ILC ARTICLE

Breakfast news 13 October 2021

12th October 2021

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Getsafe consolidates leading position 

Digital insurer Getsafe has expanded its Series B funding round to $93m. The investment consolidates the company’s position as Europe’s largest neo-insurer. 

Targeting millennial buyers in Germany and the UK and with more than a million customers, Getsafe began offering renters insurance in Germany in late 2017, and expanded its product portfolio to a car insurance product at the end of last year. It also launched its home renting insurance product in the UK in 2020.  

Aviva agrees construction underwriting deal 

Aviva has agreed a three-year deal with Thomas Miller Specialty Construction to provide capacity for its Latent Defect offering for commercial developers operating in the UK’s mixed-use development market. 

The new partnership will enable Thomas Miller Specialty, a global insurance provider across a number of sectors, to continue underwriting in the Latent Defect sector of the UK Construction market. 

MOTOR 

The Future is in Focus at ARC360’s conference 

What the past means for the future of the incident repair sector will be the focus of ARC360’s ‘Future in Focus’ conference at The British Motor Museum on 25 November 2021. Click here to book your place now.  

Key persons of influence from across the sector will join the event which will seek to unravel if the incident repair sector is now in a completely new world or if the past still provides some meaning for the future.

Wayve greets new investment 

Wayve will accelerate the development of automotive grocery deliveries after announcing a new partnership and £10m investment from Ocado Group. 

The collaboration also includes an autonomous delivery trial that will see Wayve’s technology fitted onto a selection of Ocado delivery vans and trialled on urban delivery routes, which will test its ability to perform the challenging maneuvers that last-mile deliveries need to navigate. 

EV manufacturer signs ADAS deal 

Electric vehicle manufacturer Canoo has announced a partnership with AVL to develop, test and validate Advanced Driver Assistance Systems (ADAS) software for its Lifestyle Vehicle. 

The technology provides an intuitive human interface that provides vehicle feedback to drivers, enabling them to make safer choices while on the road. Meanwhile, the software will be owned by Canoo to ensure security, safety, compliance and compatibility across all its vehicles. 

S&G adopts zero-tolerance approach 

S&G Response is implementing a new initiative to safeguard its employees from hostility and abuse. It is rolling out the ‘Service WITH Respect’ initiative alongside the Institute of Customer Service, which calls for a zero-tolerance approach towards abuse of employees. 

Managing Director, Jason Gough of D Walton Accident Repair in Manchester, said, “We know that mental wellbeing has a huge impact on our people and the support from S&G Response in tackling behaviours that may adversely affect the wellbeing of our people is truly invaluable.” 

LV= extends network support 

LV= has extended its support for its repair network by announcing that it will continue to cover Assessment, AudaVIN+ and Audainvoice fees, while also now covering the LV= proportion of the Software and Solutions fees.  

This expanded contribution will be effective from 1 November and will be applied to repairers’ invoices from 1 December. 

Inaugural motor event hailed a triumph 

ILC’s first ever Exclusive Motor Claims Conference has been hailed as a huge success after taking place in at London’s prestigious Landing FortyTwo last week. 

The event saw some of the industry’s most influential figures meet to discuss the current state of motor claims and where the sector may be heading next. 

ClaimsTech 

SightCall finds the remote control

Visual support platform SightCall has unveiled a new remote assistance solution that can reduce an insurer’s expense and risk while at the same time elevating its service to the levels set by global leaders in digital delivery.

Read more and watch the live demo here

Single-view claims portal unveiled

Convenience and transparency are becoming ever-important to customers in all industries; CoreLogic has responded to this with the launch of a new single-view claims platform that enables everyone involved in the process to share information in real-time.

Read more and watch the live demo here

New better together approach sweeping insurtechs 

A new podcast from McKinsey examining the future role of insurtechs has suggested that the sector might be entering a new era of collaboration. 

McKinsey on Insurance brought together partners from the US, Europe and Asia. It concluded that while insurtechs were intent on taking customers from traditional insurers in the past, there is now a greater focus on business-to-business strategies as opposed to business-to-consumer. 

It suggested also that partnerships could be the only way forward as insurtech values rise beyond the reach of many traditional insurers. 

Hologram tackles cyber threat 

A new augmented reality portal has been launched to offer individuals and businesses alike access to a single source of information on cyber security, and the policies that available to protect them from such threats. 

Introduced by Partners&, CyberSpace features videos, fact sheets and downloadable information about cyber-attacks, alongside a 3D hologram of managing partner Matthew Clark, a virtual concierge who is available to answer any questions.  

GENERAL 

Detected fraud at lowest levels since 2007 

The ABI has reported that detected fraud claims in 2020 fell to their lowest level since 2007.  

They were down 10% on 2019 to 96,000. Their accumulated value also fell, by four per cent, to £1.1 billion, although the average fraud claim rose six per cent to £12,000.  

Its analysis found that motor fraud was down six per cent, property insurance frauds fell by 10%, while the number of liability insurance frauds decreased by 18%.