ILC ARTICLE

ILC Breakfast News – Wednesday, 17 January 2024


Motor

This week: ILC Motor Claims Networking Lunch

ILC’s Motor Claims Networking Lunch takes place this Friday 19 January and is set to be another significant fundraiser for charity partner: Rainbow Trust Children’s Charity.

Fraud prevention specialists Synectics Solutions partners with ILC

Fraud prevention specialists Synectics Solutions Ltd has aligned with ILC as an ILC Motor Corporate Partner to support the shared vision of actively supporting the claims community. 

Car insurance premiums soar by 58%

Average car insurance premiums rose by 58% to £995 in the last 12 months.

According to the latest Confused.com Car Insurance Price Index, produced in association with WTW, the 58% rise represents an increase of £366 and means premiums have risen for nine consecutive quarters.

FCA takes immediate motor finance measures

The Financial Conduct Authority is conducting a review of historical motor finance commission arrangements and sales as a result of rising customer complaints.

Some of these complaints were rejected by motor finance companies, only for the Financial Ombudsman Service to subsequently find in favour of complainants.

Copart announces further expansions

Copart UK has begun 2024 by announcing two new significant expansions.

It is developing its Sandtoft Super Centre into a huge 130-acre site which will be its largest in the country, and is also unveiling a new operation centre in St Helens which will increase capacity in the region by 50%.

Key considerations for claims in 2024

DAC Beachcroft has looked ahead to the key factors which could impact the motor and casualty claims industry this year.

They include the outcome to the Rabot v Hassan case, updates to the Fixed Recoverable Costs, reviews of tariff levels for lower value RTA claims that fall within the Official Injury Claims process, and the Automated Vehicles Bill.

EV recalls rise sharply

Sedgwick has warned of potential risks around the growing popularity of EVs.

More than 70 million EVs are expected to be on the road by 2040, but recalls rose 533% to 875 between 2018 and 2023, with 12% of them attributed to batteries.

Ticker celebrates landmark year

Following on from his presentation at the Exclusive Motor Claims Conference in October, Ticker CEO Richard King has announced a number of key milestones achieved in 2023.

The company wrote £107m of premium, ahead of the £96m targeted, reaching profitability in November. Meanwhile, Andrew Burgess was appointed Chairman and a further £6.4m was added to the investment pot.

Repair winners recognised in new NPS awards

Enterprise Rent-A-Car has announced the first winners of its newly-launched Net Promoter Score (NPS) awards for network repairers.

The winners were: Arnold Clark Aberdeen; Fylde Coast ARC; Ipswich ARC; The Car Refurb Centre; and Alton Cars Hull.

Steer Automotive Group secures Oakley investment

Steer Automotive Group has announced substantial new investment from Oakley Capital, a leading pan-European private equity investor.

Home

Subsidence – background to the current challenges

Ahead of his participation at ILC’s Home & Property specialist Subsidence Conference taking place on Thursday 7 March 2024 at the Manufacturing Technology Centre (Coventry), in this contributed feature Innovation Group’s, Technical Director, Richard Rollit sets the scene on the current state of subsidence claims across the UK.

The benefits of collaboration between insurers and suppliers

While insurers have made great strides in improving their relationship with the supply chain, there is still more ground to cover.

Moving from a transactional relationship to a partnership is an integral part of developing a more seamless claims journey that delivers better customer outcomes, but not all insurers have embraced the mindset change completely.

That was the view of Jacinta Jones, Supply Chain Manager, UKGI Claims Supply Chain, Aviva, and Suzanne Armstrong, Deputy Head, UK Key Account Manager, Sedgwick, who were speaking to delegates at ILC’s Home and Property Conference.

Major loss under the spotlight in latest ILC podcast

Major and complex loss has come under the spotlight during the latest specialist podcast episode from ILC’s Home & Property Sector.

Chair of ILC’s Home & Property Sector, Alan Soutar was joined by Peter Farrelly, Managing Director – Commercial Claims Services, Sedgwick International UK, Russell Fordham, Managing Director, LSS / London Salvage Services, Kevin Holt, Director Major & Complex Loss Team, Davies Group, and Alastair Thomson, Head of Expert Property Claims, Zurich Insurance.

Flood risks on the rise

Sedgwick has called for a greater focus on flood resilience strategies after revealing that 5.2 million homes and businesses are at risk.

It found that 60% of businesses don’t open their doors again following a flood event, with those who do resume operating losing an average of 50 working days.

Bill for burst water pipes tops £804m

ABI members paid out £804m in 2022 for issues caused by burst water pipes in households.

It is now urging homeowners to take a number of simple steps to mitigate the risk as temperatures plummet around the UK.

MGA

Clyde & Co considers coming claims events for 2024

Clyde & Co’s Managing Partner for Scotland Vikki Melville has highlighted a number of factors that could impact insurance-related claims and litigation around personal injury and property damage this year.

These include reviews of the personal injury discount rate in the second half of 2024, as well as escalating bills for insurers following severe weather events.

Ventis launches into property sector

New MGA Ventis has launched into the property market sector. Targeting medium-sized property risks, the business is led by Gareth Roberts, former head of Covéa’s Mid-Market Specialist and Network division.

Bridgehaven announces Avid Insurance partnership

The UK’s first hybrid fronting insurer in commercial and speciality lines Bridgehaven has entered into its first MGA partnership with Avid Insurance Services, providing property excess of loss insurance solutions for registered providers of social housing.

