ILC ARTICLE

ILC Breakfast News – Wednesday, 24 April 2024 


Claims Essentials 

Conference set to help tackle new generation challenges 

The latest key figures added to ILC’s New Generation in Claims Conference agenda include Holly Llewellyn, Head of L&D Operations and Digital Learning at First Central, and Sarah Pickerill, Head of People at Carpenters Group. Both highly experienced individuals will be joining panel discussions during the day to provide industry perspectives on the broader internal Vs external talent discussions. 

ClaimsTech – The Pitch competition heating up 

ILC’s ClaimsTech – The Pitch competition is heating up as a number of start-up/scale-up insurtechs recognise the opportunity at hand.  

Experts representing many of the UK’s leading insurers including: Admiral Group, Ageas, Aioi Nissay Dowa Europe, CFC Underwriting, Collingwood, esure, First Central Services Ltd, Hastings Direct, Howden, Insure The Box, Markerstudy, NFU Mutual, Saga, Ticker, Uber, and Zurich are already committed to judge this year’s ClaimsTech – the Pitch event and have first sight of the latest sector technologies on offer. 

Key names assemble for ClaimsTech – The Journey agenda 

Liz Latter, CEO of Qlaims and Ed Gaze, CIO, Innovative Risk Labs are the first two key speaker names to be revealed for ILC’s ClaimsTech – The Journey 2024.  

Liz who opens up the home & property stream and Ed who does the same on motor will centre on policy choice – exploring how technology can support the feedback loop for insurers in helping humanise the buying and policy personalization process, as well as ensure customer expectations are clear from the very outset. 

Economic cost of waning employee engagement 

A new report by McKinsey estimates that a lack of employee engagement is costing companies £73m in lost production every year, with the top drivers of disengagement including inadequate compensation, and a lack of meaningful work, flexibility, and career development. 

Claims lagging behind new tech 

Research by insurtech Sprout.ai has found that 95% of claims handlers believe technology will improve the claims handling process in the next five years, but 55% admit they still struggle with reviewing documents and the same number are unhappy with compliance and reporting.  

Swiss Re adds ‘AI assistant’ to underwriting guide  

Swiss Re has updated its Life & Health underwriting manual Life Guide to include an AI-powered underwriting assistant able to generate answers quickly in the underwriter’s natural language. 

Motor  

Key repairers subscribe to ARC360 conference 

A number of the UK’s leading repairers are already confirmed to attend this years ‘future vehicle technology’ themed ARC360 conference which follows up on last year’s highly acclaimed specialist electric vehicle (EV) event to further explore just how technology is shaping the future of the industry and how businesses can optimize their value in the supply chain. 

RTAs excluded from mediation scheme 

Ahead of next month’s introduction of compulsory mediation in small claims track cases, DAC Beachcroft has revealed that the Small Claims Track Automatic Referral To Mediation Pilot Scheme ‘does not in any event apply to road traffic accident or personal injury claims.’ 

Meanwhile, the law firm has also reported that six months after the fixed recoverable costs were introduced in the damage only arena, there is still confusion around banding and allocation within both claimant solicitors and courts. 

Leveraging tech in mobility 

Enterprise has identified the four key areas where technology is shaping mobility, and highlighted how it is supporting customers leverage them to improve services. 

They are telematics, data analytics, EVs, and connected cars. 

Buckle up with Uber 

Uber has introduced a new safety feature to its app which reminds passengers to put their seatbelts on. 

Fall in premiums only offers short-term relief 

Comprehensive car insurance premiums fell by five per cent in the last three months, according to the latest Confused.com Car Insurance Price Index produced in association with WTW

A £54 decrease means average comprehensive premiums are now £941, but this is still 43% (£284) higher than they were 12 months ago. 

Emissions down despite growing car parc 

Although the UK car parc hit a new high last year, the rising number of EVs meant average emissions actually dropped. 

The number of cars on UK roads rose by 1.7% to 41,404,589 during 2023, but with almost half a million EVs and plug-in hybrid registered, average CO2 emissions per car dropped by 2.1%. 

Crime gang convicted of car fraud 

An investigation by Hertfordshire Constabulary’s Specialist Investigation Team, the Insurance Fraud Bureau and National Vehicle Crime Intelligence Service helped convict 16 people for long-running car fraud that included 75 cars valued at more than £2m. 

MGA 

Pen writes capacity deal with SiriusPoint 

Pen Underwriting has signed a long-term capacity deal with global (re)insurer SiriusPoint in the housing association sector. 
 
SiriusPoint will now provide 100% capacity for Pen’s specialist social housing practice, enabling it to write more than £150m in premiums. 

Rates reductions on the cards 

Munich Re is predicting that cyber insurance rates could begin to decrease after three years of growth. Rates rose sharply between 2020 and 2022 in response to a four-fold increase in ransomware losses between 2017 and 2020. 

Home 

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. 

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. 

ILC Industry Leader Interview: Carl Holt, Insurance Claims Manager, ICAB 

Rental prices and new technologies are having a huge impact on the alternative accommodation sector. Here, Carl Holt, Insurance Claims Manager, ICAB, explains how his company is adapting to support customers and where he sees the industry going next. 

Subsidence claims – the main blocks and challenges 

ILC’s Specialist Subsidence Conference 2024 considered the key sticking points adding time and complexity to subsidence claims.  

During a session entitled, ‘What are the main blocks and challenges?’, experts from insurers, loss adjusters and contractors shared their insights during two panel debates.  

RIBA report optimistic outlook 

The Royal Institute of British Architects (RIBA) has reported that 24% of practices expect workloads to increase over the next three months, 24% expect them to decrease and 52% believe they will remain steady.   

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. 

EY and Deloitte predict brighter prospects 

The UK economy is predicted to grow by 0.7% this year and two per cent in 2025, according to the EY ITEM Club Spring Forecast.

Meanwhile, Deloitte research reveals that consumer confidence has risen by 6.5% in the last year. 

Clearspeed announces Allianz partnership 

Allianz and Clearspeed have announced a new partnership to combat fraud through voice analytics. 

Clearspeed technology helps identify potential fraudsters while also providing insights to help insurers make more informed decisions and boost efficiencies. 

CRU figures hold firm 

New data has revealed that the number of personal injury claims registered with the Compensation Recovery Unit has remained largely unmoved in the first quarter of 2024 compared to the same period in 2023. 

People 

Geobear has appointed Paul Garthwaite as the new Director of its Infrastructure Division.  

Carpenters Group Director Donna Scully has been named as a finalist at the Employer’s Excellence Awards 2024 in association with Metro. 

Sabre Insurance Group has appointed Rebecca Shelley as Chair. 

John Gaynor has been named as Director of Business Governance, UK Retail Division at Gallagher. 

Ageas has appointed Phillipa King as head of Claims Data and Analytics. 

Gallagher Bassett has promoted John Fearn from GB’s Chief Client Officer to Chief Operating Officer. Meanwhile, Andrew Parker has been appointed as Director of TPA and Simon Hoskin as Director of Travel, Accident and Health.

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