ILC ARTICLE

ILC Breakfast News – Wednesday, 27 September 2023


Claims Essentials

ClaimsTech Live lives up to the hype

ILC shone a spotlight on the innovations within claims at its latest event, ClaimsTech LIVE, which took place at etc venues, 133 Houndsditch, London, earlier this month.

More than 50 of the sector’s key influencers were in attendance, when ILC continued its commitment to interactive event innovation with the inaugural ClaimsTech – The Pitch, which saw six leading start-ups showcase their technologies to a panel of experts.

They were Clearspeed, NuvaLaw, Shift, Sprout.ai, SLVRCLD and Yarowa, with Shift being named the overall winner.

Agenda taking shape for inaugural Risk and Compliance event

Aviva, First Central and Trustpilot are just three of the major names set to share their insights during ILC’s inaugural Risk and Compliance event themed: Consumers – more than just a duty.

The specialist event, which takes place on Wednesday 15 November at etc.venues Manchester, will discuss how insurers and supply chains can work together to optimise the consumer journey whilst continuing to satisfy changing legislation, ever-evolving socio-economic challenges, and business needs.

Work WellFest agenda looks well

ARC360 and ILC have joined forces with Corporate Partners Entegral and Gemini Accident Repair Group to launch Work WellFest to coincide with World Mental Health Day on Tuesday 10 October 2023.

The cross-section of virtual events is designed to meet the needs of all colleagues and industry peers are set to include interviews with Gemini ARC’s Dave Sargeant and radio presenter Ryan Swain, and even a yoga session. 

CoreLogic’s INTRCONNECT Europe hailed major success

CoreLogic hosted its inaugural INTRCONNECT Europe in London on 20 September, bringing together claims, supply chain, underwriting and risk management professionals all under one roof.

Themed Better Together, the event – hosted by Michael Porter, CoreLogic’s SVP International, Insurance Solutions – focused on three key areas of disruption: climate change; artificial intelligence and machine learning; and supply chain challenges.

New report exposes OIC failures

The Justice Committee has raised concerns about the number of unresolved cases still in the Official Injury Claim portal, and called on the Ministry of Justice and Motor Insurance Bureau to investigate the backlog.

In a new report, it has revealed that 349,000 cases are still unresolved, with just over a quarter of all claims entered into the system since it launched in May 2021 having so far reached settlement.

UK Government under pressure to develop regulations for artificial intelligence

The government is facing criticism for failing to lead in setting regulations around artificial intelligence.

The criticism from UK Members of Parliament comes after a white paper published earlier this year identified potential harm AI could cause to physical and mental health, individual privacy and human rights.

AI code of conduct under development

A new working group of industry experts, led by Eddie Longworth, Director, JEL Consulting, is developing a voluntary Code of Conduct for the use of AI in claims.

The group is now 97-strong and hopes to issue the new code by 31 January next year.

MGA

MGA claims set for the spotlight

ILC’s Managing General Agents (MGA) Claims Conference is set to put claims operations under the spotlight this week (Thursday 28 September).

The full agenda is now available here.

Cytora partnership yielding great gains for Markel

Specialty insurer Markel has reported a 113% increase in productivity for its underwriting team since it partnered with InsurTech Cytora in 2021, with quote turnaround times down to two hours.

Brown & Brown to acquire Occam

Brown & Brown (Europe) is acquiring London-based MGA Occam Underwriting.

Occam comprises two specialist MGAs focused on International Space and UK Terrorism & Property.

Motor

ILC motor conference set for Google exclusive

Nigel Walsh, Managing Director, Insurance at Google is set to give a special interview at ILC’s Exclusive Motor Claims Conference. Nigel is the lead on Google’s approach to insurance, leveraging Google’s Cloud, artificial intelligence (AI) and machine learning (ML) capabilities to drive better business outcomes for insurers.

The event will see experts from key insurers, insurtech, and supply chain specialists delve into the current workings of the sector and share their respective insights on how the market is evolving.

Government confirms five-year delay to 2030 fuel ban

The UK government has confirmed that the 2030 ban on the sale of new petrol and diesel vehicles will be put back until 2035.

This brings it in line with the rest of the European Union.

SYNETIQ calls for government support

SYNETIQ has urged the government to offer more industry support for the development of EV battery recycling after it confirmed the 2030 ban on the sale of new petrol and diesel cars would be delayed until 2035.

Tom Rumboll, UK Managing Director for IAA and CEO of SYNETIQ, said,“I remain hopeful that the government will use this additional time to dedicate the resources needed to find a battery recycling solution that is safe, sustainable, cost effective and future-proof.”

NBRA: 2030 delay could cost repairers

The National Body Repair Association is calling on the government to offer subsidies to repairers which have already invested in preparations for the 2030 ban on the sale of new petrol and diesel cars after Prime Minister announced the deadline was being put back five years.

