ILC ARTICLE

ILC Breakfast News – Wednesday, 14 February 2024


Industry leaders from across the insurance claims industry will be showing their support for childrens’ charity Rainbow Trust this Valentine’s Day.

Some 33 companies have already committed their support to ILC’s Wall of Love – a symbol of the industry’s support and highlighting the logos of those organisations that have pledged to raise over £250 for the charity.

Alongside the obligatory ‘wear red’ theme of the day, there are some incredible plans underway to make ILC Day 2024 one to remember. Here’s some of this year’s scheduled ILC Day activities from across the sector:

  • Activate Group will be hosting its Valentine’s themed quiz
  • Carpenters Group will be undertaking the ‘Carpenters Couples’ interviews
  • Esure will be hosting a charity ‘bake off’ in its Manchester office
  • The Howden’s charity raffle will offer some amazing prizes
  • ICAB’s directors will be serving tea and cake to all staff for the day
  • Markerstudy has a giveaway and charity auction planned
  • S&G’s Andy Whatmough will be going into the S&G stocks

Home

Information and data set to kick-start subsidence debate

A focus on the latest information and data relating to the 2022 subsidence surge is set to kick-start this year’s Home & Property Specialist Subsidence Conference.

The broad spectrum of figures and information debated during the session themed: Where are we now? will explore the facts and figures; the range of issues; and the resource available.

The Subsidence Forum joins ILC

ILC is pleased to announce the The Subsidence Forum as a new Industry Body Partner working closely with ILC’s Home & Property sector.

Chair of Subs Forum Executive Committee, Liam Hanlon, said, “The Subsidence Forum is pleased to be announced as an ILC Industry Body Partner and looks forward to the continued dialogue and debate in all aspects of ILC’s specialist knowledge, skills, and services.”

Countdown on for Home Claims Networking Lunch

The countdown is underway for ILC’s star-studded Home & Property Claims Networking Lunch taking place on 17 May 2024 at the Grand Connaught Rooms, London.

Former professional tennis player, captain of Great Britain’s Fed Cup Team and TV personality, Judy Murray is confirmed as special guest speaker for the event alongside former World and European Champion 4x400m athlete, ex-professional basketball player, revered high-performance expert and auctioneer on Channel 4s The Greatest Auction – Derek Redmond.

LV= expands Gelder Group partnership

Gelder Group and LV= General Insurance have signed a new five-year contract that will see Gelder Group provide validation and fulfilment services on around 3,000 home claims annually.

A green approach to alternative accommodation

Innovation is having a positive impact on both the demand for alternative accommodation and its associated carbon footprint, but there is still significant untapped potential.

That was the message of a panel debate held during ILC’s Home and Property Conference last November.

Taking part in the debate were Caroline Findlay, Managing Director, Rapid Relocate; Tim Goodman, Managing Director, ICAB; Emma Stubbs, Director, Temporary Solutions Group; and Kate Vernon, Director, Courtesy Kitchens and Bathrooms.

LexisNexis announces Ivernia partnership

Irish underwriting agency Ivernia Insurance is partnering with LexisNexis Risk Solutions to provide residents with more accurate home insurance cover.

By leveraging LexisNexis’s Saas platform, Applied Riskhandler, it will have access to highly granular detail on property risks.

Construction output set for further decline

Construction output is expected to fall by 2.1% this year, according to the Construction Products Association’s Winter Forecasts.

The decrease is a result of a fall in private housing new build and repair, maintenance and improvement.

However, the Construction Products Association predicts a two per cent rise in output in 2025.

STRESS to deliver ReFORCE CPD session

STRESS UK Managing Director David Kitching will be present a CPD session on the company’s Ground Stabilisation system ReFORCE on 21 February.

The company has delivered over 1,000 installations of its system with a 100% success rate.

Motor

Government report calls for ‘urgent’ EV roadmap

A new government report on electric vehicles has called for ‘urgent changes’ if the UK is to meet its net zero emissions targets.

The Environment and Climate Change Committee’s EV strategy: rapid recharge needed report revealed that EVs make up just three per cent of all cars now on UK roads and urged the government to publish a roadmap revealing a clear strategy to 2035 to ‘seize the opportunity it has given itself.’

Activate Group identifies key claims challenges

Activate Group has published a review of motor claims in 2023, highlighting the growing influence of AI, Consumer Duty, a sharper focus on ESG within businesses, and mounting challenges around repairing modern vehicles.

