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ILC Breakfast News – Wednesday, 15 May 2024 


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Industry set for Home & Property Networking Lunch 

The insurance claims sector is set to gather at the majestic Grand Connaught Rooms, London for ILC’s Home & Property Networking Lunch this Friday. 

A few individual seats remain available for the event, to find out more email: liane@iloveclaims.com 

1st Central unveils home insurance product line 

1st Central is building on its successful motor insurance business by expanding into home insurance. 

Applying the same data-led approach that has seen it attract more than 1.3 million motor customer, 1st Central has launched a new home insurance product line offering combined buildings and contents cover or contents only.  

Home insurance premiums up 19% in a year 

Home insurance premiums rose three per cent to £375 in the first quarter of 2024, according to data from the Association of British Insurers

The three per cent hike follows a four pent increase in the fourth quarter of 2023 and means that home insurance premiums have increased by 19% in a year. 

Ecclesiastical publishes heritage property guidance 

Ecclesiastical Insurance has published guidance for heritage properties considering offering their premises to production companies. 

It includes ensuring appropriate insurance cover is in place beforehand, agreeing contracts around damage to the premises, and considering reputational damage from hosting film crews. 

ICEYE takes the guesswork out of flood management 

Satellite-powered disaster management solutions provider, ICEYE has launched a new Flood Early Warning system and Flood Rapid Impact solutions for the UK insurance market. 

The Flood Early Warning provides building-level impact predictions up to four days before a flood while the Flood Rapid Impact delivers satellite data-derived flood extent maps within 12 hours of the start of the flood and at eight to 12-hour intervals thereafter. 

Claims Essentials 

ClaimsTech – The Pitch still open for entries 

ILC’s ClaimsTech – The Pitch competition is still open to entries for an opportunity to pitch to an audience of key persons of influence from across the sector.  

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. 

More key names added to ClaimsTech agenda 

Connie Beasley, Head of Home Claims at First Central and Tim Rankin, Managing Director of AA Accident Assist are the two latest names added to the ClaimsTech – The Journey agenda.  

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

Engage to succeed 

A compelling presentation by ILC New Generation Lead and founder of Engage to Succeed, James Lambert, revealed just how costly a disengaged employee is to a business, and emphasised the strong links between performance and passion.  

Speaking at ILC’s New Generation event, held in Manchester recently, James began by highlighting the price organisations pay in lost output and income as a result of poor engagement within the workforce. 

Consumer Intelligence introduces Trading View 

Consumer Intelligence has introduced Trading View, a price benchmarking tool tailored for the General Insurance industry. 

Trading View helps to distill complex market data into clear actionable insights, enabling strategic decisions on pricing and market presence swiftly and effectively. 

Trading View focuses on the Motor and Home sectors. 

Valentine to deliver telematics lowdown 

Jonathon Valentine, CIO at ThingCo and ClaimsTech Lead for ILC, will be looking at how using telematics can manage and prevent fraud during a forthcoming Chartered Insurance Institute webinar. 

The session, which takes place 11am on Monday 20 May will see Jonathon considering what telematics can deliver in regard to data and how it can enrich claims and fraud processes. 

Cyber challenge to underwriting 

Munich RE has urged insurers to adopt a more dynamic approach to underwriting to keep pace with the increasing risks of cybercrime. 

It says that as the use of artificial intelligence grows, the associated risks will also grow and underwriters need to adapt and evolve methods. 

DAC Beachcroft monitors AI class actions 

DAC Beachcroft is monitoring a number of class actions in the United States against companies who have been accused of obtaining data and images improperly to develop AI systems. 

It says this could impact the continued availability ChatGPT and other OpenAI products around the world, or lead to tighter security and controls around personal data. 

BoE keeping watching brief on AI regulations 

The Bank of England (BoE) and Prudential Regulation Authority (PRA) have concluded that the government’s regulatory framework around artificial intelligence and machine learning supports innovation while protecting personal data but continued tech development ‘may warrant new guidance and clarification of existing rules in due course.’ 

Meanwhile, the Information Commissioner’s Office, in its own published approach to AI, said that AI risks do not require ‘new, extensive, cross-cutting legislation, but appropriate resourcing of existing UK regulators and their empowerment to hold organisations to account.’ 

Robertsons helps uncover £200,000 fraud 

Claims solutions specialists Robertsons has helped Allianz win a £200,000 claims case against a fraudster who exaggerated the extent of his injuries after slipping in a restaurant bathroom. 

Motor  

Senior analyst joins ARC360 line-up 

Matthew Freeman, Managing Consultant at Solera cap hpi is the latest key name added to ARC360’s ‘future vehicle technology’ themed event agenda. 

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

ABI welcomes AV Bill Royal Assent 

The Association of British Insurers has welcomed the news that parliament has passed the Automated Vehicles Bill, which will now receive Royal Assent. 

To support the Bill’s progress, the ABI and Thatcham Research recently published a joint report highlighting key insurance requirements for automatic vehicles, which was then used to create vital secondary legislation. 

Sales tick up for 21st straight month 

Car sales edged up by one per cent in April to 134,274 units, according to figures released by the Society of Motor Manufacturers and Traders (SMMT), with plug-in hybrids up 22.1% and BEVs increasing by 10.7%. 