The NBRA believes this delay will place extra strain on businesses who committed early to 2030, as they won’t now get a return on investment for another five years.

Motor payouts 4.4% under market value

New data based on more than 3,500 claims has revealed that motor insurers are underpaying policyholders by an average of 4.4% when their cars are written off or stolen.

The figures, produced by ALA Insurance, found that average payouts are £616 under the market value of their cars.

IMI warns of training downshift

The Institute of the Motor Industry (IMI)has warned that the government’s decision to delay the ban on the sale of new petrol and diesel cars from 2030 to 2035 could have a negative impact on skills training.

Steve Nash, IMI CEO, believes there is a now a serious risk that automotive aftermarket services will not be ready to handle EVs safely in the future as a result of a stalling of investment in skills and infrastructure.

Gemini continues apprenticeship commitment

Gemini ARC has underlined its commitment to developing new talent and future-proofing its business by welcoming its ninth cohort of multi-skill apprentices to Emtec College.

Thatcham Research shares insights with Covea

Thatcham Research recently hosted members from Covea Insurance at its Gamston Aviation testing facility.

The interactive session with Principal Engineer, ADAS, Yousif Al-Ani, explored a wide range of topics crucial to the evolution of vehicle technology and safety, while live demonstrations showcased AEB/ACC features, offered real-time driver monitoring data, and highlighted both the capabilities and limitations of BlueCruise.

Climbing Ben for Ben

Copart continued it support for Ben this week when a team of colleagues scaled Ben Nevis to raise funds for the automotive charity.

The team was: Steven Giliberti, Sarah Courtnell, Devashish Bharaj, Tariq Marakkar, Joshua Stratton, Abbie Welham, James Brian, and Haydn Moore.

Fix Auto marks mental health milestone

Fix Auto UK has marked a significant wellbeing milestone after its 100th colleague completed their Mental Health First Aid England course.

The training was introduced 18 months ago with the aim of ensuring every franchise partner in the network has at least two qualified Mental Health First Aiders on site.

SYNETIQ celebrates dismantling skills certification

SYNETIQ has become the first UK vehicle recycler to complete an Institute of Motor Industry-accredited course in EV dismantling.

The course is the country’s first dismantling-specific training based on national occupational standards and teaches delegates how to make high voltage vehicles safe and how to remove high voltage components and batteries after the vehicle has been made safe.

Home

Key names join Home & Property line-up

‘Getting in shape for claims’ is the theme for November’s ILC Home & Property Conference, set to take place at the iconic Silverstone, home of British Motor Racing. 

The questions set to be discussed include:

  • Tech enabled? What does that mean and how does it help us?
  • What shape is the claims process heading towards?
  • What drivers are dictating that shape?
  • Suppliers – what do they need to do?

Sedgwick peels back plaster over MCC

Sedgwick has turned its attention to modern methods of construction in its latest podcast, in which Chartered Building Surveyor Mike Beber considers the advantages and disadvantages, and what risks insurers and brokers should be aware of.

Birthday wishes

Founder and former Chairman of ICAB Gary Goodman celebrated his 75th birthday this week.

Charity challenge for CCG founder

Jeremy Hyams, Founder of Claims Consortium Group & Synergy Cloud, is running 126km over three days next month to raise funds for Save the Children.

The route from Padstow to Landsend includes 14,000ft of elevation.

You can donate here.

Industry News

FCA to ‘take action’ against under-delivering insurers

The Financial Conduct Authority has warned insurers that it will ‘take action’ against companies not meeting Consumer Duty standards, and said that outsourcing key services could leave them vulnerable to non-compliance.

Director of Insurance Matt Brewis said an increasing dependence on third parties could result in a lack of operational resilience and poor customer service, with FCA investigations uncovering long wait times, poor identification of vulnerable customers and the continued sale of product that do not provide fair value.

Aviva acquires AIG Life

Aviva has acquired AIG Life from Corebridge for £460m.

AIG Life UK provides a full suite of individual and group protection products, with 1.3 million individual protection customers and 1.4 million group protection members.

Tesco Bank unveils Support Hub for vulnerable customers

Founding partner Tesco Bank has announced the launch of Support Hub, a one-stop portal for vulnerable consumers to tell businesses how they need to be contacted and what support they need.

The portal has been launched by Experian after a report found that 73% of disabled people have delayed contacting an essential service provider.

ABI announces ABIR collaboration

The Association of British Insurers (ABI) has signed a Memorandum of Understanding with the Association of Bermuda Insurers and Reinsurers (ABIR) to work together on matters of mutual interest.

These include climate change, cyber risks, diversity, equity and inclusion, taxation and regulation.

People

James Barnard has been appointed Chief Operations Officer at Aviva General Insurance.

Davies has named Michelle McPhee as new Technical Claims Handler.

Laura Bailey has been promoted to the role of Mazda Sales Director UK.

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