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ILC Breakfast News – Wednesday, 1 May 2024


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Industry set for Home & Property Networking Lunch

The insurance claims sector is set to gather in London for ILC’s Home & Property Networking Lunch on Friday 17 May taking place at the majestic Grand Connaught Rooms, London.

Subsidence claims – the main blocks and challenges

During the second part of the session entitled, ‘What are the main blocks and challenges?’, a panel of contractors shared their insights around the key sticking points adding time and complexity to subsidence claims at ILC’s Specialist Subsidence Conference 2024 at the Manufacturing Technology Centre (MTC) Coventry on Thursday, 7 March.

Contributing to discussions were: Liam Hanlon, Managing Director, The Forshaw Group and Chair of The Subsidence Forum; Steve Wright, Head of Technical Services, GHC Solutions; Alan Perry, Technical Director, Restek; and Ron Mace, Director, Shire UK.

Construction recession on the cards

The Construction Products Association is predicting a construction recession this year. Its Spring forecast anticipates that output will fall by 2.2% during 2024 before 2.1% growth next year and 3.6% growth in 2026.

Construction companies in survival mode

The latest Begbies Traynor Red Flag Alert research has revealed that 554,554 UK businesses are now in ‘significant’ financial distress – a 30.8% rise compared to the same period last year. Of these, 83,559 are construction companies, with 6,141 of them in ‘critical’ distress.

The research also found that 157,156 of construction companies in significant financial distress are London-based, with 95,018 in the South East and 68,327 in the Midlands.

Claims Essentials

Conference highlights opportunities for positive change

ILC’s New Generation in Claims Conference helped highlight the opportunities available to positively influence how the industry can best attract and retain future talent.

Further insights into the day’s proceedings will be shared in the coming weeks.

ClaimsTech – The Pitch competition heating up

ILC’s ClaimsTech – The Pitch competition is heating up as a number of start-up/scale-up insurtechs recognise the opportunity at hand.

To be in with a chance of securing a ‘pitching’ slot enter here.

Further key names added to ClaimsTech agenda

George Beattie, Head of Innovation, CFC and Steven Williams, Head of EV Strategy, and Telematics and Connected Insurance at DLG are the two newest names added to the ClaimsTech – The Journey agenda.

The two key figures join previously announced names Liz Latter, CEO of Qlaims and Ed Gaze, CIO of Innovative Risk Labs on 3 July 2024 in London for ClaimsTech – The Journey 2024 which will split into specialist Home and Property or Motor technology streams to explore how technology can positively affect customer outcomes.

Mastercard updates fintech technology

Mastercard has enhanced its Engage programme and Fintech Express platform.

Engage now includes a self-service portal that enables fintechs to access exclusive resources, increase brand visibility and secure localised support, while Fintech Express will feature applications for Tap on Phone, Mastercard Gateway, QR acceptance. 

WTW announces Riskonnect collaboration

WTW is partnering with Riskonnect to deliver a new tool, WTW Risk IQ API, that will help clients of both companies to better evaluate claims data, identify inefficiencies, and save resources by automating manual processes.

Get ahead of ethical curve in AI

CoreLogic has encouraged insurers to take a conservative approach to adopting AI technology, urging them to get ahead of stricter legislation that will be introduced to safeguard customers and ensure ethical use.

It also says insurers must work with technology partners who share a conservative, ethical view on AI and compliance.

Digital threats on the rise

The third Munich Re Global Cyber Risk and Insurance Survey of 7,500 participants from 15 countries found that 87% doubt their organisation’s ability to manage digital threats.

Meanwhile, 47% said they had already suffered a data breach this year, 42% had been a victim of online fraud and 30% has suffered ransomware attacks.

New support for an older workforce

A global study by BSI has explored how businesses can flourish by tapping into an ageing workforce.

It found that most companies want more government support around attracting and training age-diverse talent, with tax benefits for wellbeing policies and incentives to invest in older workers key priorities.

Motor

Vehicle technology conference piques interest

More than 40 of the most influential names from within insurance will attend ARC360’s specialist ‘future vehicle technology’ conference, which will explore how technology is shaping the future of the industry and how businesses can optimise their value in the supply chain.

The event takes place on 27 June 2024 at the Manufacturing Technology Centre (MTC) in Coventry, sponsored by Activate Group and Thatcham Research along with Stellantis, which will also host the ‘Stellantis Zone’ on the day.

