ILC ARTICLE

ILC Breakfast News – Wednesday, 25 October 2023


Claims Essentials

Agenda Revealed for inaugural Risk and Compliance Event

ILC are excited to share the agenda for the up-coming Risk and Compliance event on Wednesday 15 November at etc.venues, Manchester.

Sponsored by Albany Group and First Central, the agenda steers through Setting the context, Navigating the possibilities and Embracing change. View the agenda here.

Entegral enabling frictionless claims

Frictionless claims and repairs is a priority for insurers, repairers and drivers alike: Entegral explained to delegates at ILC’s ClaimsTech Live 2023 event how its suite of products are helping to make it a reality.

INSHUR selects Google Cloud for global growth 

Following INSHUR’s acquisition of American Business Insurance Services (ABI), the insurtech plans to accelerate growth by 200% across the US, UK, and the Netherlands in 2024.

Chris Gray, CTO, INSHUR told Technology Dispatch that as part of its efforts it selected Google Cloud Solutions to enable it to “bring new products to market more quickly, leverage AI to automate key processes and support self-service options for customers, and support our global expansion.”

Zurich slashes claims times

Zurich has reduced claims times to just 13 minutes following the introduction of  WhatsApp and video customer journeys.

The insurer has also seen a five-fold rise in the number of customers using the insurer’s new video messaging service, Hello Zurich.

Mike Essam, Head of Express Claims, Zurich UK said: “It is allowing us to build a better rapport with our customers, more accurately assess damage, and settle claims more quickly and easily. We’re really excited to see the reaction from customers as we roll out these tools more widely, continuing the digital transformation of our claims service.”

Home

Latest speaker announced for Home and Property Claims Conference

Daren Rudd, Head of Business and Technology Consulting at CGI, will again be opening the Home & Property Claims Conference with some challenging thoughts on how we focus on getting in shape for claims.

Daren will challenge the claims industry on why we are still getting it wrong (especially for the policy holder) following his own claim for escape of water, and why starting claims with digital transformation may be the reason we’re getting it wrong.

Storm Babet clean-up begins

The BBC has highlighted the challenges associated with the clean-up costs in the wake of Storm Babet.

The article states the costs of cleaning up after flooding can be enormous for both councils and individuals, and working out who pays for what and covering personal and business losses can be complex and demanding. Previous storms are estimated to have cost the Scottish economy up to £700m, according to a report by accountants PwC.

Commercial market expected to reach $724bn

Allied Market Research has reported that the global commercial property insurance industry gathered $254.9bn in 2022 and is projected to garner $724.0bn by 2032, with a growing CAGR of 11.3% from 2023 to 2032.

Woodgate & Clark selects CoreLogic 

CoreLogic has announced a new strategic technology collaboration with Woodgate & Clark in the UK.

The agreement with CoreLogic provides Quadrassist – Woodgate & Clark’s building repair network – access to CoreLogic Claims Workspace (formerly called Claims Connect or Symbility), an award-winning digital suite of insurance solutions for claims management.

Motor

Inflationary Insights

Inflation is not a sector-specific challenge; businesses throughout the supply chain have all been facing steepling costs for months.

However, the consequences and coping mechanisms put in place have varied widely.

This was addressed during two sessions, Inflationary Insights Parts One and Two, that were held during the Exclusive Motor Claims Conference at Landing Forty-Two, London.

Read the full article here.

eNOL solution, Activate Initiate, launched by Motor Repair Network

The accident management specialist Motor Repair Network has launched a new eNOL app called Activate Initiate to help their customers throughout the claims journey.

The app helps to guide the customer through the stages of FNOL, asks them to provide the important information and photographs, and efficiently triages the vehicle and recognises any engineering decisions. Subsequently, the app will reduce costs and time spent processing the claim, even at the scene of the collision.

Sky reports Steer heading towards auction

Sky News has reported Richard Steer, the mastermind behind Steer Automotive Group is working with DC Advisory on the potential sale of a large stake in the company.

BBC reports arrest in relation to Luton Airport blaze

The BBC reports a man has been arrested and released on bail on suspicion of criminal damage after a fire that destroyed more than 1,400 vehicles at Luton Airport.

Efforts are under way to remove about 100 of the cars from the top deck of the car park in order to stabilise the structure.

