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ILC Breakfast News – Wednesday, 13 March 2024


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Specialist Subsidence Conference hailed a triumph 

ILC hosted its latest Specialist Subsidence Conference at the Manufacturing Technology Centre (MTC) Coventry on Thursday, 7 March which shone a spotlight on the challenges and opportunities within the sector from both an insurers’ and contractors’ perspective. 

The specialist event attracted over 230 key representatives from across the sector, keen to follow-up on discussions from the previous year which carefully examined the impacts of the 2018 and 2022 surges.

Dewpoint Professionals joins CPD register

Dewpoint Professionals is now registered to offer Continuing Professional Development (CPD) points.

Geobear makes engineering shortlist

Geobear has been shortlisted for the 2024 Ground Engineering (GE) Awards. The nomination recognises the unique clay subsidence solution it used to repair a road in Surrey.

Motor

Momentum building for ARC360 future tech event

ARC360’s ‘future tech’ themed conference taking place on Thursday 27 June 2024 has already gained the interest of a number of key motor insurers.

The event, which takes place at the Manufacturing Technology Centre (MTC) in Coventry, will canvass insights from across the sector and beyond in a bid to explore how the motor claims incident repair sector is transitioning towards a high-tech future.

Ghost broking conviction

A 26-year-old man has been sentenced after selling over a dozen fake car insurance policies to drivers.

Following an investigation led by City of London Police’s Insurance Fraud Enforcement Department (IFED), supported by the Insurance Fraud Bureau (IFB), Aviva, esure, Markerstudy, Mulsanne, and Sabre, Mohsin Yousaf was sentenced to 20 months’ imprisonment, suspended for 18 months.

Aviva and Darwin expand self-driving project

Aviva and Darwin Innovation Group have doubled their autonomous vehicle project.

They launched the Darwin Autonomous Shuttle in 2021, carrying passengers around Harwell Science and Innovation Campus, and have now added a second self-driving to the service.

Collobaration critical going forward

Autoglass Managing Director Taxiarchis Konstantopoulos has shared insights into his career journey and strategic focus going forward with The CEO Magazine.

He says the company is on a ‘journey of transformation’ and focusing efforts on modernising systems, leveraging data and AI, and collaborating with the insurance industry.

Protector partners with The AA

Corporate general insurance provider Protector Insurance has appointed The AA – Business Services to manage it accident management services.

Court backs Allianz ‘dishonest claim’ verdict

A £150,000 personal injury claim has been found legally dishonest in court.

Six months after a minor accident at a petrol station, Pritesh Ganatra claimed for neck and back injuries as well as loss of earnings, travel expenses, physiotherapy and legal costs. However, the Allianz validation team declined the claim as dishonest, and their verdict was backed up in court.

Claims Essentials

New Generation in Claims Ambassadors announced

Activate Group, Gemini Accident Repair Centres, Kennedys Law and S&G Response have become the first four pioneers of the ILC New Generation in Claims Ambassadors programme. 

Bringing even greater impetus to ILC’s New Generation in Claims initiative, the first four Ambassadors – along with sponsors Carpenters and Enterprise – are set to provide their full backing to help make a difference across the sector. 

Expert view: 2024 the year of Gen AI

Insurance experts set to join ClaimsTech – The Pitch 2024 have shared their insights regarding the challenges facing the sector during the year ahead, and what technologies and innovations they hope to see at this year’s event. 

Among the expert panel at this year’s event is Stephen Walker, insurance expert, who, encouragingly, is predicting a return to profitability after two difficult years for the industry.

ClaimsTech – The Pitch applications open

ILC has opened its application process for ClaimsTech – The Pitch 2024.

Introduced last year, ILC’s ClaimsTech – The Pitch is once again supported by Insurtech UK, and provides the opportunity for a number of start-up/scale-up insurtechs to present their technologies exclusively to an audience of highly influential insurance experts and investors.

ILC launches ClaimsTech – The Journey 

ILC has launched its ClaimsTech event programme for 2024 – this year created to take attendees on a step-by-step review of the claims journey. 

Taking place between 12.00 – 15.00 (following on from ClaimsTech – The Pitch and ahead of the BIA) on 3 July 2024 in London ClaimsTech 2024 will gather together the most influential names within the claimstech/insurtech space and provide a powerful platform for claims technology solution providers to be directly associated with specific sectors and stages of the claims journey.

New Generation Interview: Ellianna Malcolm, Solicitor Apprentice, Kennedys Law

Ellianna shares her journey through Kennedys Paralegal Apprenticeship to its Solicitor Apprenticeship, and discusses the impact she foresees in the coming years from new technologies such as AI.

