ILC Breakfast News – Wednesday, 3 January 2024
3rd January 2024Tweet
MIB warns of uninsured driving spike
The Motor Insurers’ Bureau will invest a further £5m in initiatives to get uninsured drivers off the road in 2024 after warning that cost-of-living pressures could see uninsured driving rise this year.
Vehicle complaints to Ombudsman surge
Vehicle-related cases made up 25% of all complaints to the Financial Ombudsman Service in the third quarter of 2023.
It received 11,869 complaints compared to 6,744 in the same period the year before.
Sikkens supports sustainability goals
Sikkens Vehicle Refinishes has announced that its Sustainable Repair Network initiative, launched last May, has now helped more than 120 bodyshops reduce their carbon emissions.
TomTom reveals major road trends
TomTom has looked back on the major trends of 2023. It found that AI is increasingly being used in vehicle navigation systems to improve journeys, traffic levels in cities has returned to pre-Covid levels, and EVs from China are beginning to dominate the European electric market.
From paper pushers to pixel pioneers
Although insurers face unique challenges, the rhetoric that traditional carriers risk being usurped by new tech and disruptive start-ups is way off the mark.
Addressing delegates at ILC’s Home & Property Conference, which took place at Silverstone Race Circuit in November, Rob Stewart, Head of Sales, Claims Consortium Group, said that actually the industry has a proud tradition of moving with the times and it would do so again.
Sedgwick has highlighted the key business focuses from 2023 which it expects to remain top of corporate agendas going forward.
They include creating a healthy workplace culture, using technology to reduce costs and meet ESG targets, and developing partnerships to gain greater insights.
Aon to acquire NFP
Leading global professional services firm Aon will acquire NFP, a benefits consultant, wealth manager and retirement plan advisor for the middle market, in a deal valued at £10.5bn.
Ryan takes the Castel
International specialty insurance firm Ryan Specialty will acquire MGA platform Castel Underwriting Agencies from Arch Financial Holdings.
Cover for tools of the trade
Insurtech ARMD has teamed up with Sparta Insurance Services to offer greater insurance support to UK tradespeople through the launch of ARMD Tools In Transit.
The product provides up to £10,000 cover for tools left in vans overnight.
AI to enhance fraud detection
Clyde & Co is predicting major breakthroughs in fraud detection this year, driven by AI and specifically its ability to extract data points from a range of documents.
Feedback fundamental to Consumer Duty compliance
The value of collecting and responding to customer feedback, both good and bad, was underlined during a panel debate at ILC’s inaugural Risk and Compliance event, which took place at etc Venues in Manchester last November.
Prioritise privacy in AI era
International data protection officer at Sedgwick Anne Brett has highlighted three best practices for businesses to safeguard data and privacy.
They include developing privacy principles tailored to technologies that endangers user privacy, enabling customer self-service to reduce data sharing, and providing specific training around privacy.
FCA takes stock
The FCA has highlighted the key achievements from the second year of its three-year strategy, including the introduction of Consumer Duty.
It has also addressed online threats by contributing to the online safety bill, and helped to deliver a new framework to enhance competition within the sector.
ILC puts Better Tomorrow mantra into practice
ILC has set its sights on continued growth to support its community of over 8,000 claims professionals to be ‘Better Tomorrow’ with a restructure.
CII to wind up Education and Training Trust
The Chartered Insurance Institute Group’s charity, the Education and Training Trust, is transferring its net assets of approximately £2m to The Worshipful Company of Insurers Charitable Trust.
The transfer is expected to be completed in the first quarter of this year, after which the Education and Training Trust will be wound up.
Insurers advised to price inflation in
Munich RE is predicting inflation across the G7 countries to track at about two per cent between 2025 and 2030, with a 30% chance of that rising to three per cent. It has urged insurers to reflect this rising inflation in pricing.
FOS identifies insurance complaint trouble-spots
The Financial Ombudsman Service expects to receive 44,300 insurance-related complaints in the 2024/25 financial year.
It expects complaints about motor insurance to remain high due to increased costs and supply challenges and an increase in complaints about under-insurance as consumers reduce premiums to help with costs.
AI code of conduct ready for launch
The proposed final version of the voluntary Code of Conduct for the Use of AI in Claims has been completed and is expected to be launched on Wednesday, 31 January.
The Director of Group Marketing, Communications and Sustainability for the Markerstudy Group, Lizzie Smith-Foreman, has been elected to join the board of the Managing General Agents’ Association (MGAA).
Markerstudy has announced the appointment of John Castagno, Ellie Barlow and Steve Maddock as Non-Executive Directors, while Joe Barnard has been named Director of Group Sales & Business Development.
Lucy Wyborn has been named Director of Training and Development at ICAB.
AXA UK&I has announced the appointment of Matt Field as Retail Intermediary Director.
Jack Meekings has been appointed Head of Network, Engineering and Audit at Innovation Group UK.
Winn Group has named Jon Snee as new Associate Director and Head of Change Management.
Davies has appointed Stacey Goodchild as Head of TPA.
Tim Hayward has been appointed as Head of Governance, Standards and Sustainability in the CUO office at QBE Insurance.
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