ILC ARTICLE

ILC Breakfast News – Wednesday, 9 August 2023


Claims Essentials

Uber keynote confirmed for ClaimsTech LIVE

Director of Claims at Uber Insurance, Sharif Ishaque will provide a keynote address at this year’s ILC ClaimsTech LIVE event.

With the event focused on making a positive impact, Sharif will explore Uber’s journey as one of the pioneers of the ‘sharing economy’ – disrupting transport across the globe with technology.

New ILC event set to explore risk and compliance

ILC has launched a new event under its Claims Essentials banner to explore the changing landscape of Risk and Compliance within insurance claims.

The event, scheduled for 15 November at etc venues, Manchester and themed: ‘Consumers – more than just a duty’ is set to discuss how insurers and supply chains can work together to optimise the consumer journey whilst satisfying ever changing legislation and heightened socio-economic challenges across the UK.

LexisNexis announces Microsoft 365 integration

LexisNexis Legal & Professional has announced a technology integration with Microsoft 365 which will provide legal professionals with intelligent, AI-powered tools, enhanced capabilities, and more efficient, guided workflow experiences.

Both companies are also working on solutions integrating Microsoft Azure OpenAI.

MGA

CCG to headline MGA Claims Conference

Claims Consortium Group (CCG) – leading provider of end-to-end claims handling services, workflow technologies and data services – has been confirmed as Headline Sponsor of this year’s ILC Managing General Agents’ (MGA) Claims Conference.

SiriusPoint partners with Eaton Gate

Global specialty reinsurer SiriusPoint has announced a partnership with London-based MGA Eaton Gate, which writes in excess of £100m.

The partnership will be primarily focused on UK property casualty insurance business.

DUAL deal with David Ashby Underwriting

DUAL today announced the acquisition of leading MGA David Ashby Underwriting, which specialises in bloodstock and high value sports horse insurance.

Rokstone creates new A&H division

Rokstone has launched a new accident and health division, which will be led by Darren Delande.

The new division is expected to write £50m of gross written premium in three years and £100m in five years.

Motor

Leading names revealed for EMCC agenda

Charmaine Pattenden, Head of UK Claims, INSHUR; Dave Thompson, Director of Claims at Tesco Underwriting; and James Driscoll, Senior Claims Manager – Motor Damage and Credit Hire, Aviva are just three of the key names revealed for ILC’s Exclusive Motor Claims Conference (EMCC) agenda.

Copart to double capacity at Sandtoft site

Copart UK is continuing its ambitious investment strategy by expanding its Sandtoft site to create a 110-acre UK Super Centre in the North of England.

Motor claims numbers continue decline

Data received by ACSO has revealed a continuing decline in motor claims numbers.

According to figures from the Compensation Recovery Unit, obtained by the Department for Work and Pensions (DWP) following a Freedom of Information request by ACSO, motor claims numbers in the second quarter of 2023 were the lowest on record for that three-month period, and the second lowest quarter ever.

Percayso secures key investments

Data intelligence solution provider for the insurance sector, Percayso, has raised a further £2.7m investment from industry veteran Neil Utley and existing venture capital investor, Praetura Ventures.

ERS uncover rising fraud

Specialist motor insurer ERS has reported a sharp rise in fraudulent claims submissions.

Martin Hall, Active Underwriter, has pointed to examples such as individuals using details of existing businesses in an attempt to take out policies, or attempting to add vehicles to fleet policies that aren’t owned by the business.

CMA question keyless car theft claims

New figures from the National Crime Agency have revealed a 19% rise in vehicle theft. It has attributed this to rising instances of keyless theft.

However, Managing Director of Claims Management & Adjusting Philip Swift said the number of models being stolen that are more than eight years old cast doubt on that conclusion.

Approval for Markerstudy acquisition of Tradex

Markerstudy’s acquisition of motor trade and taxi specialist insurer Tradex has gone ahead after being given the green light from the Prudential Regulation Authority.

Home

ILC Home & Property Conference shaping up

‘Getting in Shape for Claims’ is the theme for November’s ILC Home & Property Conference set to take place at the iconic Silverstone, home of British Motor Racing.

Taking place on Thursday 30 November, the event will examine the challenges insurance property claims currently face and how the sector is getting in shape to adapt.

AkzoNobel completes key acquisition

AkzoNobel has completed the acquisition of the Chinese Decorative Paints business of Sherwin-Williams. The business has an annual revenue of approximately £86m and employs around 300 people.

Aviva tackles carbon emissions in construction

Aviva is helping the construction sector operate more sustainably by expanding its underwriting appetite to include engineered timber in commercial developments.

This follows a successful pilot which saw it working with a handful of developers on sustainable building projects.

MX Underwriting Europe enhances risk capabilities

Specialist Ireland-based insurance intermediary MX Underwriting Europe has announced a new partnership with Gamma Location Intelligence, which provides location intelligence and risk assessment technologies.

The collaboration will enable MX Underwriting Europe to assess commercial property risk across perils including flood and windstorm.

Industry News

Profits rise despite higher claims numbers

The Lloyd’s market has reported an underwriting profit of more than £1.5bn for 2022, a 29% increase on the previous year.

Meanwhile, gross written premium across all business lines rose by more than a quarter to £31.3bn. This comes despite a 29% increase in gross claims to £7.5bn.

ACSO warns of falling consumer support

The Association of Consumer Support Organisations (ACSO) has warned of a worrying decline in the number of claims management companies since regulation was transferred to the Financial Conduct Authority (FCA) in 2019.

NHS crisis opens door to AXA expansion

French insurance group AXA believes the crisis in the NHS presents “quite a few business opportunities” for it to expand its private healthcare business.

iRG introducing ‘collaborative’ apprenticeship scheme

iRG’s new apprenticeship programme is proving a resounding success with 15 new starters joining the scheme in the first three months.

People

CoverGo has appointed Ahmad Mosa as new Chief Technology Officer.

INSHUR has named James Rawstron as Director of Underwriting.

Amanda Fox has been appointed into the newly created role of Chief Customer Officer at Markerstudy Insurance.

RSA Insurance has appointed James Godfrey as its new Transformation Director.

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