ILC ARTICLE

ILC Breakfast News – Wednesday 7 June 2023


Motor 

Key insurers, VMs and repairers set for specialist EV event  

There is less than a month to go until ARC360 turns the spotlight on electric vehicles in its new specialist event – The EV-olution.  

Many of the UK’s leading insurers, vehicle manufacturers and vehicle repairers are set to discuss how electric vehicles (EVs) are set to change motor claims at ARC360s specialist EV event.  

Amongst some of the leading names set to attend include insurers Aviva, esure and Zurich; vehicle manufacturers Stellantis, Tesla and Toyota; and repair groups Halo ARC, Fix Auto UK and Steer Automotive.   

Gemini celebrates six of the best 

Gemini Accident Repair Group has announced that six Vehicle Damage Assessor (VDA) apprentices have now become IMI-accredited. 

They are Gemma Bright (Gemini Redditch), Daniel Ward (Gemini Nottingham), Jacob Ray (Gemini Pensnett), Luke Sargeant (Gemini Worcester), Lewis Walker (Gemini Telford), and Ashley Ablett (Gemini Leeds). 

New vehicle sales upwardly mobile 

Both the new car and new light commercial vehicle markets have enjoyed consecutive months of growth, according to figures from the Society of Motor Manufacturers and Traders

It found that new car registrations grew 16.7% in May to 145,204 units, making it 10 months of continuous growth, while LCV registrations grew by 15.3% to 25,359 units, making it the fifth consecutive month of rising sales. 

GTA2 talks reach important stage 

Discussions between the credit hire industry and insurers on the scope of a revised GTA, a voluntary protocol which removes friction in settling credit hire claims, are now reaching an important stage. 

Anthony Hughes, Chair of the Credit Hire Organisation (CHO) the credit hire trade body, said his members have received a “measured and helpful” response from motor insurers to a position paper on the way forward prepared by the CHO’s specialist GTA working group. 

Managing claims for maximum benefits  

The moment of a claim is often regarded as the moment of truth for insurers, but in order to handle them safely, effectively and efficiently, many moving parts in the supply chain need to work together.  

Here, Entegral, CAPS, Solera and BHR Assist Insurance Services share their insights into how best to manage claims for the benefit of everyone – not least the customer. 

Gemini celebrates double standard success 

Gemini Accident Repair Centres has achieved the new standard BS10125:2022 across 15 sites. 

Gemini Macclesfield and Chesterfield are the latest to achieve certification, after Redruth, Rotherham, Telford, Manchester, Cannock, Wakefield, Bodmin, Edinburgh, Glasgow, Nuneaton, Nottingham, Spalding, and Peterborough. 

ACSO calls for continued OIC improvements 

The Association of Consumer Support Organisations has welcomed improvements to the government’s Official Injury Claim (OIC) portal in the two years since launch, but says more work needs to be done. 

Matthew Maxwell Scott, Executive Director, said, “Consumer awareness of the OIC remains very limited, and difficulties in valuing mixed-injury claims were widely predicted and yet after two years we are no nearer to proper resolution.   

“Another source of considerable concern is the rapid contraction in the number of legal firms and others who are able to represent injured people.” 

Company car benefits being scaled back 

A new study by WTW has found that more than a fifth of UK companies are planning to scale down their company car schemes in order to cut costs. 

The report, WTW’s 2023 Company Car Benefits Survey Report, revealed that 22% of respondents said they’d remove car benefit eligibility from certain roles in the next year. 

Copart earns ESG medal 

Copart UK has been awarded a Bronze EcoVadis Medal, recognising its commitment to sustainability through its policies, actions and results.  

It was awarded the medal after undergoing a comprehensive assessment of its ESG practices. 

ERS Car is now LIVE on Acturis 

ERS has launched a new API-based car insurance product for brokers on the Acturis platform. 

ERS Car provides brokers with access to the latest real-time pricing across new business, mid-term adjustments and renewal transactions for their customers. 

Home 

UK construction to build momentum 

The UK’s construction industry is expected to contract by 2.5% in real terms in 2023, according to the Linesight UK Commodity Report

However, it predicts the industry will grow at a 2.9% annual rate from 2024-2024, driven by increased digitalisation and investment in transportation, energy, healthcare and infrastructure. 

New support for skills development 

The Construction Leadership Council has published a leaflet to help construction employers in finding the skills to future-proof their businesses. 

The leaflet outlines the support available to companies, including financial incentives and specialist help for new employees. 

ClaimsTech  

Decoding Digital Trust 

Swiss Re Institute has published a new report looking at consumer trust in digital technology according to region and culture. 

Decoding Digital Trust 2, which follows last year’s Decoding Digital Trust 1, explains that the level of development within a county does not automatically lead to greater trust and suggests that transparency and security are far more important factors in customers’ eyes. 

MGA 

Verisk completes Morning Data purchase 

Data analytics and technology provider Verisk has acquired Morning Data, which supplies state-of-the-art software to brokers and managing general agents.  

The deal enables Verisk to enhance its solutions for straight-through processing and distribution to brokers, MGAs, and (re)insurers. 

Late payments plague SMEs 

Nearly a third of small to medium enterprises (28%) said late payment problems have got worse in the last year, with seven per cent saying they have got much worse. 

This is according to research carried out by insurance premium finance company, Premium Credit, which also revealed that rising wages (27%) and energy costs (14%) are among SME’s main concerns for the year ahead. 

Industry News 

ABI examines standards approach within the sector 

The results of research into how the industry has implemented Mental Health and Insurance Standards have been published in a new report by the Association of British Insurers

The report found that 94% of respondents said they are now able to explain to customers how evidence informed their underwriting approach, while 88% said they manage customer expectations by including an introduction in their underwriting questions. 

Sustainability skills badly lacking 

A new report from EY has revealed that a lack of skills more than a lack of motivation is holding companies back from achieving their net zero targets. 

The survey of more than 500 sustainability leaders found that 35% of those based in the UK said hiring talent with climate-change skills was a challenge, while 33% said a lack of knowledge and expertise at board level was also a major barrier. Meanwhile, 30% said that upskilling to green skills was an issue.  

Top talent to boycott insurers over climate policies 

Insurers have been warned that supporting fossil fuel projects could mean losing out on some of the top talent entering the sector

This comes as hundreds of students and graduates from universities such as Oxford, Cambridge, London and Edinburgh have written an open letter saying they will ‘boycott’ insurers who don’t adopt climate-friendly policies. 

People 

RightIndem has appointed Edward Axon as Chief Growth Officer. 

Rachel Turk has joined Lloyd’s as Chief Underwriting Officer. 

ERS has welcomed Max Warren-Watson as underwriter within its agriculture team. 

Sedgwick has appointed Tracey Hudson as Chief Financial Officer in the UK. 

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