ILC ARTICLE

ILC Breakfast News – Wednesday, 17 April 2024


Claims Essentials

Consumer Intelligence to kick start New Generation discussions

Catherine Carey, Head of Marketing at Consumer Intelligence is set to kick-start ILC’s New Generation in Claims Conference 2024 by revealing research findings centred on careers in insurance. 

Titled ‘Perception Vs reality: redefining careers in insurance’ the session will explore the contrast between how current insurance professionals view their careers and the common misconceptions held by outsiders.  

More experts added to ClaimsTech – The Pitch line-up

CFC Underwriting and Howden are the latest key sector stakeholders to have added experts to ILC’s ClaimsTech – The Pitch line-up. 

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.  

New names back ClaimsTech – The Journey  

Solera Audatex is the latest addition to the sponsor line-up for this year’s ClaimsTech – The Journey 2024. 

Taking place between 12.00 – 15.00 (following on from ClaimsTech – The Pitch in the morning and ahead of the BIAs in the evening) 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. 

Synergy Cloud meets global data security standard

Synergy Cloud, which is part of the Claims Consortium Group, has achieved ISO 27001:2022 certification. ISO 27001 is an internationally recognised standard for information security management systems.

Businesses urged to keep pace with AI progress

DAC Beachcroft has urged cyber insurers to ensure their policy wordings are in line with AI developments. This comes after a new report by Lloyds highlighting how Gen AI is changing the cyber risk landscape.

DAC Beachcroft said it is more critical than ever for businesses to develop appropriate risk mitigation strategies and that they have systems in place to manage and protect personal data.

Machines ‘cannot feel’

New technologies are changing the claims space for ever, but Sedgwick has emphasised the role people will still play in fighting fraud.

It said that while technology can accelerate claims journeys, machines ‘cannot feel’ and human emotions such as empathy and understanding will remain fundamental when it comes to interpreting claims complexities and nuances.

CoreLogic deliver AI deep dive

CoreLogic has produced an ebook exploring how insurers can leverage AI to streamline workflow and improve operations.

The ebook includes case studies, AI challenges around implementation, and how the technology can enhance rather than replace job roles.

Motor

Leading names back ARC360 event

Activate Group and Thatcham Research are the two latest names to show their support for ARC360’s ‘future technology’ themed conference in June. 

Taking place on Thursday 27 June 2024 at the Manufacturing Technology Centre (MTC) in Coventry, the event is supported by Corporate Partners: BASF, CAPS, Copart, Entegral, Enterprise, Mirka, Nationwide Vehicle Assistance, S&G Response, Solera Audatex; along with Partners: Gemini ARC, Repairify and Prasco. 

SYNETIQ secures safety certification

IAA company SYNETIQ has achieved a key safety milestone by securing a globally recognised certification.

It has announced that its management team has attained the IOSH Managing Safely qualification while its board and directors have achieved IOSH Directing Safely.

MIB tackles uninsured driving

The Motor Insurers’ Bureau has launched a new initiative in collaboration with police forces to remove uninsured drivers from the road.

In the first of a series of one-day operations, it worked with officers from South Wales, Gwent, Avon and Somerset, Wiltshire, and Thames Valley Police to seize a number of uninsured vehicles from motorways across the region.

FCA warns of unexpected DCA costs

The FCA has written to motor finance firms urging them to maintain the financial resources needed to absorb the costs of discretionary commission arrangements (DCA), following its own review into the issue.

This includes planning for any additional operational costs from increased complaints and meeting the costs of resolving those complaints.

BIBA and NOVA unveil EV-dedicated solution

The British Insurance Brokers’ Association and NOVO have launched a new motor insurance scheme tailored to EVs.

The scheme, which is available to BIBA members, includes EV replacement cars and specialist EV claims management services.

MGA

Rokstone acquires Box at Lloyd’s

Speciality re/insurance MGA Rokstone has acquired a Box at Lloyd’s in a three-year deal.

Part of the Aventum Group, Rokstone is operated by underwriting teams across its property, marine, aviation, contingency, construction, and energy portfolios.

Phoenix rises as specialist MGA

Specialist MGA Phoenix Specialty has launched into the UK insurance market.