It has identified repair capacity, claims inflation, and parts supply as ongoing concerns for 2024.

Trend Tracker report now live

Trend Tracker has published its comprehensive UK Motor Claims and Body Repair Report 2023-24.

The 266-page report includes the latest data, trends and analysis from across the motor claims and body repair sector.

Copart announces Peterlee expansion

Online vehicle remarketing and recycling specialist Copart is expanding its Operation Centre in Peterlee, County Durham.

The expansion will increase the site to 30 acres with a capacity for handling upwards of 38,000 vehicles a year.

TGSS formed after management buyout

Key figures in the sector have come together to launch telematics solutions provider Trak Global Security Solutions (TGSS).

TGSS has been created following a management buyout of the IMS stolen vehicle recovery division by former commercial director Dave Turnock and entrepreneur Andy Christopher.

Dave Shepherd has been appointed Chairman, while Alan Cottrill and Mark Ward have joined as non-executive directors.

Enterprise Mobility writes better children’s story

Enterprise Mobility and the National Literacy Trust have together donated 25,000 books to 253 schools across the UK, with a focused outreach to underprivileged areas.

Accompanying the book donations are free classroom resources and videos hosted by Cbeebies presenter Gyasi Sheppy and actress Sarah Lewis Obuba.

Insurers suspend GAP insurance sales

The Financial Conduct Authority (FCA) has announced multiple insurers will pause sales of Guaranteed Asset Protection (GAP) insurance.

The insurers, which account for 80% of the GAP market, have acted in response to a request from the FCA, which fears the product does not provide fair value to some consumers.

Kennedys to host credit hire webinar

Motor Services Director at Kennedys John Gibson will host a webinar highlighting his company’s Credit Hire Pro technology.

Taking place at 10.30am on 28 February, the aim of the webinar is to minimise the reliance of credit hire specialists on lawyers.

SYNETIQ wins Carbon Literacy Gold

SYNETIQ has been awarded Gold Carbon Literate Organisation (CLO) status from the Carbon Literacy Project.

Gold status recognises that more than 50% of colleagues have completed industry-specific Carbon Literacy training and are certified as Carbon Literate.

NWVA scores with West Ham United stars

Nationwide Vehicle Assistance has recorded a promotional video with stars of the West Ham United FC first team.

The video is hosted by The Apprentice star Tom Skinner, who asks the three players a series of questions while they safely strap a vehicle to one of NWVA’s recovery trucks.

Claims Essentials

Hatch Digital joins New Generation line-up

Hatch Digital’s CEO, Andrew Metcalfe and Commercial Director, Xanthe Marmion are set to join ILC’s New Generation in Claims Conference to explore how businesses need to be thinking differently when it comes to finding and developing future talent.

Expert view: 2024 the year of innovation

Insurance experts set to join ILC’s 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 Andrew Eade, Head of AD Strategy & Fulfilment at First Central, who has now identified a number of opportunities within the industry this year, primarily based around technology.

Edam Group joins AI Code of Conduct

The EDAM Group has announced it is joining the Code of Conduct initiative for the development, implementation, and use of artificial intelligence (AI) in insurance claims.

Developed by 127 industry experts, the Code focuses on 10 key issues, including safety, security, robustness, transparency, explainability, fairness, accountability, governance, contestability, and redress.

Government reveals AI regulatory strategy

The UK government has published its response to a consultation that focused on AI adoption, innovation and regulation.

It says AI offers a once-in-a-generation opportunity and the government will support continued innovation by developing and implementing flexible regulation.

Harvey Lewis, EY Partner, Consulting – Artificial Intelligence, said, “The proposals to upskill regulators on AI reinforces the government’s commitment to an agile and sector-based approach to regulation, while the £10m investment fund for regulators will enable them to adapt their regulatory framework to provide clear accountability that aligns with AI functionality.”

Lloyd’s announced Central Fund investments

Lloyd’s has announced that Axio, which helps businesses manage their cybersecurity, and REOR20, which develops the next generation of flood models, will both receive investment from its Central Fund private markets allocation.

The funds will support both companies develop their insurance solutions.

Claims handlers suffer ‘second hand trauma’

The Chartered Insurance Institute (CII) has published a new report that has found 86% of claims handlers who handled traumatic cases had experienced second hand trauma.

