Motor
ARC360 adds more top names to line-up
ARC360 has revealed more top industry names to join the speaker line-up for its forthcoming Back to the Future event.
“We are delighted to have such a strong line-up of speakers, covering such a diverse range of industry facets, which will undoubtedly bring together some unique perspectives on how the industry is shaping up for the future.”
EU charging infrastructure exposed
The European Automobile Manufacturers’ Association (ACEA) has warned of a severe lack of chargers on the continent, adding that 90% of those that have been installed are too slow.
It has found that there are only about 225,000 public chargers in the EU, and only about 25,000 of them are fast chargers. The remaining 200,000 are low-tech outlets that can take as long as an entire night to charge a car.
Synetiq delivers sustainability training
Synetiq, Gold Sponsors of ILC’s Exclusive Motor Claims Conference and recently acquired by ILC Corporate Partner IAA, has delivered a range of Carbon Literacy training courses to help organisations carry out meaningful environmental change.
Coinciding with the first ever Carbon Literacy Action Day, Synetiq hosted five online group training sessions for clients, colleagues, industry leaders and local communities. In total, 765 people took part in the mass training event.
Innovation appoints new operations director
The Innovation Group has appointed Catherine Hulme as Operations Director for Motor Business. She will be responsible for the implementation of the Group’s strategic objectives as well as maintaining customer relationships within motor.
Catherine has more than 25 years’ experience in the industry, working within operations, strategy, transformation, procurement, and the supply chain.
Admiral embeds ADAS data in pricing
The largest motor insurer in the UK, Admiral, will incorporate ADAS data in its pricing and underwriting through LexisNexis Vehicle Build, which has been developed by LexisNexis Risk Solutions to help insurers identify and evaluate standard and optional ADAS fitted to individual vehicles.
LexisNexis Vehicle Build is the result of years of research and development, during which more than 2.7 million vehicles were tested with insurers in the UK and Europe.
ClaimsTech
Guidewire invests in AI developer
Guidewire has invested in Shift Technology’s Series D funding round to support ongoing innovation and accelerate time to market. Shift Technology provides AI-driven decision automation and optimisation solutions for the global insurance industry.
Granite prefers the Carrot approach
The Granite Group will acquire Carrot Insurance (Carrot) from Trak Global Group (TGG). The deal forms part of Granite’s growth strategy, which involves investment in technology to evolve its business portfolio.
Carrot’s 55-strong workforce, including Managing Director Norrie Erwin, will move across to Granite while retaining its Crewe location.
Lemonade sparkles with new AI solution
Lemonade has launched a new product into the motor insurance sector designed to offer better prices for safe and low-mileage drivers. Lemonade Car is an AI-enabled solution that calculates prices according to individual driving metrics. EV and hybrid drivers can also benefit from lower premiums.
Lemonade Car, which also offers 24/7 roadside assistance and real-time crash detection, is only available in Illinois, but will be rolled out throughout the US in the coming months.
owl.co secures additional funding
Insurance claims monitoring platform owl.co has secured $30m in series B funding to accelerate growth by scaling the platform and bolstering the workforce by 20%.
Series B support from Cota Capital, Sorenson Ventures, FUSE, Impression Ventures, Luge Capital, and Plug and Play Ventures takes owl.co’s overall funding to $40m.
Home & Commercial
HSB continues expansion with MD Group acquisition
HSB (UK) will purchase the MD Group of companies including its managing general agent, MD Insurance Services. Subject to regulatory approval, the deal also includes the Premier Guarantee and LABC Warranty brands.
The acquisition will form part of HSB’s UK growth ambitions by adding a complementary insurance specialist to its portfolio.
Rainbow taps into Verisk expertise
Claims handling solutions developed by ILC corporate partner Verisk will underpin a new workflow being introduced by restoration service provider Rainbow International.
Rainbow’s network of branches will use Verisk’s full property ecosystem, which includes AI and Vai-powered technology for image detection, to enhance team member deployment, remote customer collaboration and claims assignment, estimation and management processes.
Good data more critical than ever
The value of Verisk’s accurate and up-to-date pricing data has become even more valuable as supply chain disruptions and shortage of raw materials continue to cause unprecedented variations and price fluctuations.
Its data is sourced from suppliers at a regional rather than national level, ensuring partners are able to continuously monitor surges in demand and local nuances.
Capita confirms key sales
Capita will sell its speciality insurance businesses to Marco Capital Holdings (UK) for an undisclosed sum. The sale comprises Capita Commercial Insurance Services and Capita Managing Agency. The senior management team and employees of both companies will remain with the businesses as they transfer to Marco’s ownership.
CRI to assess if the coast is clear
AXA XL has introduced a new tool to assess areas at risk of coastal flooding as a result of climate change. Coastal Risk Index also considers the protective benefits of coastal ecosystems, such as coral reefs and mangroves.
The tool has been developed with AXA’s scientific partners, IHE Delft (Netherlands) and University of California, Santa Cruz (USA) and the Government of Canada through the Ocean Risk and Resilience Action Alliance (ORRAA).
Market News
Rising Star interview with Paul Furey – Member Complaints Resolution Manager, Copart
Our aim is to get it right for our members ‘every time in every way’. Often that requires many different parts of our business working together as one, which can be challenging. The fundamental is that we help our members get great deals on vehicles, so they in turn can re-use or resell
EY predicts tough 2022 for UK insurers
Analysis from Ernst & Young suggests that UK home and motor insurance markets will be profitable this year due to a reduction in claims, but that both will fall into the red during 2022.
It predicts that motor insurers will achieve an underwriting profit in 2021 with a Net Combined Ratio (NCR) of 97%, while home insurers will realise only a slim profit this year – an NCR of 99.4% – with high inflation negating much of the benefit of lockdown-related low claims.
Customers struggle to pay rising premiums
Cash-strapped policyholders are having to increase their borrowing to meet rising insurance premiums. According to research from UK finance company Premium Credit, a squeeze on household finances is forcing insurance customers deeper into credit.
It found that 69% of people used some form of credit to pay for one or more insurance policies in the last year, and one in four borrowed more than they had in the previous 12 months for this purpose.
QuestGates completes fourth deal of 2021
Specialist loss adjuster QuestGates has acquired Focus Claim and Risk Management. This is the fourth deal it has completed during 2021.
Focus manages contingency and entertainment claims, with particular expertise in prize indemnity, over-redemption, and risk management of lotteries and prize promotions. As part of the deal, its entire team will become part of the QuestGates Specialist Services division and work with the Hyperion team.
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