ILC Breakfast News – Wednesday, 6 December 2023
6th December 2023Tweet
Consumer Duty comes down to culture
Achieving Consumer Duty compliance is not a once-and-done task and requires buy-in from everyone in the business.
Speaking during a panel discussion at ILC’s inaugural Risk and Compliance event, Andrew Jobling, Supply Chain Lead, Aviva; Dan Chesney, Director, Onyx PDA; and John Fern, Chief Client Officer, Gallagher Bassett, agreed that compliance demanded a company culture of putting the customer first, and that needed commitment and focus from both the top down and the bottom up.
PwC supports disadvantaged starters
PwC has introduced a new initiative to support new starters from lower socio-economic backgrounds, following a significant research project with Thinks Insight & Strategy.
Support includes an advance of up to £1,000 on their first month’s salary, as well as increased mentoring.
Empowering Leaders training goes online
Live BIG has announced that its Optimism training is now available online. The programme is designed to help professionals and students fulfil their potential.
Home & Property Conference proves a real winner
ILC’s Home & Property Conference, which took place at Silverstone Race Circuit on 30 November 2023, proved a real winner with over 400 of the sectors’ key influencers in attendance.
ILC launches Subsidence Conference 2024
ILC’s Home & Property specialist Subsidence Conference is set to make a return on Thursday 7 March 2024 at the Manufacturing Technology Centre (Coventry).
Returning for the second consecutive year, next year’s event will follow-up on discussions from 2023 which carefully examined the 2022 surge in the knowledge that many claims were still arriving throughout Q2 2023.
Ecclesiastical announces Towergate partnership
Ecclesiastical Insurance has partnered with Towergate Care, a leading community broker offering bespoke insurance cover to care homes, to offer property capacity for larger care home providers.
Home insurance reaches record high
Consumer Intelligence has revealed that the average quoted price of home insurance rose by 36.1% in the 12 months to October. This follows the previous record high of 25.7% recorded in the summer.
It says prices will continue to soar as a result of damage from recent storms.
Revolution to evolution to change claims
A leading expert from Google has challenged the claims industry to forget about evolution and focus on revolution to change the customer experience for the better.
Nigel Walsh, Managing Director, Google Insurance, said that breakthroughs in technology and the potential of AI has created the opportunity for real disruption to the status quo. He said the only thing standing in our way is an inability to imagine a different future.
New car sales approach 2019 peak
The Society of Motor Manufacturers and Traders has reported that new car sales in November were just 96 units lower than the same month in 2019.
Its figures revealed that sales rose by 9.5% to reach 156,525 units, while hybrid electric vehicles (HEVs) and plug-in hybrid vehicles (PHEVs) grew by 27.8% and 55.8% respectively and the light commercial vehicle (LCV) market grew by 12.7% to 27,433 units.
Motor insurance payouts spike 21%
The Association of British Insurers has revealed that motor insurance payouts by insurers jumped by 21% in the third quarter of the year compared to the same period in 2022, surpassing £2.5bn for the second consecutive quarter.
Its data found that insurers paid out the equivalent of £4,821 and settled four claims every minute during the quarter.
The Future in Focus: A modern approach to attracting skills
Enterprise Rent-a-Car has assessed the implications of the severe skills shortage impacting the sector, and considered the steps businesses can take to attract new talent to the industry.
Uber cashes in on consumer trend
Uber has introduced a trial in Birmingham that will enable customers to pay cash instead of through the app.
INSHUR says Uber has identified a trend among consumers wanting to use cash more often.
Copart celebrates Carbon Literacy gold
To mark Carbon Literacy Action Day, Copart has announced that it has achieved a Carbon Literacy Gold Accreditation with over 50% of its workforce now certified.
The Carbon Literacy Project awards this accreditation to companies that maintain a substantial proportion of their workforce as carbon literate.
Standalone telematics on downwards trajectory
Consumer Intelligence has spotted a downwards trend for telematics brands in insurance, reporting that the proportion of telematics brands appearing in the top five results across major price comparison websites fell by six per cent in the first 10 months of 2023.
It believes this is because telematics is becoming standard in many vehicles, reducing the need for standalone devices.
SYNETIQ considers green parts inflation
Following up questions posed by delegates during October’s Exclusive Motor Claims Conference, SYNETIQ has addressed the availability and price of green parts as well as EV battery recycling.
We have seen cost price inflation across every part type and provider and green parts is no different. Green parts pricing is driven by multiple factors including the cost of vehicles themselves, labour, energy and fuel.
INSHUR announces NVT partnership
INSHUR has expanded its partnership with Next Venture Broker Technologies (NVT), providing brokers on NVT’s platform with seamless access to its range of innovative insurance products for the on-demand economy.
Flock expands motor portfolio with NIG deal
Flock has announced a strategic partnership with the commercial insurer NIG. The deal will see Flock expand its digital motor fleet insurance offering into multiple commercial segments.
Audatex responds to NBRA price queries
The NBRA/VBRA has been in close dialogue with Solera/Audatex about its proposed 8.5% price increases.
It said that Chris Wright, the Vice President for North Europe, has provided valuable insights into the decision, explaining that the company is navigating double-digit price rises of its own from industry suppliers.
Activate Group unveils repair-as-a-service
Accepting that insurers and MGAs are facing challenges around vehicle repair capacity and lag times, Activate Group has launched an innovative new repair solution that meets changing capacity demands while at the same time reducing backlogs and delivering better outcomes.
Collaboration critical in claims
CEO of the Managing General Agents’ Association Mike Keating has said there is work still to be done before collaboration between MGAs and insurers is where it needs to be.
Bspoke announces major acquisition
Bspoke Insurance Group is set to the personal lines elements of the Police & Forces Mutual businesses, Police Mutual Healthcare (PMHC) and Police Mutual General Insurance (PMGI), from The Royal London Mutual Insurance Society Limited (Royal London).
The transaction will see over 250,000 general insurance policies and about 16,000 healthcare policies transfer to Bspoke Group.
Support for Wall of Love climbs
Eighteen companies have now committed their support to ILC’s Wall of Love in support of the incredible Rainbow Trust children’s charity.
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.
AXA UK strengthens fraud prevention measures
AXA UK has announced a partnership with Synetics Solutions to leverage its SIRA fraud prevention solution. National SIRA data is the largest syndicated database of cross sector customer risk intelligence in the UK.
Arma Underwriting earns CII recognition
The Chartered Insurance Institute has presented Prasad Fernando, Senior Partner of Arma Underwriting, with the International Professional Partner Firm (IPPF) plaque.
The IPPF award recognises firms outside the UK that voluntarily adopt the CII’s Code of Ethics.
Markerstudy has appointed John Castagno, Ellie Barlow and Steve Maddock as Non-Executive Directors (NED).
Sedgwick has named Leah Cooper asGlobal Chief Digital Officer, a newly formed role.
Accident Credit Group (ACG) Ltd, has announced the promotion of Ian Budsworth as its new Managing Director. For the last four years, Ian has led ACG through a period of consistent and significant growth as the company’s Operations Director.
CBRE UK has appointed David Henderson as Insurance Claims Manager.
Gary Lobb has joined Claims Consortium Group in the new position of Head of Digital Transformation.
Kajal Vakas has joined Baringa as Senior Manager.
Consumer Intelligence Finacial Services has announced the appointment of Ann Constantine as Chief Operating Officer.
The Society of Motor Manufacturers and Traders has named Mick Flanagan, Vice President for Volvo, JLR, Toyota, Nissan at Adient, as new President.
Motor Claims News