Led by Tim James, Phoenix is part of the ACIES MGU portfolio and is open to brokers across the UK construction sector.

Saunders joins iprism leadership team

Specialist construction, property, commercial and high net worth MGA iprism has appointed Adrian Saunders as Non-Executive Director.

Home

Prime Disaster Response joins Corporate Partner cohort

Prime Disaster Response –a leading specialist in repairing damage caused due to fire and flooding– is the latest specialist insurance claims supplier to join ILC’s Home & Property Corporate Partner cohort. 

A family run business, Prime Disaster Response aims to add value to the insurance led process, improving existing protocols through communication and management of expectations, whilst never sacrificing quality. 

Subsidence Claims Conference: Where are we now? 

The speed of processing subsidence claims has remained largely unchanged between the surges of 2018 and 2022. 

That was the verdict of a frank panel debate during ILC’s third Specialist Subsidence Conference 2024, which took place at the Manufacturing Technology Centre (MTC) Coventry on Thursday, 7 March.

Home & Property Networking Lunch – countdown is on

The countdown is on for ILC’s Home & Property Networking Lunch with just weeks remaining before the industry’s key influencers convene in London on 17 May 2024.

Former professional tennis player, captain of Great Britain’s Fed Cup Team and TV personality, Judy Murray will feature as special guest speaker for the event. 

Bad weather drives record property claims

Figures published by Association of British Insurers reveal that insurers paid out £4.86bn in property claims last year, which represents a 10% increase on 2022’s total.

Meanwhile, the value of an average claim also rose, up 11% to £6,235.

Construction output slides in February

Construction output is estimated to have fallen 1.9% to £15.2m in February, according to the Office for National Statistics.

This comes after a 2.3% fall in new work and a 1.4% decrease in repair and maintenance.

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. 

Identity fraud doubles in a year

The Insurance Fraud Bureau (IFB) has reported that fraud resulting from stolen identities doubled in the past 12 months.

It has launched a new campaign to raise awareness among the public, with most victims being over 61 years of age.

APIL identifies flaws in discount rate formula

The Association of Personal Injury Lawyers has urged the government to review its formula for calculating the discount rate, in order to stand by its principle of 100% compensation.

As part of its response to a call for evidence from the Ministry of Justice, it highlighted that the current 0.75 per cent allowance for tax and investment management is inaccurate and suggested the real figure is nearer 2.5 per cent.

LexisNexis awarded Luminary status by Celent

LexisNexis Risk Solutions has earned a prestigious international accolade after it was named as a technology Luminary by Celent.

Celent analysed the LexisNexis Firco Continuity software, placing it in the top category of its Financial Crime Compliance Technology: Watchlist Screening Edition report.

WTW named in world’s top 100

WTW has been recognised as one of the top outsourcing providers in the world after being named for the 13th consecutive year in the prestigious International Association of Outsourcing Professionals’ 2024 Global Outsourcing 100.

Meanwhile, WTW is also planning to launch a new Long Term Asset Fund which will invest in a range of private equity opportunities including co-investments.

Ecclesiastical agrees Shire deal

Specialist insurer Ecclesiastical has agreed a new deal with Warwickshire-based Shire Insurance.

Shire has over 40 years’ experience providing insurance for veterinary practices, including surgery, professional indemnity and employee health and wellbeing schemes.

Claims complaints lead all insurance referrals

Research by Insurance DataLab has found that 68% of all insurance complaints referred to the Financial Ombudsman Service in the third quarter of 2023 were about the claims experience.

The analysis also found that claims complaints about property insurance are more likely to be upheld that other types of complaints.

Fraudster found guilty following IFED investigation

A woman has been handed a 12-month sentence suspended for 18 months after being found guilty of motor insurance fraud.

She claimed £491,141 in damages following a road traffic collision. However, following an investigation by the City of London Police’s Insurance Fraud Enforcement Department and NFU Mutual she was found guilty of false representation by Sheffield Crown Court.

People

Daisy Thomas has been named Data Protection Officer at Sabre Insurance Group.

Direct Line Group has appointed Lisa Veitch as Head of DLG Legal Services.

EVENTS

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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