An interview with: Solera

With more than one million daily transactions from 300,000 global customers in over 100 countries, it’s fair to say Solera is big business. Its solutions empower smarter decision-making for anyone involved in vehicle-lifecycle management via AI-enabled technologies which utilise its vast vehicle, repair, performance, and telematics data.

Here, we catch up with Arnaud Agostini, Regional Managing Director at Solera, and Tom Hart, Claims Sales Director, UK & Ireland at Solera, to find out more.

Van insurance up by a third

The Consumer Intelligence Van Insurance Price Index has revealed that average quoted prices rose by 33.2% in the first quarter.

It found that 18% of quotes in March were between £750 and £999 and 17% were between £500 to £749.

ABI unveils premium finance principles

The Association of British Insurers (ABI) has announced a range of new principles to manage consumer costs around premium finance.

The Premium Finance Principles underline what fair practice should look like and revolve around five elements: transparency, affordability, fair value, proportionality and accountability.

BHR introduces new AI-driven solution

BHR Assist Insurance Services has introduced a new AI-driven solution which allows insurers to submit a payment pack and provide loss of use dates, which then enables the generation of a same-day offer based on BHR data, supported by a full CPR Court Compliant.

According to BHR, benefits of the system include: substantial reductions in hire period and hire rates; lower handling costs as there’s no need for solicitor involvement; and decreased potential for litigation, streamlining the entire process.

New guide to compliance

Activate Group has produced a free guide to help insurers work with supply chains to ensure Consumer Duty compliance.

The guide says insurers must map out their complete claims process, identify where suppliers are responsible, understand how they communicate with customers, install steps to deliver consistent service, monitor performance, consider third-party involvement, and drive continuous improvements.

Claims cost increases surge ahead of premiums

New figures released by the Association of British Insurers (ABI) have revealed that the cost of claims rose eight per cent in the first three months of 2024 compared to a one per cent rise in premiums.

The ABI’s Motor Insurance Tracker found that the average cost of a motor claim rose to £4,800 in the first quarter, while average comprehensive car insurance policies are now £635.

SYNETIQ announces Charity of the Year

SYNETIQ has named ANDYSMANCLUB as its chosen Charity of the Year.

Through the partnership SYNETIQ aims to promote dialogue around mental health, reduce stigma, and provide support for those navigating mental health challenges.

MGA

Marsh increases cyber insurance capacity

Leading insurance broker and risk advisor Marsh has increased capacity on its Cyber ECHO facility by £20m. It now offers up to £100m in cyber insurance cover, making it the largest of its kind in the market.

Industry News

AXA UK becomes ILC Insurer Partner

AXA UK – one of the UK’s leading insurance companies looking after millions of customer’s insurance needs across car, home, health and business – has become an ILC Insurer Partner.

Insurers failing dissatisfied customers

According to the Financial Ombudsman Service, upheld rates for insurance complaints was 34% in the third quarter of 2023.

This was the third quarter in a row that upheld rates were higher than a third, with emergency cover the worst performing business line at 46%. Meanwhile, upheld travel insurance complaints was 44%.

Tomlinson tackles London Marathon for Rainbow Trust

Fred Tomlinson ran his 32nd consecutive London Marathon last weekend to raise funds for Rainbow Trust.

The 75-year-old has so far raised more than £80,000 for the charity.

FCA explains new anti-greenwashing rules

The FCA is supporting businesses meet new standards around anti-greenwashing that will come into force on 31 May.

The new rules stipulate that product labels must clearly explain to customers how their money is supporting greener practices, and all environmental claims made in marketing must be evidenced.

People

Nicola George has replaced Mike Crane as Managing Director of Allianz’s personal lines broker business in the UK, which will be renamed LV= Broker to Allianz next week.

John Gibson has started a new position as Client Relationship Director at Kennedys.

Harkamal Phagura has joined the Motor Insurers’ Bureau (MIB) Executive Team as Interim Chief Finance Officer.

Thatcham Research has appointed Ben Townsend as Head of Automotive.

Julian Feiner has been named Head of Tax at DAC Beachcroft.

Kennedys has appointed Judith Martin as a partner in Manchester.

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ACTIVATE GROUP
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INNOVATION-GROUP
KENNEDYS
SYNETIQ