Breakfast news 27 October
26th October 2021Tweet
MA Group launches new venture
MA Group has announced a joint venture with Hastings Direct and SBS Insurance Services. Hasting Home Claims Services has been launched to provide a full end-to-end property claims management service, including digital FNOL and claims validation through to restoration, repair and fulfilment.
Combining technology with in-house expertise, the venture will be jointly managed by MA Group and SBS.
DASA urges repair over replace approach
DASA has urged insurers to take a more sustainable approach to property claims, which it argues creates many tonnes of waste a year. It says many damaged items are sent directly to landfill when a repair over replace approach could limit this impact, while also reducing carbon emissions created by manufacturing, transport and energy.
Catalyst for change
Catalyst Claims has announced a major rebrand. The drainage, water supply and subsidence specialist that delivers investigation, repair and remediation services for insurance providers has changed its name to Catalyst Services UK and launched a new website and new brand identity.
The rebrand reflects the company’s rapid growth and its desire to enhance its online presence.
Admiral Group implements Guidewire
Admiral Group has implemented a new claims management system, Guidewire, for its household line of business. Guidewire will allow it to manage claims with more agility and efficiency, access more data more easily, while improving customer experience though more choice and flexibility during the claim.
Admiral already uses Guidewire for its policy administration and billing systems, as well as digital applications to its motor and household lines of business.
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Calling all flood insurers
Registrations are open for the new Flood Insurance Directory, which will be launched later this year by the British Insurance Brokers’ Association (BIBA), the Association of British Insurers (ABI) and Flood Re.
FCA and PRA regulated intermediaries and insurers who can provide cover for residential buildings and/or contents insurance for consumers who are struggling to obtain flood insurance are now invited to register.
Motor claims data published
Official Injury Claim has published the data of claims processed between 31 May and 31 August. Developed by the Motor Insurance Bureau on behalf of the Ministry of Justice, it processed 45,718 claims during this period, including 4,331 from unrepresented claimants, while 24,812 liability decisions were made, and 436 claims reached settlement stage.
Figures in the report also include information about types of representation; types of claims; exceptional injuries and circumstances; claims exiting the portal; and enquiries to the portal support centre.
SYNETIQ under new ownership
Leading UK salvage and vehicle dismantling company SYNETIQ is being acquired by IAA for £225m. IAA, a global digital marketplace connecting vehicle buyers and sellers, will acquire SYNETIQ through its indirect wholly-owned subsidiary IAA International Holdings Limited.
It will pay £186m at closing with the remaining £39m subject to merger approval from the UK Competition and Markets Authority.
Sherwin-Williams breaks new ground
Sherwin-Williams has broken ground on the official start of construction for the company’s new global research and development centre.
The 600,000 sqft site based in Ohio will bring chemists, engineers, technicians and support teams together in a state-of-the-art hub for innovation and development. It will support product development, coatings research, colour technology and process engineering.
Communication critical to customer service
Means of communication between insurers and policyholders is one of the biggest changes to affect the industry in the last decade, according to Rob Phillips, Client Services Team Senior at e2e. He said that streamlined, automated communication channels are critical now to improving efficiency and enabling claims handlers to dedicate more time to customers.
Phillips also urged the industry to consider salvage and automotive recycling whenever possible, insisting that it will be critical to achieving the government’s net zero targets.
‘Something has to change’
New data has revealed a staggering £2.5bn reduction in claims last year, with motor premiums also significantly down as drivers made the shift en masse to new mileage-based policies.
Whiplash reforms: a four-month report
The Civil Liability Act and Whiplash Reforms came into force on 31 May, but more than four months later there is still widespread debate about its effectiveness.
Guidewire seeks insurtech innovators
Guidewire Software has launched a new program dedicated to identifying the hottest insurtech companies in the P&C industry.
Guidewire, already an investor in the sector through its PartnerConnect Solution, is constantly striving to link insurers with innovators and believes the program, called Insurtech Vanguards,takes this to the next level by delivering a dedicated channel for connecting insurers and insurtechs.
Head Honcho tops insurtech polls
Honcho has been named the UK’s most innovative insurance technology firm in the inaugural BusinessCloud InsurTech 50, which has been set up to recognise and celebrate the companies and start-ups disrupting the sector positively.
Also in the top 10 were DeadHappy, Sprout.ai, Cuvva, UInsure, Nimbla, Wrisk, FloodFlash, Previsico, and Marshmallow.
The ranking was decided by a mix of public votes and a specialist panel of judges.
New COE launched
Global risk and reinsurance specialist Guy Carpenter & Company has launched a new centre of excellence dedicated to providing comprehensive services to (re)insurance carriers and Managing General Agents.
The Guy Carpenter InsurTech Center of Excellence will deliver a broad range of reinsurance broking, advisory and customised analytical services, including market-entry analysis, portfolio construction, actuarial support, rating advisory and capital modelling.
Meanwhile, as part of its expansion plans, Guy Carpenter will strengthen its relationship with financial technology analyst firm Celent, from 1 January, 2022.
Duck Creek continues global expansion
SaaS provider to the general insurance industry Duck Creek Technologies is expanding into the Spanish market after signing a collaboration agreement with TIREA, which offers value-added IT services to insurers and to UNESPA, the association for insurance companies in the Spanish market.
The partnership, which opens the door for further collaboration in other areas, is part of Duck Creek’s global expansion strategy.
Carpenters chisels out role for Harris
Carpenters Group has named Sean Harris as Principle Lead for Large Loss and Catastrophic Injury within its Defendant Insurance Services.
He joins from DAC Beachcroft, where he was Head of Chronic Pain, and will be responsible for growing Carpenters Group’s defendant services and leading strategy in this area.
Getsafe planning rapid expansion
Digital home and car insurer Getsafe is planning to expand into life and health insurance after securing its insurance license from Germany’s financial regulator, BaFin.
Getsafe, which allows customers to buy, manage, adapt policies and file claims via an app, will also now accelerate European expansion.Tweet