ILC ARTICLE

ILC Breakfast News – Wednesday, 13 December 2023


ILC 2024 event schedule now available!

ILC has released its 2024 event schedule highlighting the dates of its annual key events set for the coming 12 months.

Motor

LV= Sole Site Repairer forum sets the pace

LV= General Insurance hosted the latest annual edition of its Sole Site Repairer forum in late November with the key message to attendees: ‘keep doing what you are doing’. 

IFB published top tips for Christmas

The Insurance Fraud Bureau has published a list of top tips to help drivers avoid common scams this winter.

This includes keeping a safe distance behind other cars to avoid the crash for cash scam. It has also highlighted the clip for cash scam, which involves fraudsters throwing objects at cars and then accusing them of clipping their wing mirrors and demand cash.

e2e highlights untapped green potential

e2e Total Loss Vehicle Management has highlighted the untapped potential of using reclaimed parts in repair after a report revealed that just 2.5% of total parts volumes were reclaimed parts.

However, the report also found that 67% more bodyshops used reclaimed parts in repair in 2023.

LV= supports Family Action’s Christmas Appeal

LV= has collected more than 1,500 toys and food parcels for Family Action’s Christmas Appeal. The presents will be given to disadvantaged children and families.

Swinton to pick up RSA motor policies

RSA has announced that Swinton Insurance will take on all its motor insurance customers whose policies automatically renew.

This comes after it announced on 1 September it would no longer provide motor insurance cover, a move worth £120m of annual premiums.

Home

Sedgwick puts cyber losses in the spotlight

Sedgwick has explained how cyber crime can impact insurance and indemnity losses for customers.

It says a cyber breach differs from other claims as the damage is harder to predict in both time period and severity.

Festive faux pas

Aviva has revealed that the main cause of home disasters during the Christmas period are caused by drinks or food spilled on the floor (28%).

Items broken while putting up decorations account for a further 16% of problems.

BELFOR celebrates sustainability double

Disaster and recovery firm BELFOR UK has been awarded the Neutral Carbon Zone (NCZ) Silver Certification in recognition of the steps it has taken towards sustainability.

The company has also attained the ISO 14001 accreditation.

MGA

Lloyd’s announces Blueprint Two schedule change

Lloyd’s has announced it is moving the launch of phase two Blueprint Two digital services to April 2025, following a request from the LMA board.

The programme will be delivered in two phases, with phase one going live on 1 July 2024 and phase two put back until April 2025.

Opportunity knocks for cyber insurers

Research by Munich Re has found that 84% of respondents believe that personal cyber insurance should include post-incident services.

It revealed that 60% want data recovery services, 53% would value support via a 24-hour hotline, and 48% want legal advice.

Claims Essentials

Plans for New Generation in Claims underway

Plans for ILC’s New Generation in Claims 2024 programme are advancing with next year’s theme centred around the ever-present puzzle of External Vs Internal focus.

For an insight into last year’s event click here to read ILC’s new Better Tomorrow post-event publication.

Turning data into good decisions

The value of information is in the understanding of it, and tech partners can help businesses gain deeper insights to support better decision making.

That was the message of a panel discussion with Stewart Griffiths, Chief Executive Officer, Albany Group, and Kate Archer, Partner and Head of Motor Injury, DAC Beachcroft, during ILC’s inaugural Risk and Compliance event, which took place at etc Venues, Manchester, recently.

AI Code of Conduct update

The working group developing the Code of Conduct around the use of AI in claims is near to launch.

After a series of meetings, it has identified a few key areas that still need resolving, including balancing transparency without giving away trade secrets, tailoring transparency levels for different stakeholders, determining the extent of explainability in different scenarios, and recognising the challenge of a one-size-fits-all approach.

Lloyd’s Lab celebrates insurtech innovations

Lloyd’s Lab hosted its Cohort 11 Demo Day recently, when the selected insurtechs demonstrated what they have developed during their time on the programme.

The Lloyd’s Lab works with insurtechs to help them develop and bring to market innovative solutions designed to mitigate the biggest risks facing businesses.

Cyber attacks on the rise

New research by Aviva has revealed that one in five UK businesses have experienced a cyber attack or incident in the last year.

Nine per cent of small businesses have been targeted while 35% of large corporations have been victims of cyber attacks.

Incognito saves £1.7m in fraud costs

Allianz has developed a new machine-learning tool to identify potentially fraudulent claims.

Incognito, which spots and then refers potentially fraudulent claims to experts, has already saved £1.7m to date with a further £3.4m held in claim reserves pending conclusion of the investigations.

Industry News

Verisk becomes ILC Motor and Home Corporate Partner

Verisk is the latest industry leading name to demonstrate its commitment to the insurance claims sector by becoming an ILC Corporate Partner across ILC’s Motor and Home & Property sectors. 

ILC bolsters team with new appointments 

ILC has bolstered its central support team with new appointments within its sales and account management, and marketing functions. 

Allied Universal win training accolade

Security and facility services company Allied Universal has won the 2024 Training Apex Award from Training magazine in recognition of its commitment to employee training and development.

The awards assess a number of factors, including financial investment in employee development, scope of development programmes, and effectiveness.

European product recalls increase for fifth consecutive quarter

Sedgwick has reported that European product recalls in the third quarter reached 3,227.

Automotive recalls rose 1.4%, while consumer products were the only industry to record a decline in product recalls (10.5%).

SMEs optimistic of revenue growth

SMEs predict revenues to rise next year according to research carried out by Premium Credit.

It found that 50% of SMEs expect their revenues to increase over the next 12 months compared to just nine per cent who expect revenues to fall. Just over a quarter were unable to make a forecast, while 15% expect revenues to remain stable.

Trust no longer a ‘nice to have’ for insurers

The EY Global Insurance Outlook 2024 has highlighted how trust and transparency is becoming ever-more critical to insurers in an increasingly turbulent and competitive market.

It says trust has eroded due to a number of factors, including insurers exiting high-risk sectors, rejecting business disruption claims during Covid, and failing to digitalise processes.

Pulse marks pace of technological transformation

Restore Digital’s Pulse team have released a new whitepaper exploring the technological transformation in claims. The paper is based on findings from a recent research project which included an ILC member survey and interviews with industry leaders including Caroline Findlay from Rapid Relocate, Graham Kitson from SOS Leak Detection, and Adam Hinch from Aioi Nissay Dowa. 

Key takeaways include the factors driving the adoption of new technology, the stage companies are at in their digital transformation journey, and the challenges businesses face in achieving a successful outcome for their claims transformation projects.

People

Verisk has announced that Rob Newbold will succeed Bill Churney as president, Extreme Event Solutions.

Amanda Blanc, Group CEO, Aviva, Clive Bolton, CEO, M&G Life Insurance, and Tara Foley, CEO, Axa UK & Ireland have been appointed to the ABI Board.

Lloyd’s has appointed Jonathan May as CEO Europe. He steps up from his roles as Chief Financial Officer and Chief Operations Officer.

Charlotte Halkett has joined insurtech Milliman as Senior Consultant.

Paul Middle has joined the Sentiance as VP Insurance.

Audatex UK & Ireland has promoted Tom Hart from Head of Account Management to Claims Sales Director.

EVENTS

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Motor Claims News

ILC Breakfast News – Wednesday, 10 July 2024

ARC360 | Claims Essesntials | Claims Tech | Home | ILC News | MGA | Motor | New Generation

10-07-2024

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