Claims Essentials

Leading sector expert to steer New Generation programme

James Lambert – leading sector expert and keynote speaker at 2023’s highly acclaimed New Generation in Claims event – is set to steer ILC’s ‘people’ programme for 2024.

In 2023 James shared thinking around ‘Attract, Engage, Retain’ and in his new capacity as ILC New Generation in Claims Sector Lead, not only will be he be driving the agenda for 2024 but he too will share some of the updated content from his business – Engage to Succeed.

Gender gap grows in 2023

The latest EY European Financial Services Boardroom Monitor revealed that appointments of female board directors to the UK’s largest financial services firms fell 28% last year.

Just 33% of appointments were female in 2023, compared to 61% in 2022.

UK setting GenAI pace

The UK is setting the pace in GenAI adoption with 42% of CEOs saying they implemented the technology last year. This compares to 32% of CEOs globally.

PwC’s 27th annual CEO Survey also found that 61% of UK CEOs expect the global economy to improve compared to the global average of 38%.

Verisk takes off in Germany with Rocket

Verisk has acquired the German insurtech Rocket Enterprise Solutions to support further expansion in Europe.

Operating in the property claims sector, Rocket’s solutions include Rocketform and Rocket Risk, which digitises the risk inspection and assessment process to enhance efficiency and support better quality underwriting decisions.

BIBA initiative tackles diversity

The British Insurance Brokers’ Association (BIBA) is tackling a lack of diversity in the sector with a new programme launched in conjunction with the Careers & Enterprise Company.

The programme includes work experience within the industry, in-school presentations, and a signposting service to raise awareness of opportunities in the industry.

Aviva open to apprentices

Aviva has opened applications for tech and change delivery apprenticeships.

Candidates do not need previous IT experience, with the full-time apprenticeships offering a combination of work experience and qualifications to degree level.

Loro and FRISS join Insurtech UK

Insurtech UK has announced that FRISS and Loro Insurtech have become members.

Loro’s digital solution offers complete underwriting control, real-time reporting, and bordereaux functionality, while FRISS provides data-driven scores and insights to support automation around underwriting, claims and investigations.

Meanwhile, FRISS has also announced a strategic collaboration with FIN-X, a research initiative by the University of Applied Science Utrecht focused on AI.

UCAS turns spotlight on apprenticeships

UCAS has unveiled a new service that places apprenticeship vacancies alongside degree courses, enabling the 1.5 million students who use its services to make more informed choices.

Meanwhile, Partnerships Manager Pete Milsom highlighted the value of giving school leavers access to clear, concise and correct information during an interview with ITN.

Industry News

MoJ calls for evidence ahead of PIDR review

The Ministry of Justice has announced a Call for Evidence as it reviews the Personal Injury Discount Rate. The MoJ will publish a response document by April 2024.

Data and insurance key threats to logistics

Lloyd’s has published a new report, On the Move, exploring the biggest threats to the £7.7tn transportation and logistics industry.

Produced in collaboration with WTW, the report found that 77% of companies surveyed said a lack of access to supply chain insurance solutions and a lack of data to understand these risks was among the greatest challenges.

Insurers critical to decarbonisation

The Geneva Association has published the first report in a two-part series examining the role insurers can play in global decarbonisation. It identifies the opportunities for the re/insurance industry in this space.

Misinformation singled out as greatest short-term risk

The Global Risks Report 2024, published by Marsh, has identified misinformation and disinformation as the greatest short-term risk facing businesses, with extreme weather events the most significant risk in the longer term.

The report, produced in partnership with Zurich Insurance Group and Marsh McLennan, is based on responses from over 1,400 global risks experts, policy-makers and industry leaders.

Movement for good awards is back

Ecclesiastical and Benefact Group’s Movement for Good Awards will donate £1m to good causes in the UK this year.

The Movement for Good Awards has donated over £5m to charities in the UK and Ireland since it was introduced in 2019.

Insurers facing substantial regulatory challenges

Insurance DataLab has warned that although claims inflation is likely to slow this year, insurers still face significant challenges from a swathe of new regulations introduced by the FCA, such as Consumer Duty and Fair Value assessments.

Modest GDP growth highlights SME threats

GDP rose by 0.3 % in November 2023 compared with the previous month, according to the Office of National Statistics.

The Federation of Small Businesses says this modest growth means small businesses are still struggling and has called for greater support.

Modern Insurance Magazine latest issue out now

In the latest edition of Modern Insurance Magazine, ILC discusses the skills requirements in the motor and repair industry.

People

Ageas UK has announced that William Quibell has been appointed to a new role as Head of Home and Supplier Relationships.

The Chartered Insurance Institute has appointed Matthew Hill as new Chief Executive.

The Allianz UK claims investigation team is celebrating its 20th anniversary.

Rebecca Hall is starting a new position as Senior Supplier Relationship Manager at Allianz Insurance.

Rainbow Restoration has named Darren Francis as new Head of Operations.

First Central has been ranked 22nd on Glassdoor’s Best Places to Work in the UK for 2024.

Daria Rytel and Tilly Suckling have been appointed Legal Advisors in Litigation at Carpenters Group. Meanwhile Safia Hussain has joined the company as a Solicitor.

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