continue to support our clients with accessing significant capacity in an efficient way and further adds to our broad suite of innovative cyber solutions.”
Entries open for Innovation Championships
Zurich Insurance Group has launched the fourth edition of the Zurich Innovation Championships and is now inviting startups in the insurance industry to enter.
Those selected will collaborate with Zurich experts on further developing innovations tailored to the sector and insurance customers.
MGAs face uncertain future
Insurance Services Managing Director at Davies Steven Goate has warned that a combination of challenges is threatening the futures of many MGAs.
He said that the MGA market has been constrained by reinsurers increasing pricing while restricting capacity, with many providers also becoming far more prescriptive with MGA partners.
Meanwhile, inflation and rising costs are also stressing the market as brokers seek the best rates and coverages.
Car insurance premiums on upward trajectory
Comprehensive car insurance prices rose for the fifth quarter in a row to reach an average price of £629.
According to the Confused.com Car Insurance Price Index, produced in association with WTW, premiums rose seven per cent in the last three months of 2022 to cap a 19% overall increase throughout the year.
Claims figures fall to lowest recorded level
The latest data from the Compensation Recovery Unit (CRU) has revealed a sharp fall in the number of injury claims.
Obtained following a Freedom of Information request by the Association of Consumer Support Organisations (ACSO), the data shows that the number of motor injury claims has nearly halved (44% reduction) since 2018, with the 84,247 claims submitted during the latest quarter of 2022 the lowest figure on record.
AkzoNobel achieves another sustainability milestone
AkzoNobel has announced that all its North American sites are now operating on 100% renewable electricity.
Europe achieved this landmark a year ago as AkzoNobel aims to reduce carbon emissions across the full value chain by 50% by 2030.
FCA warns of waning Consumer Duty focus
The Financial Conduct Authority (FCA) has warned that some companies are falling behind in their planning for the introduction of the Consumer Duty regulations.
Consumer Duty, which will require evidential proof that companies are putting customers first in every area of their business, comes into force on 31 July.
Carpenters Group hosts industry roundtable
Carpenters Group held its first Defendant Chronic Pain Roundtable last week.
The event attracted some of the leading voices in the sector, who shared their insights surrounding the changing landscape of personal injury claims.
Davies increases consultancy expertise
Davies has announced the acquisition of US-based MVP Advisory Group, a specialist consultancy firm managing transformational projects for the property and casualty and life and health insurance markets.
It provides expertise in underwriting, policy administration, claims management, client experience, finance, compliance, data warehousing, data, analytics, human resources, and information technology.
UK profit warnings reach 2008 levels
Profit warnings issued by UK companies last year increased by 50% to match the level reached during the 2008 financial crisis.
EY-Parthenon’s latest report found that 305 profit warnings were issued last year, up from 203 in 2021, with 152 of the total number due to rising costs.
Customer Intelligence Awards winners revealed
A number of ILC partners have been recognised in the Consumer Intelligence Awards 2023.
The awards are based on surveys of nearly 50,000 home and motor insurance customers, who assessed their providers across five categories: trust; service; claims satisfaction; customer satisfaction; and recommendation.
Aviva unveils new digital initiative
Aviva has launched a new digital initiative intended to develop the skills of colleagues and students in Norfolk.
The Foundry, based in Norwich, has been set up in partnership with tech education start-up Decoded with three goals: to develop the digital skills of Aviva colleagues; to enhance digital learning for Norfolk T Level students; and to support local business by gifting part of Aviva’s Apprenticeship Levy.
Markerstudy webinar aims to exorcise ghost brokers
Markerstudy hosted a Ghost Broking webinar which looked at the industry threat posed by ghost brokers, how they operate, what the industry can do to mitigate risks and how businesses can protect themselves from ghost brokers.
Taking part were Clare Lunn, Head of Fraud, and Amanda Fox, Head of Broker Management & Product Governance.
Silverlake Automotive Recycling has appointed Rob Lewis to the newly-created role of Social Media Manager.
Gallagher Bassett has named Mark G. as its new Motor and Property Fulfilment Director.Tweet
Motor Claims News