ILC ARTICLE

ILC Breakfast News – Wednesday, 27 March 2024


ILC’s Brand New Summer Event

New to the ILC calendar, the Summer Networking Event will bring together insurance claims professionals, industry leaders, and key stakeholders in a relaxed, fun and engaging atmosphere.

This event will offer ample opportunities to make meaningful connections, exchange knowledge & insights, and entice business development all within a ‘festival’ framework – allowing people the freedom of choice to spend time as they wish.

Importantly, the event will also support ILC’s chosen charity partner – Rainbow Trust – with 10% of contribution donated to the children’s charity.

Claims Essentials

Experts and sector specific insight combine for New Generation discussions

ILC’s New Generation in Claims conference will see subject matter and sector experts combine to discuss the ever-present puzzle of External Vs Internal focus. 

The morning panel session will explore the DE&I challenge across the market along with the other key talent related challenges to expect in 2024, with the afternoon panel session delving into how to retain talent in an effective way that takes people on a journey internally rather than seeking external opportunities.

ClaimsTech set to take attendees on a journey

ClaimsTech – The Journey 2024 is set to take invited insurer guests on a passage where technology and consumer meet, with perception Vs reality put under the spotlight.

Ageas, esure, Ticker and Saga latest onboard for ClaimsTech – The Pitch

Four more key persons of influence within insurance claims have been revealed as experts for ClaimsTech – The Pitch 2024

Introduced last year, ILC’s ClaimsTech – The Pitch is once again supported by Insurtech UK, and provides the opportunity for a number of start-up/scale-up insurtechs to present their technologies exclusively to an audience of highly influential insurance experts and investors.

An interview with… Ben Robertson, Managing Director, Robertsons

ILC has been delighted to welcome Robertsons onboard as its Claims Essentials – Fraud Specialist Partner recently. 

Here, we speak to Managing Director, Ben Robertson about the company’s proud history, ongoing diversification strategy and future plans. 

ID fraud figures surging

ID fraud now accounts for 45% of all frauds reported by banks and financial services provider.

This is according to National SIRA, which predicts this figure could reach 50% by the end of the year.

In Conversation With… Michael Porter, SVP International, Insurance Solutions, CoreLogic

With over 18 years of experience in insurance technology, Mike talks about CoreLogic’s success and recent IntrConnect Europe event. He delves into AI technology and what CoreLogic is doing to support the sector.

AI and its impact on Consumer Duty

Insurance DataLab Co-Founder Matt Scott has shared his insights around AI and how it can impact Consumer Duty compliance during a conversation with Bright Blue Hare’s Shân Millie, Zurich’s Penny Jones, Procurato’s John Gaynor and ForHumanity’s Ryan Carrier.

Lloyd’s selects latest Lab cohort

Lloyd’s has revealed the latest 12 insurtechs firms joining its Lab Accelerator programme, a 10-week incubator to fast-track innovations.

The insurtechs are: CoverYourAI, OpenCover, SAMP Risk, Shinc, Astroteq.ai, CatX, Maximum Information, Sixfold, Authentic Art, Latú Seguros, Pascal Metrics, and ZeroEyes.

Home

Evolution Claims becomes latest ILC Corporate Partner 

Evolution Claims Management is the latest industry leading organisation to become an ILC Home & Property Sector Corporate Partner. 

As a forward-thinking provider of claims management and fulfilment services, Evolution has launched a partnership with leading technology firm Claim Technology to use innovative AI in processing customer claims as part of its next growth phase. 

ILC New Generation Interview: Georgia Thomas, Senior Claims Handler, ICAB

Georgia Thomas has been at ICAB for five years now. Here, she explains why she swapped a career in the skies for one on the ground, and why each day is a school day.

Accurate data fundamental to AI success

CoreLogic has underlined the importance of good property data in capitalising on the potential benefits of AI within the home insurance market.

It says AI will transform the sector, with greater efficiencies and improved customer outcomes, but warns of serious issues if the data AI draws from is inaccurate.

RIBA unveils new sustainability scans

The Royal Institute of British Architects (RIBA) has unveiled The Environmental Challenge themed horizon scans, which have been developed by leading experts to help architects mitigate the impacts of climate change, build more resilient buildings, and enhance sustainable practices.

Further scans relating to economics, population change, and technological innovation will follow.

Motor

Stellantis named first ARC360 vehicle manufacturer partner

Stellantis – a constellation of 14 iconic automotive brands and two mobility arms – has become the first ARC360 Vehicle Manufacturer Partner.

As a result, Stellantis will be working closely with ARC360 across all its activities helping to shape content, sharing insights and supporting events. It also means Stellantis branding will appear as a Vehicle Manufacturer Partner on all ARC360 marketing activities alongside its Corporate and Insurer Partners.

Supreme Court rules in landmark cases

The Supreme Court has ruled in two motor injury claims cases that are likely to have a lasting impact on how compensation is calculated.

Summerising the verdicts in two test cases, Lord Burrows ruled, “Where a claimant seeks damages for a WLI and NWLI, a judge should assess the tariff amount for the WLI, assess the common law damages for the NWLI, add these amounts together, and then step back and consider whether an adjustment to the total to avoid over- or under-compensation for concurrently caused PSLA is appropriate.”

