ILC ARTICLE

ILC Breakfast News – Wednesday, 22 November 2023


Claims Essentials

Risk & Compliance event provokes discussion

ILC’s inaugural Risk and Compliance conference, themed ‘Consumers – more than just a duty’, proved a key catalyst in provoking discussion and thought amongst stakeholders from across the sector. 

Sponsored by Albany Group; ILC Insurer Partner, First Central; Gallagher Bassett; and Padda Consulting the crucial event explored the challenges and opportunities Consumer Duty provides within insurance. 

AI code of conduct in the pipeline

A new voluntary code of conduct for the use of AI in claims will be introduced next January.

Eddie Longworth, Founder and Director of JEL Consulting, has revealed that a working group of around 100 industry professionals are developing the code and which they hope will provide a framework for the safe and ethical adoption of AI technology.

EY survey reveals AI focus

The latest EY CEO Outlook Pulse survey has revealed that 74% of UK CEOs believe their organisation must act now on generative AI in order to keep pace with rivals, while 98% said they will invest in the technology in the next 12 months.

This allies with ONS data that reported 38% of UK adults thought AI would benefit them, with 47% neither agreeing or disagreeing.

Duck Creek taps into AI with Microsoft partnership

Duck Creek Technologies is collaborating with Microsoft to use generative AI to accelerate innovation in insurance. It will use the tech to help develop data-driven solutions and speed up time to market.

AI tops 2024 spending priorities

An Information Services Group study has found that insurers and other financial services plan to leverage AI and other emerging tech to drive growth and service in 2024.

More than half plan on investing in customer data and/or experience platforms next year, which backs up finding in its 2023 Insurance Study, which revealed insurers are updating their tech platforms and using AI to improve underwriting and sales.

DACB Nexus enhances supply chain management

DAC Beachcroft has unveiled DACB Nexus, an automated supplier risk management platform to provide organisations with improved third-party control and management.

The solution – powered by Albany Group’s Conect – offers control, insight and simplicity across the supply chain throughout the lifecycle of the partnership.

Home

Home and Property Conference agenda revealed

The full agenda for the Home & Property Claims Conference has now been announced.

Alongside presentations from Darren Rudd, Head of Business and Technology Consulting, UK Insurance, CGI entitled: ‘Tech enabled and the policyholder’ and Rob Stewart, Head of Sales at Claims Consortium Group exploring AI and humanity in customer service, there will be panel debates on the future shape of claims; what is driving change within claims; the benefits of collaboration within the supply chain; and what suppliers need to do to continue adding value. A side stage will also provide snapshot insights into alternative accommodation and claims inflation.

Supported by Home Corporate Partners: Allied Universal, Claims Consortium Group, Clearway, CoreLogic, DAC Beachcroft, Geobear, ICAB, Innovation Group, and Sedgwick, and sponsored by Headline Sponsor Claims Consortium Group along with Gold sponsors Rainbow Restoration, Catalyst, Clearspeed, Pulse, The Wiser Academy, Perfect Group, Polygon and LexisNexis Risk Solutions, the conference takes place on 30 November at the Silverstone International Conference and Exhibition Centre in Northamptonshire.

Rainbow Restoration reveals Net Zero strategy

Rainbow Restoration has produced its inaugural Sustainability Framework Report, underlining the progress it has made towards net zero operations and setting out its future strategy.

The comprehensive report includes a detailed emissions assessment, the steps it will take immediately to reduce carbon emissions from its own operations, how it plans to work with its supply chain to further limit its footprint, and, ultimately, its pathway to net zero in alignment with SBT (Science Based Targets) commitments.

CoreLogic solution streamlines mortgage services

CoreLogic has introduced DigitalTax Connect to streamline mortgage service operations by enabling access to real-time tax data.  

Integrated seamlessly with existing solutions, DigitalTax Connect provides mortgage servicers with instant access to the most accurate tax payment information available.

ABI calls for IPT reduction

The Association of British Insurers is calling for a cut to the rate of Insurance Premium Tax (IPT) in today’s Autumn Statement.

It argues that IPT costs home and motor insurance customers about £98 a year, and this can rise to more than £500 for a couple with other insurance policies.

House prices remain steady

Average UK house prices decreased by just 0.1% in the 12 months to September 2023, according to the Office of National Statistics.

It found that the average price for a house in the UK is now £291,000.

In England average house prices fell 0.5% to £310,000, in Wales the decrease was 2.7% to £215,000, although in Scotland prices rose 2.5% to £195,000.

Brace for impact

Davies has warned of a growing number of customer complaints as claims volumes surge during the winter months.

It has urged insurers to take a health-check of processes and identify where efficiencies can be made. This means analysing trends in volumes, capacity, and resolution times, assessing treatment of vulnerable customers, and ensuring resource and performance is consistent across all sites.

Motor

Managing and mitigating claims inflation

The challenge of understanding and managing claims inflation while at the same time continuing to deliver excellent customer value was the topic of a far-reaching discussion at the Exclusive Motor Claims Conference, which took place at Landing Forty-Two in London recently.

Taking part in the debate were Charmaine Pattenden, Head of UK Claims, INSHUR; Dave Thompson, Claims Director, Tesco Underwriting; and Sarah Lang, Head of Claims Solutions, Admiral.

Gemini secures GQA approved training centre status

Gemini Accident Repairs has attained Approved Training Centre status, enabling it to deliver GQA National Qualifications.

