Injury Landscape Interview with Martin Milliner, Claims Director, LV=

We’ve caught up with one of our speakers from our recent 10th Motor Claims Conference, Martin Milliner, Claims Director at LV=. to answer a few unanswered panel debate questions. 

Looking forward, what influence do you think new tech will have on the injury landscape?

New tech will have a massive impact on the injury sector in the short to medium term. I’d expect a range of things to be in place in the next 3-5 years, including automated pain and suffering evaluation, the use of Virtual Reality based physio, CBT and other rehab related therapies, a huge step forward with technologically re-enabled claimants with neurological injuries, API based integrations with insurers and compensators to enable automated Ai based solutions to resolve lower value PI claims seamlessly.

If insurers don’t stand behind their customers with LEI post reforms could it become the new PPI!?

Possibly, it is disappointing that the MOJ and those involved in establishing the new portal/making the CLA come to life don’t appear to have LEI as an issue that needs tackling. Raising public awareness of the value and benefit of having quality LEI cover in place in the lead up to the CLA reforms is important.

The risk of hollowing out of cover or mis-selling a product that isn’t well understood by consumers is a risk and we have already seen 1 or 2 policies move worryingly in the wrong direction.

I would like to think that insurers would recognise this risk and continue to provide the existing levels of cover to their customers and would expect that in any event the FCA would intervene to protect consumers interests long before a PPI styled outcome occurred.

Are any insurers investing more into third party intervention to take care of claimants rather than dealing with the inevitable claim?

I think the answer should be yes. With the risk of “layering” in the absence of a Part 2 of the CLA and continuing bent metal cost creep post Hetherton v Coles there are many reasons for insurers needing to up their game on this.

Source: ILC

The Workshop Professional of the Future – Fleet interest in fixed cost motor insurance

Fleet interest in fixed cost motor insurance is on the increase because newer vehicle technologies are raising premiums.

That’s according to leasing company Arval, which cites a report from the Association of British Insurers that shows repair costs in the first quarter of 2019 were the highest on record. 

This is attributed to features on new vehicles that are costly to repair, such as advanced driver assistance systems and sophisticated headlight designs. 

Arval UK head of insurance Ian Pearson said: “There is little question that the advanced equipment being fitted as standard to even mainstream vehicles is having an impact on repair costs which, in turn, is starting to have an effect on premiums.

“While we are in favour of the fitting of most of these devices, which are generally designed to promote safety, they do make the repair process more expensive in terms of both parts and the time taken to fit them.”

According to Pearson, the situation is having an impact even on fleets that employ advanced and successful risk management strategies, and therefore have low accident rates.

He said: “There are fleets that work very hard at controlling their risk and have improved safety and reduced their premiums as a result but even they can have little influence over repair costs. 

“Of course, those fleets that already have a poor claims record are being even more adversely affected.” 

Pearson claims that these factors have led to an increase in demand for fixed price insurance products such as Arval’s own Total Care, and that these could form a blueprint for a new fleet approach to insured vehicles.

He said: “Certainly, we are seeing interest from fleets growing in Arval Total Care. It does mean a shift from the normal fleet insurance mindset but there are a whole range of advantages to securing cover in this way. 

“It is our belief that it represents something of an innovation and that other companies in the sector may soon start to offer something similar.”

Source: Business Car