ILC ARTICLE

ILC Breakfast News – Wednesday, 23 August 2023


Claims Essentials

AI to come under spotlight at ClaimsTech LIVE

Artificial intelligence (AI) is one of several ‘hot topics’ to come under the spotlight at ClaimsTech LIVE in September.

Focused on the theme of ‘making a positive impact’, the event will feature product showcases including Solera Audatex’s session focused on demystifying AI for automotive claims management; a keynote session from Director of Claims at Uber Insurance, Sharif Ishaque; and the newly introduced and experiential marketplace.

Theory and practice set for discussions

Both the theory and practice of ensuring positive consumer experiences will come under the spotlight during ILC’s inaugural Risk and Compliance event themed: Consumers – more than just a duty. 

The event, which takes place on 15 November at etc venues, Manchester is set to discuss how insurers and supply chains can work together to optimise the consumer journey whilst continuing to satisfy legislation and navigating heightened socio-economic challenges. 

An individual approach to the skills crisis

With more people unemployed in the UK than there are vacancies in the job market, recruitment and retention should be fairly straightforward – but that is not the case in most sectors, and it is certainly not the case in insurance claims.

Motor insurance troubles continue

Sprout.ai is predicting a continued decline in motor insurance revenues this year.

It has attributed this to challenging trading conditions caused by a shortage of parts and materials, a lack of HGV drivers able to transport parts, a scarcity in repair technicians and a shortage of courtesy cars.

ABI to host specialist AI event

The Association of British Insurers will examine responsible adoption of AI at an event taking place in London on 9 November.

The event will consider which regulations are already in place relating to AI, what firms need to do to put responsible AI principles into practice, and what good practice in AI looks like.

CLARA Analytics unveils AI-powered solution

CLARA Analytics has introduced a new solution enabling insurers to extract critical information from legal demand documents.

CLARA Optics automates the transcription of medical records and legal correspondence, then highlights important details about each claim using industry-focused AI technology.

Government delivers cyber security training for pupils

Pupils and teachers have been encouraged to enrol in Cyber Explorers, a free learning platform run by the UK government that introduces 11-14 year-olds to important cyber security concepts.

MGA

Market movements to come under MGA spotlight

Market turbulence is to come under the spotlight at ILC’s MGA Claims Conference as Tom Helm, Head of Claims Consulting, WTW explores how pricing, underwriting, and claims need to work in harmony to deliver the targeted loss ratio. 

Aqueous unveils new capacity partnership with Allianz

Aqueous has announced a new three-year capacity partnership with Allianz which will increase available capacity by 70%.

Pen Underwriting expands tech partnership

Pen Underwriting has announced a new partnership with Open GI to implement its cloud-based insurer pricing solution, IHP Plus.

The three-year deal expands an existing relationship between the two and will see Pen Underwriting offer the solution for personal lines and its range of home products.

Motor

Ticker CEO set for conference keynote

Richard King, founder and CEO of Ticker, is set to share his unique insights into insurance at the ILC Exclusive Motor Claims Conference in October. 

Ticker is a next-generation digital motor insurer leveraging connected car data and data science across every aspect of its business, including pricing, underwriting, customer engagement and claims. 

Copart celebrates sustainability milestone

Copart has underscored its Plan-Net-Zero commitment by planting more than 1,000 trees as part of the Ecologi platform.

The trees have been planted inthe UK, Kenya, Madagascar, Mozambique, Tanzania, Senegal, and Ethiopia.

Towing tribulations and motor claims

DAC Beachcroft has warned insurers of a spike in summer claims involving trailers and caravans.

It has highlighted a number of issues insurers need to be aware of which could impact liability in case of such a claim, such as breaches of the Highway Code and new laws around towing which were introduced in 2021.

AEG update

Audatex has announced its latest AudaEnterprise Gold data release, which adds 99 new and updated model sheets to its vehicle database.

Alongside cars and motorbikes, these also include a large number of HGV commercial vehicles, with labour times, part numbers and paint and material costs now available.

Key car insurance statistics revealed

Forbes Advisor has published new analysis of the UK car insurance market in 2023, revealing the overall market value, new players, and average claims costs.

The research also found that 55% of drivers believe their car insurance is excessively expensive, 47% have switched providers in the last 12 months, with 38% doing so for financial reasons.

Car Care Plan acquires Verex after administration

Verex Insurance Services, an insurance broker that sold motor insurance products from a range of insurers, entered into administration on 18 August.

It has now been acquired by Car Care Plan, which will take over all services previously offered by Verex.

Home

Why wording matters in weather-related claims

Sedgwick has urged insurers to correctly differentiate between meteorological events such as storms and floods when it comes to claims, as insurance cover will differ for each.

Industry News

Government launches new forecasting projects to mitigate insurance risks

The UK government has initiated 10 new projects that will use earth observation tools, satellite tracking and data on population demographics to produce environmental forecasts available to the insurance sector.

Powered by AI, these applications will help businesses understand and mitigate risks while also identifying opportunities for green financing and sustainable business growth.

CII unveils new leadership training courses

The Chartered Insurance Institute (CII) has launched two leadership-focused training programmes.

Building a World Class Advisory Practice and Managers as Coaches are designed to optimise personal performance, effective team leadership, and strong business development, with an added focus on becoming compliant with the FCA’s Consumer Duty principles.

Davies announces UCAS partnership

Davies has enhanced its support for apprenticeships by announcing a new partnership with UCAS intended to promote the insurance and financial sectors to the next generation and secure a pipeline of new talent.

People

Beazely has appointed Amy Ing to its Incubation Underwriting team.

Action 365 has appointed Bec Jonesas Executive Director of Claims.

Ella Williams has been named new Personal Claims Manager at Carpenters Group.

Allianz has announced that Alastair Warren-Upham has been appointed Head of Distribution, London, Allianz Commercial in the UK.

DAC Beachcroft has announced that Andy Crocombe has been appointed partner in its Professional and Commercial Risks team in Bristol.

INSHUR has appointed James Rawstron as its new Director of Underwriting.

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