ILC ARTICLE

ILC Breakfast News – Wednesday, 10 April 2024


Claims Essentials

Carpenters & Enterprise lead new generation support

Carpenters Group and Enterprise are the two leading names to show their ongoing support of ILC’s New Generation in Claims programme. 

Leading names set for ClaimsTech – The Pitch

Experts representing many of the UK’s leading insurers including: Ageas, Aioi Nissay Dowa Europe, Admiral Group, Collingwood, esure, First Central Services Ltd, Hastings Direct, Insure The Box, Markerstudy, NFU Mutual, Saga, Ticker, Uber, and Zurich are set to judge this year’s ClaimsTech – The Pitch event. 

ClaimsTech – The Journey taking shape

ClaimsTech – The Journey 2024 is set to take invited insurer guests on a passage where technology and consumer meet, with perception Vs reality put under the spotlight. 

Taking place between 12.00 – 15.00 on 3 July 2024 in London, ClaimsTech – The Journey 2024 will split into specialist Home and Property or Motor technology streams to explore how technology can positively affect customer outcomes.

Entrepreneurial spirit alive and well

Ahead of ILC’s New Generation event, taking place in Manchester on 25 April, new research has revealed that six in 10 young adults aim to be their own boss by the age of 30.

AXA UK polled 2,000 Gen Z adults, born after 1996, and found that 63% have already earned income from their own work. Nearly a quarter (22%) now aim to be their own boss within 12 months, with a further 13% planning to make the move within two years.

Gender pay gap explained

Synetics’ seventh Gender Pay Report has identified an internal gender pay gap of 20.05%.

However, it says this is not due to higher salaries paid to men doing the same work as women, but the result of different roles within the company. It also revealed that women now make up half its board.

Government announces new apprenticeship funding rules

The government has published new funding rules for apprenticeships starting between 1 August 2024 and 31 July 2025.

The new rules apply to employers and training providers and are intended to reduce the cost and hassle of taking on and training an apprentice, while introducing greater flexibility.

McKinsey announces tech partnership with Google

McKinsey has announced a new partnership with Google Cloud to help clients maximise the benefits of new technologies such as cloud-based solutions and Gen AI.

The partnership will support clients through cloud-enabled business transformations, tech modernisation strategies, and Gen-AI implementation.

Businesses unprepared for growing cybercrime costs

Munich Re’s Cyber Risk and Insurance Survey has revealed that 87% of business leaders do not believe their company’s are adequately protected against cyber-attacks.

It warns that the cost of cybercrime will rise from £6.4tn in 2023 to £10.9tn by 2028, driven by a sharp increase in AI-enabled attacks and rising ransomware.

AI uptake increasing

Figures released by the Office of National Statistics have revealed that 14% of UK businesses are now using AI in some way. This is up from 10% in December.

The fortnightly business survey (BICS) also revealed that 50% of businesses have taken action to reduce carbon emissions, although 52% said they are not concerned by the impact climate change could have on their business.

Motor

ARC360 & Stellantis partner for conference

ARC360 and Stellantis – a constellation of 14 iconic automotive brands and two mobility arms – have partnered for the forthcoming ARC360 ‘future tech’ themed conference.

Proclaim Care latest ILC Motor Corporate Partner 

Proclaim Care – part of the Proclaim Group – is the latest leading specialist organisation to become an ILC Motor Corporate Partner.  

Proclaim Care is a multi-award-winning specialist rehabilitation case management company, supporting people across the full range of illnesses and injuries from the less complex to the most catastrophic including the specialist areas of acquired brain injury, amputation, complex orthopaedic and psychological.  

Repair costs contribute to record payouts

Motor insurers paid out a record £9.9bn in compensation in 2023, with steepling repair costs contributing significantly to the amount.

According to the Motor Insurance Claims Tracker published by the Association of British Insurers (ABI), claims volumes also rose last year, up 10% to 2.3 million.

ACSO fears continued compensation delays

ACSO has warned that the Supreme Court’s judgment on mixed-injury claims in the Rabot test case might not accelerate the resolution of claims going through the Official Injury Claim (OIC) portal. 

It says the statutory review of whiplash tariffs and the newly published 17th edition of the Judicial College Guidelines could create further dispute around compensation amounts.

Percayso and e2e agree vehicle valuations collaboration

Percayso has agreed a new partnership with e2e Total Loss Vehicle Management which will enable the e2e network to access its Companion claims tool.

The solution provides fast, accurate and evidenced vehicle valuations.

Thatcham Research agrees Cherry partnership

Thatcham Research has signed a two-year deal with Chinese vehicle manufacturer Cherry.

As part of the agreement, it will deliver its ‘Insurability by Design’ programme, which aims to ensure that repairability, sustainability and insurability is incorporated into the design process.

Calibrations critical to road safety

Activate Group has published a new report highlighting the risks of incorrectly calibrated ADAS technologies.

It found that poorly calibrated sensors can negate vital safety features my misinterpreting vehicle surroundings, result in a car swerving dangerously and even prevent it moving at all.

AND-E announces new ‘connected mobility’ focus

Aioi Nissay Dowa Europe is repositioning itself to focus on innovation for connected mobility.

