ILC ARTICLE

ILC Breakfast News – Wednesday, 29 May 2024


Motor

More key names join ARC360 line-up

Chris Ashworth, Founder, ILC; Robert Snook, CEO, Business Success Global; and Pete Thompson, Director of Product, Activate Group are the three latest key names revealed for ARC360’s ‘future vehicle technology’ themed conference.

Taking place on Thursday 27 June 2024 at the Manufacturing Technology Centre (MTC) in Coventry, the ARC360 conference provides the highest calibre of speakers and attendees in the UK body repair industry event calendar.

ABI launches new insurance fraud awareness campaign

Almost one third (31%) of UK adults have never heard of online insurance fraud, prompting the Association of British Insurers to launch a new campaign.

According to the research, 81% who said they were aware of insurance fraud had never heard of ‘ad spoofing’ – a key tactic fraudsters use to trick someone who has been in a road traffic accident into using an unscrupulous website – while 90% had not heard of ‘ghost broking’.

Automated Vehicles Act becomes law

Self-driving vehicles could be on British roads by 2026, after the government’s world-leading Automated Vehicles (AV) Act became law. 

Announced in the King’s Speech, the AV Act enables advanced technology to safely drive vehicles on British roads.

Activate Group highlights EV Vs ICE repair cost disparity

Activate Group has highlighted reasons why it costs an average of 25% more to repair an electric vehicle (EV) than it does a petrol or diesel (ICE).

Comparing two similar models from the same manufacturer – a Renault Clio and an all-electric Renault Zoe – Activate Group highlights type of accident, advanced technologies and parts availability as contributing factors to the disparity.

Trend Tracker explores changing repair volumes

Trend Tracker data suggests ‘a similar amount of work is being completed by more sites’ following reports from some bodyshops of a significant drop in the number of notifications.

Edam explores impact of AI on motor insurance

Edam Group has explored the impact of AI on motor insurance in its latest online post highlighting the opportunities and challenges the technology poses.

Motorbike ‘crash for cash’ claims up 60-fold

Allianz‘s personal lines business has reported a sharp increase in insurance fraud, particularly in ‘crash for cash’ fraud involving motorbikes and scooters. The insurer’s data indicates that crash for cash has increased 60 times between January – December 2023.

AkzoNobel declares industrial efficiency plan

AkzoNobel has announced the intention to close the manufacturing sites of Groot-Ammers (The Netherlands), Cork (Ireland) and Lusaka (Zambia) and transfer the production to other locations in the region. This intention is the first part of a multi-year industrial efficiency plan to be fully finalized by the end of 2026.

Home

ABI publishes TCI Guide for businesses

The Association of British Insurers (ABI) has published trade credit insurance (TCI) guidance for businesses. The guidance aims to outline key information insurers will look for and covers some of the recent wider issues in construction.

It follows the Builders Merchants Federation (BMF) working with the ABI and the Construction Leadership Council, to conduct a survey which confirmed that TCI is a valuable business tool in the construction sector, with 45% of respondents using this solution.

Claims Essentials

Last chance for ClaimsTech – The Pitch entries

Now is the last chance for entries into this year’s ClaimsTech – The Pitch competition with the opportunity to ‘pitch’ live to an audience of key persons of influence from some of the UK’s leading insurers.

ENTER HERE.

ClaimsTech set to go on a journey

ClaimsTech is set to take delegates on a claims journey where technology and consumer meet, with perception Vs reality put under the spotlight.

The invite only event, which takes place on 3 July 2024 at etc venues London, will gather together the most influential names within the claimstech/insurtech space to explore how technology can positively affect customer outcomes.

Perception vs reality: Redefining careers in Insurance

Recruitment and retention is a perennial and growing concern among insurers; speaking at ILC’s New Generation Event, Catherine Carey, Head of Marketing at Consumer Intelligence, highlighted the wide divide between the perception and reality of a career in the industry.

In her session, Perception versus reality: redefining careers in insurance, Catherine revealed results of research carried out in partnership with the British Insurers Brokers Association (BIBA) that highlighted just how great the chasm is between those who work in the sector and those on the outside.

CoreLogic highlights AI’s role in solving workforce challenges

CoreLogic has highlighted four ways in which AI and automation can help solve workforce challenges as the insurance industry continues to face a talent crisis.

By incorporating automation and AI technologies into processes and workflows, Corelogic suggests insurance and restoration companies can: make work more meaningful for employees; allow for more job flexibility; get more done with less; and set employees up for success.