The investigation so far suggests the fire started accidentally due to a vehicle fault.

CHO looks to future

The Credit Hire Organisation (CHO) annual conference 2023 highlighted the changing dynamic of the industry focusing on developments ahead.

During his introduction, CEO of The CHO, Anthony Hughes described how the sector had witnessed the “perfect storm” in recent times yet “members [of The CHO] had continued to provide mobility to hundreds and thousands of customers”.

Hastings Direct partners with ARAG

Hastings Direct has teamed up with ARAG, a leading legal expenses insurance and assistance provider, to offer vehicle hire insurance to its extensive motor client base.

CRU motor claims down 50% according to ACSO

Data from the Department for Work and Pensions’ Compensation Recovery Unit (CRU) following a Freedom of Information request show the lowest-ever number of claims issued for a third quarter, and the second-lowest ever after the last quarter of 2022 according to Association of Consumer Support Organisations (ACSO) executive director, Matthew Maxwell Scott.

A decline in motor claims is once again the main factor, with just 85,830 claims registered to the CRU against 96,176 this time last year and 169,217 in 2018, a drop of 50%. Overall, 117,732 injury claims were registered, against 126,366 for the same period in 2022 and only just above the record low of 110,163 recorded in the final quarter of last year.

New repair centre partners with WHUFC women

Maldon Accident Repair Centre has become an Official Back of Shorts partner for West Ham United women’s team.

Based in Essex, Maldon Accident Repair Centre is a state-of-the-art crash repair specialist offering services to private individuals, fleet operators, insurance and accident assistance companies and manufacturers.

The cars most likely to be stolen

New research from Tesco Bank has revealed Britain’s most stealable car is much less ostentatious according to a report in Which?.

ACG marks record growth with move

Accident Credit Group (ACG) Ltd, a leading funding partner for the accident repair and credit hire sectors, has relocated to new offices following a record year of growth.

ACG Operations Director, Ian Budsworth. “The joint efforts by every part of the business have resulted in this incredible milestone, and we’re excited to see what the next chapter has in store for us”.

MGA

Positive outlook for MGAs

Research on the performance of MGAs conducted by Insurance DataLab has identified a clear link between good customer service and profitability.

Insurance DataLab analyses data from more than 1,000 insurers and brands to glean a deep understanding of the health of the market, and where it may be heading.

New Fair Value Assessment Framework launched for BIBA members

The British Insurance Brokers’ Association (BIBA) has launched a new framework to help members articulate, assess and evidence the value of the services they provide to meet regulatory requirements.

Brown & Brown Europe adds Ageas UK

Brown & Brown (Europe) Ltd, formerly known as Global Risk Partners (GRP), has added Ageas UK to its panel of partner insurers for personal lines.

Industry News

Enterprise partners with Wiser for claims apprenticeships

Enterprise Rent-A-Car has launched its new Insurance Claims Apprenticeship in partnership with Wiser Academy.

The business is now taking applications as it looks to grow its team by 10 apprentices who will gain a Cert CII during the 12-18 month qualification.

Enterprise has promoted 20,000 employees across the company within the last 12 months.

The Unintended Consequences of Consumer Duty

In the latest edition of Modern Insurance Magazine, ILC discusses the importance of consumer duty and navigating the new regulations.

Read our featured article here.

Women in Insurance Award winners announced 

The winners of the Women in Insurance Awards 2023 have been revealed during a ceremony at the Royal Lancaster, London.

Celebrating excellence in insurance the Women in Insurance Awards, now in their fifth year, honour the inspiring achievements of women across all sectors of the market, all levels and all disciplines.

IMI Diversity Task Force launches toolkit

As part of the Institute of the Motor Industry (IMI) Diversity Task Force’s commitment to supporting more inclusive workplaces, a new Neurodiversity Awareness in the Workplace Toolkit has been launched.

The toolkit provides crucial information, advice and guidance and lived experiences from automotive people to help educate and raise awareness about neurodiversity in the workplace.

People

INSHUR, the global insurance provider to the on-demand economy, has appointed Lisa Hric as Director of US Markets.

The Board of Direct Line Insurance Group plc has appointed David Neave as an independent Non-Executive Director.

EVENTS

Upcoming Event


Motor Claims News

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Insurer Partners

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