ILC ARTICLE

ILC Breakfast News – Wednesday, 30 August 2023


Claims Essentials

Showcases and insights set for ClaimsTech LIVE agenda

Corelogic, Entegral, Solera Audatex and Verisk are all set to provide key insights into the latest developments in claims technology at this year’s ClaimsTech LIVE event.

Alongside the product ‘showcases’ will be a keynote session from Director of Claims at one of the pioneers of the ‘sharing economy’ – Uber Insurance, and the latest update on the AI in claims voluntary code of conduct.

Agenda builds for Risk & Compliance conference

The agenda for ILC’s inaugural consumer focused Risk and Compliance conference continues to take shape as experts lend their support to this crucial area. 

The event, themed ‘Consumers – more than just a duty’ and supported by Suneeta Padda, Managing Director of London-based compliance consultancy, Padda Consulting takes place on 15 November at etc venues, Manchester.

MGA

People and skills to come under MGA spotlight 

The Managing General Agents’ Association (MGAA) and Wiser Academy will both be shining a spotlight on the people and skills requirements at ILC’s MGA Claims Conference

Wiser Academy will be unveiling inspiring stories of employer-apprentice training provider partnerships, sharing journeys of growth, innovation, and mutual success through strategic training.

Qlaims announces service enhancements

Insuretech MGA Qlaims has enhanced its commercial lines services to help brokers deliver on consumer duty.

Qlaims Insurance for Businesses makes cover easier to access by offering clients their own claims specialist to prepare and project manage their claims for property damage and business interruption.

Corin achieves ‘strong’ rating

MGA Corin has secured a ‘Strong’ performance assessment from globally renowned insurance rating agency A.M. Best.

Pen Underwriting expands capacity

Pen Underwriting has announced of a new multi-year capacity deal that will enable it to write in excess of £100m over the next three years.

The new binder agreement is backed by A-rated security and existing capacity partners.

Motor

Developments in credit hire to be discussed

The continued evolution of the credit hire sector will come under discussion at this year’s ILC Exclusive Motor Claims Conference (EMCC) as a follow-up to insights provided 12 months’ prior.

The session – The Credit Hire Conundrum: 12 months on – will follow developments over the past year which has seen talks aimed at a new-look agreement continue to make progress.

Car Care Plan acquires Verex

Verex Insurance Services and Verex Assistance have been acquired by Car Care Plan after entering into administration on 18 August.

Car Care Plan will take over all services previously provided by Verex.

Insurers encouraged to take ‘long term’ view

INSHUR has urged insurers to take a long-term view to support policyholders during what it claims is a ‘perfect storm’ for the market, with inflation, regulation, parts supply, and the cost of living all contributing to higher claims prices.

This comes after the Association of British Insurers’ warned that motor premiums will ‘probably need to go up further’ due to rising claims costs.

New car sales still upwards mobile

The latest monthly Car Market Overview from cap hpi has revealed a strong uptick in new car sales in July, while the used car market continues to struggle as prices remain high.

It reported that 143,921 new cars were registered in the month and 1,093,641 year-to-date, which is a 19.6% increase on last year but still 23.3% behind 2019.

Sikkens celebrates tech award

Sikkens Vehicle Refinishes has received a special award for its CO2e Repair Calculator, which helps businesses measure, manage and reduce carbon emissions.

It won the Responsible Care competition of the VCI Baden-Württemberg in Germany.

Copart joins AutoRaise Rally

Copart will support the AutoRaise Rally, which takes place from 7-9 September, following a route through Cambridgeshire and Lincolnshire.

The Copart Crusaders team will be headed up by UK & Ireland CEO Jane Pocock.

Home

Landlords beware

DAC Beachcroft has warned landlords not to be complacent if they receive notice of a breach in legal obligations from their tenants, after a recent case saw one landlord face confiscation of rental income totalling £174,000 under the Proceeds of Crime Act 2002.

Quantity surveyors critical in construction claims

A new blog from Sedgwick has underscored the vital role played by Quantity Surveyors in construction claims. It has highlighted the value of communication in terms of delivering customer service while at the same time operating within costs acceptable to insurers.

Industry News

ILC Industry Leader Interview: Scott Bowers, Director – Insurance Sector, Clearway

Scott Bowers, Clearway, shares his thoughts on the industry and his predictions for what is to come next.

Fraud costs rising despite falling numbers

Data from the Association of British Insurers has revealed a reduction in detected fraudulent claims, but an increase in their value.

It reported that 72,600 fraudulent claims were detected last year, representing a fall of 19% on the previous year, but the average fraud claim rose 20% to £15,000, with a total cost to the industry of £1.1bn.

False claims driving up premiums

The Insurance Fraud Enforcement Department of the City of London Police reported that numbers of ‘opportunistic’ insurance fraud cases have increased by 61% since last year, driving up premiums for honest policyholders.

Energy price cap reduced

Ofgem has announced that the energy price cap will be reduced to £1,923 a year for October to December, saving households an average of £151 on the previous quarter. 

Travel insurance ignored by a third of Britons

A third (31%) of holidaymakers have travelled without any form of insurance. Tesco Bank research found that 21% said they didn’t think it was worthwhile while 14% simply forgot.

Repeat fraudster found guilty

Allianz and LV= have secured a conviction against a fraudster who submitted a number of false claims against a range of their policies, four of which related to false representation.

ABI, BIBA and government renew insurance agreement

The Association of British Insurers, the British Insurance Brokers’ Association and the government has renewed its agreement on Age and Insurance, which was established in 2012 to help older people find travel or car cover.

Addressing the Skills Gap through Social Mobility

In the latest edition of Modern Insurance Magazine, ILC discusses the skills gap in the industry and how to overcome this. Apprenticeships are proving vital to enable diversity and social mobility in the workplace.

People

The Managing General Agent’s Association has announced that Martin Blackburn has been named as its new Chairman.

The Motor Insurers’ Bureau has appointed Emma Majewska as Senior Communications Officer.

Gateley Smithers Purslow (GSP) has bolstered its specialist forensic and expert witness team with the appointment of Keith Hilton as a Senior Building Surveyor.

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