UK leads in digital fraud prevention

Global digital fraud attack rates continued climbing in 2023, increasing 19% year-over-year, according to the latest annual Cybercrime Report from LexisNexis Risk Solutions

Yet UK figures reveal a decline in both human (-14%) and bot attack volumes (down by a third, 29%) showing signs that the UK could be turning the tide on digital fraud attacks.

The report also indicates that criminals are changing tack in the face of improving fraud defences, with bonus abuse fraud increasing five-fold and overtaking scams as the most prevalent UK attack type.

McKinsey highlights a new future of work

To gain the full productivity benefits of generative AI and other technologies requires a focus both on improving human capital and accelerating technology adoption according to a new McKinsey report.

A new future of work: The race to deploy AI and raise skills in Europe and beyond highlights that by 2030, in a midpoint adoption scenario, up to 30% of current hours worked could be automated, accelerated by generative AI.

Report highlights biggest people risks

Mercer and Marsh, businesses of Marsh McLennan, have released their US People Risk 2024 Report revealing ineffective leadership is viewed as the biggest people risk facing organisations today.

Based on responses from more than 1,000 risk and HR professionals nationwide, the survey also highlighted that improper rewards decision making, and increasing health and benefit costs were major concerns. Risk managers also identified a lack of cybersecurity knowledge and mismanagement of AI as key people threats in 2024.

MGA

RSA and Q Underwriting launch management liability product

RSA Insurance, in partnership with PIB Group owned MGA – Q Underwriting, has launched a new bespoke, market-leading and comprehensive management liability product.

Management liability insurance protects directors, officers and the company from exposures that may come as a result of the actions and decisions they have made on behalf of their company or organisation.

The solution will be available to PIB Group brokers, including Cobra Network members, through Q Underwriting via an RSA delegated authority arrangement and is aimed at private limited companies and limited liability partnerships.

Premier Choice Healthcare makes it a hat-trick

Premier Choice Healthcare (PCH), the health insurance intermediary owned by Brown & Brown (Europe), has completed its third acquisition in three months.

The latest acquisition sees PCH acquire NW London-based intermediary MGM Health Ltd. It follows the acquisition of PCH Solutions, an intermediary partnership based in Kent in April and Midlands-based intermediary Central Healthcare Ltd in March.

Industry News

First Central & Keoghs defeat fraud ring

First Central and Keoghs have joined forces to defeat an organised fraud ring which created contrived claims by posing as genuine policyholders. Tort of deceit claims were brought against the fraudsters, resulting in five consecutive trial wins and damages awarded totalling over £140,000, including £60,000 in exemplary damages.

The scam involved individuals reporting an at-fault accident supported by personal and sensitive data. Claims would then be submitted from the driver and passengers in the third-party vehicle, which was alleged to have collided with the insured.

Firms to recommence GAP insurance sales

The Financial Conduct Authority (FCA) has confirmed that several firms have been permitted to recommence their sales of Guaranteed Asset Protection (GAP) insurance, following action by the regulator to improve fair value.

To restart sales, firms need to demonstrate that their GAP products provide fair value to customers, in line with FCA rules. 

Firms that have resumed sales of GAP insurance have done so with materially lower levels of commission being paid out to those selling GAP, improving value for customers. 

Civil Justice Reform: Impact of a General Election

Keoghs – a Davies business has offered up its insights on what a General Election means for the ongoing implementation of PI reforms. It puts forward a variety of possible outcomes centred on announcements relating to the whiplash tariff report and the personal injury discount rate.

People

Allianz UK has made two key changes to its most senior leadership layer, welcoming Hanna Kam to the company as Chief Risk Officer, and promoting Jason Howes to Chief Transformation Officer.

DAC Beachcroft Partner Emma Fuller has been reappointed Location Head of the firm’s Newport office. Emma is Head of Market Strategy for Motor and Casualty within DACB’s Claims Solutions Group (CSG). Meanwhile, Heather Durston-Hillyer has been appointed Location Head of its Southampton office. Heather specialises in clinical negligence claims.

Ian Thompson has moved on from his previous role as Group Chief Claims Officer at Zurich Insurance.

Leigh Sargeant has started a new position as Regional Procurement Manager UK & Ireland (Interim) at Allianz Technlogy.

Claire Bowler has been appointed Head of Major Injury and Casualty Insurance at DWF.

Simon Hughes has started a new position as Executive Committee Member at The Subsidence Forum.

Arch Insurance International has promoted Laura Brahams to Head of Third-Party Claims. Laura will be responsible for overseeing the third-party claims function.

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