As Toyota’s key strategic partner, it will leverage the brand’s automotive AI technology to create new future-proofed solutions to underpin its new strapline, ‘Every Journey Protected.’

Rock Road secures funding boost

Zero emission bus leasing platform Rock Road has received £100m funding from a new partnership made up of Rock Rail, the UK Infrastructure Bank and Aviva.

The investment will support the development of up to 250 zero emission buses and associated infrastructure.

MGA

Lonmar acquires new portfolio

Lonmar Global Risks has acquired the renewal rights for a bloodstock portfolio from Norwich-based St Benedicts.

Lonmar is part of Bridge Specialty International, Brown & Brown’s International Wholesale and Specialty division.

Antares unveils political risks consortium

A new consortium launched by Antares Syndicate 1274 will underwrite credit and political risk insurance up to £35m.

Antares, the reinsurance subsidiary in the Lloyd’s market of QIC’s Antares Global, is supported by other Lloyd’s carriers.

Renovation Underwriting bolster distribution team

Renovation Underwriting has announced that Wayne Knibbs has been appointed as Head of Distribution – Private Clients.

He takes over from James Guthrie, who has been named Head of Distribution.

Home

Catalyst marks 10-year milestone with ILC partnership

Catalyst Services UK has become an ILC Corporate Partner.

The partnership will help raise Catalyst’s profile in the insurance sector and create new opportunities to contribute to a range of industry events.

Home & Property Networking Lunch – five weeks and counting

The countdown is on for ILC’s Home & Property Networking Lunch with just five weeks remaining before the industry’s key influencers convene in London.

CoreLogic announces Hasting collaboration

CoreLogic has announced a new collaboration with Hastings Direct in the UK which will enable the insurance broking services provider to access the CoreLogic Claims Workspace.

The Workspace platform is a centralised hub that connects all claims parties to enhance communication and simplify claims handling processes.

Managing the change

A new Q&A document has been published by the Department for Levelling Up, Housing and Communities to help the industry manage recent changes to the building control process for higher-risk buildings as well as wider regulation changes.

BELFOR extends Protector partnership

Leading disaster recovery firm BELFOR UK has renewed its single-source claims service contract with Protector Insurance for a further five years.

The announcement accelerates BELFOR’s growth plans in the South East and underscores a long-standing partnership between the two companies, with BELFOR having managed more than 5,000 end-to-end claims for the insurer during the last six years.

Subsidence: an expert view

Geobear VP of Engineering Andy Lee will host a webinar on 12 April considering the most common causes of subsidence in the UK. Places are limited.

Crooked House stands test of time

Claims Consortium Group has considered the many innovative solutions that have been employed to keep the Crooked House standing despite the effects of subsidence.

Built in the 18th century, the iconic Crooked House highlights how effective management can protect buildings from even the most severe subsidence issues.

Verisk unveils new risk modelling solution

Verisk has announced a significant development in global catastrophe modelling and risk analysis with the launch of its Next Generation Models (NGM).

NGM is a suite of more than 100 models that will help insurers evaluate risk and anticipate insured losses.

Industry News

Summer Networking Event set to bring industry together 

ILC’s newly launched Summer Networking Event is set to bring the industry together in a relaxed, fun and engaging atmosphere.  

On 12 September 2024 ILC will be hosting its inaugural Summer Networking Event hosted at Fulham Beach Club on the bank of the River Thames in London. 

Confidence growing among CFOs

Deloitte’s latest CFO survey has revealed growing confidence among business leaders for the third quarter in a row.

A net 17% are more positive about their financial prospects than three months ago, while the percentage of those admitting uncertainty has fallen from 77% in the middle of 2022 to 36%.

Underwriting award winners revealed

Gracechurch has recognised insurers delivering outstanding underwriting services with its 2024 Underwriting Service Quality Marque awards.

The winners this year in the London category were Arch, Canopius, Convex, The Hartford and Tokio Marine Kiln, while Allianz Commercial and Arch won in the UK regional category.

Allianz Insurance retains CII status

Allianz Insurance has received the Chartered Insurers Status award for the 14th year.

Awarded by the Chartered Institute of Insurance, accreditation recognises commitment to excellence and professionalism.

Italian regulator calls for consistency

The Italian Insurance Supervisory Authority (IVASS) has called for greater consistency around the governance and control of insurance products.

It has issued a letter urging all insurers to operate within the European and domestic regulatory framework to promote consistent service levels across the sector.

People

Niki Erskine has joined EDAM Group in the newly created role of Head of Customer Delivery.

Melissa Bridges has been named Managing Director at Revival!

Manjit Rana has announced that his role at Clearspeed has changed to Executive VP – UK, EMEA & APAC.

Adam Smith has joined Flock as Business Development Manager.

Malcolm Tarling has stepped down from the Association of British Insurers. He has been part of the ABI’s communications department since 1985.

Carpenters Group has named Misha Miller as new Motor Claims Handler.

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Insurer Partners

AGEAS
INSURE THE BOX

Industry Body Partners

Insights Partners

Motor Corporate Partners

ACTIVATE GROUP
BHR Assist Insurance Services
INNOVATION-GROUP
KENNEDYS
SYNETIQ