Demand for new light commercial vehicles rose 5.4% to 23,889 units, while the UK’s used car market rose by 6.5% to 1,967,923 units in the first quarter. 

Ageas hosts sustainability workshop for repairers 

Ageas has hosted a ‘sustainable motor repairs workshop’ to promote more environmentally-friendly practices within its repair network. 

The focus of the day was promoting repair over replace, and the wider adoption of green parts in repair. 

Kennedys launches comprehensive motor claims hub 

Kennedys has launched a new content hub on its website dedicated to motor injury claims. Including articles, reports, webinars and upcoming events, the hub provides a one-stop-shop for insights and guidance. 

Kennedys also hosts two motor-related webinar series – Motor Webinar Wednesdays which focuses on motor claims, and Fleet Fridays. 

Enterprise on target for charity  

Nearly £20,000 has so far been raised by Enterprise Rent-A-Car’s inaugural five-a-side charity football tournament in support of Insurance United Against Dementia. 

Insurance United Against Dementia is an Alzheimer’s Society movement created and championed by leaders from across the insurance sector, which aims to raise £10m to find vital research to tackle dementia.  

Taking place on 9 May at Goals for Birmingham, the tournament saw 16 teams compete to raise money for a worthy cause. 

Flock hails new taxi solution 

Flock has announced the introduction of the UK’s first connected taxi fleet insurance product. 

Aimed at Uber fleets, black cabs, and PCO fleets, the telematics-based solution enables real-time monitoring of driving habits and is backed by new insurer partner Acorn Insurance and Financial Services.

SYNETIQ releases new EV podcast series 

IAA company SYNETIQ has introduced a new five-episode podcast series, ‘Let’s talk about EVs’. 

In the series, SYNETIQ CEO Tom Rumboll speaks to industry experts about everything from technological advancements to policy implications and sustainability initiatives. 

Readers report wasteful claims costs 

A report from Guardian Money has revealed that the costs of minor motor claims are sometimes being inflated by unnecessary repair work and extortionate mobility fees charged by accident claims management companies. 

Readers reported cases where £1,500 repairs mushroomed into £15,000 insurance payouts, with perfectly repairable vehicles written off as a result.  

CHO turns spotlight on credit hire claim periods 

The Credit Hire Organisation has published the latest instalment in a series of articles relating to the period of hire in a credit hire claim. 

Written by credit hire barrister Azeem Ali, the articles are available for an exclusive readership period to CHO members, who are invited to share them internally but not to external organisations.  

MGA 

WTW enhances cyber facility 

WTW has increased capacity by 50% for its global solution for excess cyber insurance coverage, CyXS. 

It has also expanded insurer participation from seven to 14 and introduced cyber physical damage cover as a standalone or blended option. 

PoloWorks unveils new MGA incubator 

PoloWorks has launched a new MGA incubator, Polo MGA, to support start-ups and established MGAs with growth, development and investment.  

Through a network of over 350 specialist experts, it will provide a full range of services including credit control, finance support and regulatory reporting, along with internal broker support and transaction management. 

Rokstone Underwriting expands product portfolio 

Rokstone Underwriting has expanded its product portfolio with North American Marine Cargo, Transportation and allied coverages. 

With an AA financial rating, the product is backed by the Allianz Commercial. 

Aurora launches MLP product 

Digital commercial insurance platform Aurora has teamed up with AXA to launch a Management Liability Policy (MLP) product. 

Including regulatory intervention, employment claims, pensions, contract disputes, data protection and GDPR support, the product is split into three sections: Directors’ and Officers’ Liability; Employment Practices Liability; and Corporate Legal Liability. 

Industry News 

Royal seal of approval 

The Chartered Insurance Institute is proud to announce that His Majesty King Charles has succeeded Her Late Majesty Queen Elizabeth II as patron. 

Inflation identified as top business threat 

Inflation and the cost of living have been named the top threats to businesses, according to research by Allianz Commercial

The survey found that 61% identified these factors as their main concern, followed by the state of the UK economy (51%), and cash flow (31%). 

General Insurance Brokers tops DataLab charts 

General Insurance Brokers (UK) (GIB) has been named the best broker in UKGI in Insurance DataLab’s 2024 Broker Performance Report. 

It received a rating of 73%, with Roanoke International Brokers (72%), JCB Insurance Services (71%), Berry Palmer & Lyle (70%), and Hugh J Boswell (69%) also scoring well. 

Across the market, the average rating rose by 2.4% to an all-time high of 53.2%. 

Donna Scully makes Merseyside shortlist 

Carpenters Group Director Donna Scully has been nominated for the Merseyside Woman of the Year Award. The awards recognise women who have supported other women to fulfil their potential. Voting closes on 2 June.  

People 

BIBA has announced that Edward Castles, Managing Director of WTW, has been named Chair of its International and Wholesale Brokers’ Advisory Board (IWBAB), while Karen Weir, Managing Director of Weir Insurance Brokers, has become Chair of BIBA’s SME Brokers’ Advisory Board. 

Edward Hill has joined Admiral Pioneer as Chief Insurance Officer. 

Kennedys has appointed Charlotte Seddon as Litigation Executive. 

Insurance MGA ARMD has appointed Mark Hands as Director of Business Development. 

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