The initial four qualifications offered by Gemini include GQA Level 3 Award in Advanced Driver Assistance Systems (ADAS) Awareness; GQA Level 3 Award in ADAS Awareness and Competence; GQA Level 3 Award in Competence and understanding in 4-wheel alignment; and GQA Level 3 Award in Understanding the principles of 4-wheel alignment.

Solera data unpicks ICE vs EV repair costs

Solera has announced findings of its global research comparing the repair cost trends of electric vehicles and internal combustion engines.

The study examined more than 92,000 repair estimates between January 2021 and August 2023 and found that, overall, EV repair costs are 29% higher while EV parts costs are 48% higher on average.

Sign up to Road Safety Week

Brake has launched its biggest road safety campaign of the year, Road Safety Week, which runs from 19-25 November.

With five people dying on UK roads every single day, the campaign aims to raise awareness around the dangers of speeding.

SYNETIQ celebrates sustainability award

SYNETIQ has received the Vehicle Recycling Company (Large) Award at the 2023 ATF Professional Vehicle Recycling Awards, which was held at the British Motor Museum on 9 November.

The awards are judged by industry professionals and celebrate businesses that have developed and grown whilst making a positive contribution to sustainability initiatives.

On the road this Christmas

Enterprise Mobility is predicting that more than half of American drivers are planning an overnight journey of more than 50 miles between now and January, with 48% of trips in personal vehicles and 11% in a rented car.

Intimidation increases on UK roads

Aviva research has revealed that 79% of drivers are intimidated by other motorists on the road. This rises to 89% of new drivers.

As a result, 50% said they drove in an annoyed state, 38% became stressed, while 33% said it made them angry behind the wheel.

Digilog and QuestGates formalise partnership

After a successful six-month Proof of Concept period, Digilog UK and QuestGates have now formalised a strategic partnership to work together to bring innovation to the insurance motor theft area.

Digilog uses voice analytics to reduce the risk of fraud while QuestGates is the UK’s largest independent loss adjusting and claims solutions group.

MGA

Pardus takes the Wiser approach to apprentices

The benefits of apprentices were underlined during a peer-to-peer session held at ILC’s MGA Claims Conference 2023 – in association with the MGAA – in London during September.

Entitled ‘MGA’s got talent’, the session provided a first-hand account of a successful apprenticeship at Pardus Underwriting.

Higher expectations demand higher service

Customer expectations are rising exponentially and meeting them will be the key determining factor in whether businesses comply with Consumer Duty or not.

That was the message Catherine Carey, Head of Marketing, Consumer Intelligence, delivered to delegates at ILC’s MGA Claims Conference 2023, which was held in London in September in association with the MGAA.

Climate risk specialist Arbol expands into UK

Arbol has opened a new London-based MGA to support the international insurance market manage climate risk.

Combining Arbol’s proprietary technology, data, and underwriting tools with its expertise in structuring climate solutions, the MGA will help businesses manage seasonal and catastrophic climate risks. 

Pen Underwriting unveils IP product

Pen Underwriting has launched a new, modular intellectual property (IP) insurance proposition that serves businesses of all sizes and in all sectors.

Aimed at the UK market before an international roll-out, the solution provides cover for infringement liability, contract breach allegations, contractual obligations to indemnify for IP claims, challenges to IP rights, and enforcement of IP rights.

Industry News

Customer satisfaction reaches record high

New data published by the Chartered Insurance Institute has revealed that 86% of consumers who had recently bought an insurance policy were satisfied with their purchase.

This is the highest level recorded since the CII began its Public Trust Index survey in July 2018.  

New Ben video marks International Men’s Day

Automotive charity Ben is marking International Men’s Day by raising awareness around the topic of suicide through a short film, ‘Alright mate’.

The theme for International Men’s Day this year is ‘zero male suicide’, with men three times more likely than women to take their own lives.

TNFD publishes first ‘nature positive’ recommendations

The Taskforce on Nature-related Financial Disclosures has published a report highlighting the business benefits of promoting nature-positive activities.

The report was written by MS&AD Insurance Group Holdings executive Makoto Haraguchi and Professor Naoko Ishii.

He said, “Initiatives to address the global environment crisis must be viewed as not only a part of business, but also as an inherent part of daily life.”

International honours for Allied Universal

Global security and facility services company Allied Universal has won international recognition for its AI-powered solutions HELIAUS, Live Interactive Support AI, and Mercury.

It won best security workforce management tool, best machine learning, artificial intelligence and best mass notification system and best mobile technology product in the ASTORS Homeland Security Awards.

ABI report reveals £6.1bn boost

Health and protection insurers produce the equivalent of £6.1bn a year in societal benefits by supporting people to stay in work, according to a new report by The Association of British Insurers.

‘Futureproofing Workplace Health’ found that the sector produced 2.6bn in business benefits, £2bn in benefits to the economy, and £1.5bn in benefits to the exchequer.

AI a big deal in M&A

Research from WTW’s Quarterly Deal Performance Monitor has found that global deal completions rose 16% in the third quarter of the year.

It predicts continued growth in the M&A arena, driven by ‘a seismic shift in investment focus towards artificial intelligence in 2024.’

People

CoreLogic has appointed Nicola Booty and Adam Varlow as Senior Client Delivery Managers within its UK Insurance Solutions team.

DAC Beachcroft has promoted Jenny Fitzpatrick and Chris Leigh to Legal Director and Associate respectively.

Aioi Nissay Dowa Europe has promoted Gemma Robinson to the role of People and Culture Director.

ManyPets has appointed Luisa Barile as its UK Chief Executive, while Justin Clarke will join the firm as Chief Underwriting Officer.

EVENTS

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