SYNETIQ CEO wins Green gong

SYNETIQ CEO Tom Rumboll has won the ‘Green Leader’ award at the Yorkshire Leadership Awards. 

Organised by TheBusinessDesk.com, The awards recognise outstanding leadership and its positive impact on organisations and communities.

Poor maintenance could turn Easter sour

Aviva data has revealed that millions of UK motorists do not carry out basic vehicle checks.

Ahead of the Easter getaway, it reported that seven per cent of the 2,000 drivers surveyed never check their coolant levels, which is essential in preventing the engine overheating on long drives.

Thatcham Research receives Border Force accolade

Thatcham Research has been awarded the South East Deputy Director’s Award from training partner Border Force.

For 25 years Thatcham Research has been delivering up-to-date vehicle information to officers to support thorough and safe vehicle searches.

Customer demand for green options unmet

Solera has revealed the industry is not meeting customer demand for green solutions.

Its own survey found that only 23% of European drivers were told by insurers about sustainable policy options while just 32% were offered used parts in repairs.

AkzoNobel unveils Refinish+

AkzoNobel has launched a new digital platform for bodyshops that brings together all its digital solutions in one place.

Refinish+ is being rolled out in selected European markets during the first half of 2024.

Hughes leverages LexisNexis Risk Solutions tech

Hughes Insurance has signed a new contract with LexisNexis Risk Solutions which will allow it to share and receive data through the Policy History Motor No Claims Discount (NCD) Module.

The module provides instant NCD verification when a customer requests a quote.

Audatex announces paint price increases

Audatex has updated its UK paint material tables, with average prices increasing five per cent based on data supplied by the paint manufacturers.

MGA

Howden announces Lorega, Qlaims partnership

Howden’s Corporate & Commercial Division is partnering with MGAs Lorega and Qlaims to launch Howden Loss Assist.

The solution provides customers with access to Lorega or Qlaims loss adjusters, who will handle claims on their behalf.

CMA gives greenlight to Markerstudy – Atlanta deal

The Competition and Markets Authority (CMA) has given approval for the proposed merger of Markerstudy and Ardonagh’s personal lines broking arm Atlanta Group.

Industry News

Insurers braced for 22% uplift in damages

Insurers could be facing significant increases in damages for both severe and minor injuries after the 17th edition of the Judicial College Guide for the Assessment of General Damages announced an average uplift of 22%. 

Ecclesiastical announces strong results

Ecclesiastical Insurance Office has reported before tax profits of £44.8m in 2023, following a £15.6m loss in 2022.

Meanwhile, its insurance businesses saw gross written premiums rise 10.1% to £615m from £558.6m the previous year.

LV= overcomes challenging trade conditions

LV= has reported that despite a challenging market it recorded an operating profit of £43m in 2023, up from £24m in 2022.

Profit before tax was £107m after the company recorded a £145m loss before tax in 2022.

1st Central to collaborate with LifeSearch

1st Central is collaborating with LifeSearch to introduce life insurance protection to customers in a new way.

During an initial 12-month trial period, it will leverage LifeSearch’s technology to offer life insurance, critical illness cover, income protection and private health insurance to customers in an intuitive and tailored way.

Markerstudy wins prestigious global award

Markerstudy has received international recognition after winning a Celent Model Insurer Award in recognition of its claims transformation programme.

Model Insurer is regarded as the most prestigious award in the industry, with Celent only rewarding those who have produced ‘outstanding business results from technology innovation initiatives.’

H&S revealed as number one risk

A new report by WTW and Clyde & Co has revealed that health and safety is the number one risk concern for directors.

It was cited as the prime worry for 84% of respondents, followed by cyber-attack (79%).

Covid’s long-tail impacting insurers

Munich Re has reported that since Covid 19 it has witnessed a surge in the number of ‘long-tail’ casualty claims – those that only settle after the insurance policy has closed.

It says this is partly down to courts being closed during the pandemic and now playing catch-up.

Marsh tackles cyber risk with new group

Marsh has created Edgware Re to help organisations manage the rising risk of cybercrime.

Edgware Re, which will only transact business with its participating members, will pool participant’s cyber risks and premiums, absorb their losses, and foster the exchange of cybersecurity best practices. 

People

Clare Coxon has been named Head of Customer Claims Operations at Somerset Bridge Group.

Enterprise Mobility has appointed Andy Emmett as National Customer Repair Account Manager.

Michelle Thurgood has been appointed Human Resources Business Partner at Crawford & Company.

Nationwide Vehicle Recovery Assistance has appointed Steve Davies as National Account Manager.

ACIS has appointed John Matthews as its new CEO.

The British Insurance Brokers’ Association has appointed Julie Comer as its new Head of Compliance.

EVENTS

Upcoming Event


Motor Claims News

SYNETIQ secures safety certifications

ILC News | Motor

16-04-2024

ILC Breakfast News – Wednesday, 10 April 2024

ARC360 | Claims Essesntials | Claims Tech | Home | ILC News | MGA | Motor | New Generation

10-04-2024

Summer Networking Event set to bring industry together 

ILC News | Networking Lunch

10-04-2024

Insurer Partners

AGEAS
INSURE THE BOX

Industry Body Partners

Insights Partners

Motor Corporate Partners

ACTIVATE GROUP
BHR Assist Insurance Services
INNOVATION-GROUP
KENNEDYS
SYNETIQ