However, only 22% said their employer had taken steps to ‘identify, prevent or manage’ these instances.

New York authorities toughen AI insurance guidelines

The New York Department of Financial Services has issued new guidelines to insurers around the use of data and AI.

While recognising the potential benefits, it has highlighted the risks of external consumer data and information sources (ECDIS) and artificial intelligence systems (AIS) and said insurers should not use either for underwriting or pricing if they lead to unfair discrimination.

KYC undergoing major transformation

Data analytics and more stringent regulations are driving change in customer service, according to Synectics Solutions.

In its latest blog, it also reveals how Know Your Customer processes have evolved to combat fraud.

Tech ticks boxes for customer service

CGI Head of Product Sarah Oldreive has said that technology is enabling a more customer-centric approach from insurers, with big data analytics supporting personalised products and AI enabling quicker processes.

MGA

Rates rise for 25th straight quarter

The Global Insurance Market Index, published by Marsh, has revealed that global commercial insurance rates increased by two per cent in the fourth quarter of 2023.

It was the 25th consecutive quarter of rate increases.

WTW unveils new ICF

WTW has launched an International CyCore Facility (ICF) aimed at international clients headquartered outside of GB and US.

The ICF is a tailored solution which covers malicious acts, non-malicious acts and technical failures, providing cyber incident response costs as well as crisis communication costs and business interruption cover.

Pen MDs share future strategies

Leeds and London-based Paul Murphy and Rob Chapman have shared their progress since being named Joint Managing Directors of Risk Managed Commercial at Pen Underwriting.

Rob said communication, consistency and customer service remained a key focus going forward, while Paul said that new innovations such as virtual surveys will drive further growth.

New directive could increase litigation

Clyde & Co has warned that the EU’s proposed new Product Liability Directive and Artificial Intelligence Liability Directive could leave manufacturers more vulnerable to litigation.

The directive will see software, digital services and AI systems incorporated as products and ease the burden of proof for claimants.

Brown & Brown acquires Oxlea

Brown & Brown has acquired Kent-based Oxlea Investments, which trades as Stewart & Partners and writes commercial and personal lines insurance.

Stewart & Partners will now become part of Brown’s South East retail broker, Green Insurance Group.

Industry News

Government launches anti-fraud campaign

The UK government has launched a new anti-fraud campaign. Stop! Think Fraud brings together counter-fraud experts to provide consistent, clear and robust anti-fraud advice to the public.

Fraud accounts for around 40% of all crime in England and Wales, costing society £6.8bn each year.

MoJ publishes Fixed Costs Consultation response

The Ministry of Justice has published its response to the Fixed Costs Consultation.

It concludes that certain fixed costs will be increased by 3.2% in April, while inquest costs, restoration proceedings and advocacy fees for late proceedings will now be recoverable, with Civil Procedure Roles amended appropriately.

Google set to join Lloyd’s market

It has been reported that Google has received ‘in principle’ approval to participate in Lloyd’s market via captive syndicate.

The syndicate option to market suits those who want to underwrite either their own risks or risks that they partially control.

Financial services going green

PwC’s 27th annual CEO Survey found that 36% of financial services CEOs were investing in nature-based climate solutions, with nearly a third saying climate change will drive corporate reinvention in the next three years.

Munich Re warns of stagnating economy

Munich Re’s Economic Outlook for 2024 is predicting just 0.5% growth in Europe this year. It has identified political uncertainty, inflation, and the risks of recessions as key factors stifling a stronger performance.

However, global economic growth could reach 2.2%, driven by emerging economies.

Allianz wins SQM award

Allianz Commercial has been awarded the Service Quality Marque (SQM) from Insurance consultancy Gracechurch for the eighth year in a row. It is the only insurer to receive this accolade.  

People

Sam Halford has been named as Head of Claims at Flock.

The ABI has appointed CEO of Scottish Widows and CEO of Insurance, Pensions and Investments of Lloyds Banking Group Chirantan Barua to its board. Meanwhile, Allianz CEO Colm Holmes has been named chair of the General Insurance Committee and Bupa Insurance CEO Alex Perry has been named chair of the Health & Protection Committee.

Clearspeed has announced that Parker Wise has joined its advisory board.

Solera has named Samantha Heywood as new Junior Digital Marketing Manager.

Craig Keating has been appointed Operations Director at Sedgwick.

Tree Law has announced that Rachel Thomas has joined the company.

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