ILC ARTICLE

ILC Breakfast News – Wednesday, 31 January 2024


Show some love

Twenty-five organisations are now signed up to this year’s ILC Day Wall of Love in support of children’s charity Rainbow Trust.

The Wall of Love – a symbol of the industry’s support – highlights the logos of those organisations that have pledged to raise over £250 for the charity as part of ILC Day on 14 February 2024.

Motor

Enterprise Mobility publishes ESG successes

Enterprise Mobility has released its latest Environmental, Social and Governance (ESG) report.

The report highlights the organisation’s ongoing efforts to operate as a people-centric, purpose-led and values-based business that embeds sustainability across its global operations.

CRU motor claims sink to lowest level

The latest data from the Compensation Recovery Unit has revealed the lowest ever number of personal RTA claims lodged in the last quarter of 2023.

Just 83,050 claims were lodged in the three months to December, with the annual total of 352,230 also the lowest recorded, down from 370,645 the previous year and 389,051 in 2021.

IFB warns against fronting to cut premiums

The Insurance Fraud Bureau (IFB) has warned of more young people committing fraud rather than paying record high premiums.

Average policies for 17-24-year-old are approaching £3,000, with the IFB warning against ‘fronting’ as a way to cut costs.

Carpenters Group celebrates 30th birthday with ILC

Carpenters Group celebrated the start of its 30th year anniversary at the ILC Motor Claims Networking Lunch, when both Chairman John Carpenter and Director Donna Scully supported ILC in raising £60,000 for children’s charity Rainbow Trust.

Volkswagen ID.7 wins What Car? Safety Award

Volkswagen’s ID.7 has topped a five-car shortlist to win the 2024 What Car? Safety Award.

It won the award based on Euro NCAP test scores as well safety systems such as active and passive safety technology, beating the BMW 5 Series, BYD SEAL, Lexus RZ, and Mercedes EQE SUV.

Solera launches ServiceAgent AI

Solera has unveiled ServiceAgent AI to streamline operational processes and improve customer engagement.

Featuring a digital voice assistant that enables it to handle multiple inbound service calls simultaneously, the system allows customers to book, change, cancel, and confirm service appointments online.

ERS partners with Percayso

Specialist motor insurer ERS is working with insurance intelligence provider Percayso Inform to enhance service to customers other insurers may decline.

The solution builds in specific data points to support the ERS strategy of providing accurate quotes in real time across all risks.

DAC Beachcroft warns of rising premiums

DAC Beachcroft has predicted that third party property damage costs in motor claims will continue to increase this year, pushing up motor insurance premiums.

It also expects EVs to pose a challenge to insurers through higher repair costs and a lack of skills in the sector.

GT Motive announces first price increase

GT Motive has announced it first ever price adjustment.

An eight per cent increase will be introduced form 1 March, affecting estimate creation (VQ included, VRN-VIN included), manual estimate creation, system access charges, and VIN query.

MoJ misses deadline for RTA review response

The Ministry of Justice has failed to meet its own deadline for responding to the July 2023 consultation on revisions to the medical reporting process for road-traffic accident (RTA) claims.

The Association of Consumer Support Organisations (ACSO) has written to Civil Justice Minister Lord Bellamy to question the lack of progress in setting new recoverable disbursements for medical reports, which have stood at £180 for the last decade.

Home

Tree Law unveils claims carbon calculator

Specialist law firm Tree Law has launched a new product that accurately calculates the carbon footprint of claims involving trees.

Its Subsidence Climate Change Calculator assesses scope 1, 2, and 3 emissions to provide an environmental overview of each claim, and it tailored to each individual insurer’s process.

What are the drivers dictating shape?

A panel debate at ILC’s Home and Property Conference turned the spotlight on the factors influencing the shape of claims and asked: ‘What is coming next?’

Taking part in the discussion were Will Sherwin, Senior CAT Head – Household and Property, Direct Line Group; Mark McMullen, Managing Director, Rainbow Restoration; Joe Grafton, Chief Commercial Officer, The Perfect Group; and Andrew Henner, Technical Claims Manager (UKGI – Property), Ecclesiastical Insurance, who between them offered a range of different perspectives.

Amazon to shut Insurance Store

Amazon has announced it is closing its UK insurance business after 15 months.

It launched the Amazon Insurance Store in October 2022, selling home and contents policies through insurance partners Ageas, Co-op, and LV=. It planned to then expand both range and insurer partners.