Diversity drive continuing

The fifth Market Policies and Practices report published by Lloyd’s has revealed that the proportion of women in leadership roles has increased three per cent to 35% in the last 12 months.

Meanwhile, 21% of new starters came from ethnically diverse backgrounds in the last year with 71% of firms now working with partners to diversify their workforce.

FTSE companies meeting workforce targets

The EY-supported Parker Review has found that 96% of FTSE 100 companies and 76% of FTSE 250 firms are currently meeting the target of having at least one ethnic minority director on their board.

The report also revealed that companies hope to increase representation from those from ethnic minorities to 17% of their boards by 2027.

Carpenters Group joins AI Code of Conduct

Carpenters Group has announced that it has signed up to support the Code of Conduct for the Use of AI in Claims.

The code was developed to ensure AI was implemented and deployed ethically within insurance claims and to protect customer interests.

DAC Beachcroft warns of differing AI attitudes

DAC Beachcroft has assessed the government’s consultation response to its March 2023 White Paper: ‘A pro-innovation approach to AI regulation,’ and welcomed new investment in AI innovation, regulation, and skills.

However, it warns of potential problems caused by different approaches to AI among regulators and governments.

New skills key to fighting new frauds

Emily Shepperd, Chief Operating Officer and Executive Director of Authorisations, has urged businesses to tap into new skills and encourage diversity of thought in order to tackle evolving insurance fraud.

Speaking at TheCityUK and Financial Services Skills Commission Future Skills Conference, she said greater adaptability and fresh approaches would be critical in meeting the changing risks of fraud, particularly in the AI-age.

Confidence dips in fraud resilience

Companies are less confident than they were in their anti-fraud strategies, according to Friss’ Insurance Fraud Insights report: Emerging Trends, Threats, and Risks to the Global Insurance Industry in 2024.

It recorded a drop from 7.7 [out of 10] to 5.9 between 2021 and 2023 in how highly respondents rated fraud priority within their organisation. The report also revealed an increase in fraudulent activity following natural catastrophes, with fraudsters capitalising on stressed insurance resources during spikes in volumes, and an increase in exaggerated claims.  

MGA

Lonmar acquires St Benedicts

Lonmar Global Risks has acquired the renewal rights for a bloodstock portfolio from Norwich-based St Benedicts, which is managed by International Risk Solutions.

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

Cladding work slow to start

The latest Arch Surveyors’ newsletter has revealed that remediation work has not yet started on two-thirds of buildings with cladding defects.

The report also highlighted that the UK’s Office for Product Safety and Standards has initiated a ban on the sale of the UPP battery, a Chinese-manufactured e-bike battery, due to fire risks.

Industry News

EV Figures Don’t Tell The Full Tale

In the latest edition of Modern Insurance Magazine, ILC discusses the challenges and costs involved in EV sales.

Admiral and Aviva report strong results

Admiral is one of many leading insurers that has reported strong growth in the 2023 financial year.

Meanwhile, Aviva also reported ‘significant progress’, with operating profits rising nine per cent from £1.35bn to £1.47bn.

Carpenters celebrate its 30th with ILC

Carpenters Group celebrated its 30th birthday at the ILC Motor Networking Lunch, when more than £60,000 was raised for children’s charity Rainbow Trust.

Speaking to the Liverpool Law Society, Commercial Director, Paul Challoner, said, “The Carpenters Group team were very much looking forward to the ILC Motor Claims Networking lunch. This year felt a little different though as Carpenters Group enters its 30th year anniversary.”

FCA considers ‘public’ investigations

The FCA is considering a fundamental change to its enforcement policy that would see it announce new investigations and provide updates on cases.

As it stands, the FCA only makes investigations public when enforcement outcomes have been determined by its Regulatory Decisions Committee.

Compensation rates set to rise

DAC Beachcroft has warned insurers to ensure they have enough reserves in place to cover imminent rises in the Compensation Recovery Unit.

Increases will come into force on 1 April, taking total rises in the Compensation Recovery Unit since last April to 4.55%.

No point crying over spilled sauce

Heinz Ketchup has introduced a new insurance policy to cover customers for any damage caused if they spill their product.

People

John Green has started a new position as Director of Product & Service Delivery at Robertsons.

Carpenters Group Director Donna Scully has been announced as one of Insurance Business UK’s Elite Women 2024.

Copart has appointed Jeff Liaw as the company’s sole Chief Executive Officer. Jay Adair, who was Co-CEO, will now become Executive Chairman.

QuestGates has completed a significant restructure of its major loss and private client divisions, with Nicola Sutton stepping up from Head of Private Clients to Major Loss and Private Clients Director, David Homer joining as Major Loss Director, and David Mello becoming Head of Private Client Services.

EVENTS

Upcoming Event


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