Ageas adopts WeatherNet’s SurgeCast

Ageas UK has become the first personal lines insurer to incorporate WeatherNet’s SurgeCast application to identify and support customers most at risk of inbound extreme weather.

By integrating the precise geographical location of policyholders with enhanced weather forecasts based on historical events, the solution is able to warn Ageas policyholders of incoming weather events more than two weeks in advance.

Catalyst continues youth investment

Insurance services specialist Catalyst Services UK has recruited two new apprentices, Matt Evans and Ben Thon, as it continues its policy of investing of youth and future-proofing its workforce.

Accent introduces flood-risk mapping

As part of its environmental, social and governance (ESG) strategy, Accent Housing has begun mapping flood-risk areas to determine where mitigation measures may be required.

Accent has 20,500 homes across England.

Claims Essentials

Great People Inside joins New Generation agenda

Martin Goodwill, CEO, Great People Inside UK is the latest key speaker to join ILC’s New Generation in Claims 2024 Conference agenda.

With content on the day focusing on the ever-present puzzle of External Vs Internal talent focus, Martin will share some thought-provoking insights around helping organisations to unlock internal talent pools.

IFB unveils 2024 Business Plan

The IFB has revealed its 2024 Business Plan, which includes broadening its membership and affiliate model, decommissioning legacy technology, and driving awareness campaigns to help the public protect themselves from insurance scams.

Government unveils cyber security Code

The government has published a draft Code of Practice on cyber security governance to help directors and senior leaders mitigate the risks of cyber threats.

A key focus of the Code is making sure companies have detailed plans in place to respond to and recover from any potential cyber incidents.

FCA warns of ‘Techlash’

Chief Executive of the FCA Nikhil Rathi has warned of a ‘Techlash’ if financial services organisations do not focus on consumer protection when introducing new technologies.

Speaking at the Imperial College London Business School, he said that innovation can have and is having a positive impact on jobs, productivity and customer service, but the FCA is committed to ensuring it remains a force for good and that the industry remains competitive and fair.

Focus turns to AI fraud

Kennedys and Robertsons will host a discussion on 21 February on how artificial intelligence is being used to make fraudulent claims.

Speakers will discuss generative AI and fraud risk, identification, fraud risk management, and validation and strategy.

Davies to deliver digital bootcamps

Davies has secured government funding to upskill insurance workers with digital skills.

It has received support for two years to deliver national Digital Skills Bootcamps, which are short, flexible courses focused on sector-specific data skills.

UCAS webinar addresses next gen engagement

UCAS for Industry and the Institute of Student Employers hosted a webinar recently exploring how employers can promote their apprenticeships to young people and the best approach to engaging with the next generation of talent.

What Consumer Duty means for you

Edam Group has published a report to help businesses understand the new Consumer Duty and gain a better understanding of what they need to do to achieve compliance.

The report highlights what ‘good outcomes’ are and how businesses can offer proof of process to the FCA.

MGA

Arch Insurance highlights rising flood risks

Arch Insurance’s latest Risk Control Survey has revealed a 40% drop in the number of properties protected from floods, with 500 out of 2,000 flood protection schemes cancelled.

It also says that regulation around e-scooters and e-bikes could be amended if the Safety of Electric-Powered Micromobility Vehicles and Lithium-Ion Batteries Bill is passed.

Industry News

Insured losses near £80bn

The latest Natural Catastrophe Review produced by WTW has revealed that global insured loss exceeded £79bn in 2023 for the fourth year in a row, with total economic loss surpassing £276bn.

CII report highlights value of service-centric approach

A new report from The Institute of Customer Service has revealed that 31.3% of customers will pay more for excellent service, after satisfaction levels fell to its lowest level since 2015.

Meanwhile, nearly half (41%) of customers who are dissatisfied with a business say they avoid using it again.

People

Allied Universal has promoted Jim Lennon to Vice President of Treasury.

Alan Cottrill is stepping down as Non-Executive Director at IMS (Trak Global) and will now operate as a self-employed NED.

Leanne Delaney has been appointed Risk and Compliance Manager at Marshmallow.

Mario Greco, Group Chief Executive Officer of Zurich Insurance Group, has been named Insurance Leader of the Year Award for 2023 by St John’s University’s Maurice R Greenberg School of Risk Management, Insurance and Actuarial Science

Azlina Bulmer has left her role as Executive Director of Membership and Engagement at the Chartered Insurance Institute.

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