ILC Breakfast News – Wednesday 05 January 2022
4th January 2022Tweet
Markerstudy on the move
Markerstudy has announced the acquisition of BGL Insurance (BGLi) from BGL Group, a leading digital distributor of insurance and household financial services, subject to regulatory approval.
Kevin Spencer, Group CEO of Markerstudy, said “As a leading distributor in the market, taking ownership of BGLi provides us with a unique opportunity to further accelerate and increase our growth potential.”
Meanwhile, the company also acquired Lloyd’s broker Clegg Gifford, subject to regulatory approval. Clegg Gifford is one of the country’s largest family-owned independent brokers in the motor segment and was Markerstudy’s 35th acquisition.
£1m ILC Motor Claims Lunch set for March
The £1m ILC Motor Claims Networking Lunch has been postponed from its original date of 21 January to 25 March 2022.
The decision, made in consultation with and the full support of ILC partners, was taken in light of developments relating to the Covid-19 Omicron variant.
Apart from a change of date, the much-anticipated event will be as spectacular and fun-filled as always with every element that has made the day such a success over the past 11 years again included, alongside a raft of new activities to help carry ILC past the £1m fundraising barrier for its chosen charity, Rainbow Trust.
Register now… webinARC January 2022: Sustainability
In this webinARC we explore the key themes of sustainability across the industry to discover just what it means to different operations at this current time.
Home & Property
No truce in pricing war
A typical buildings and content policy has reduced 8.2% in the last 12 months and now stands at just £138, but further pricing volatility lies ahead.
According to experts at Consumer Intelligence, a combination of Covid-19 and an ongoing pricing battle is going to continue to impact the market into 2022, with further reductions in home insurances premiums predicted.
Commercial costs keep rising
New market analysis from Woodgate & Clark has revealed the spiralling costs in the commercial property market, with both materials and wages rising exponentially.
It found that construction materials costs in the UK have hit a 40-year high after rising of around 20.3% in the 12 months to November 2021, while anecdotal evidence points to an escalation in wages of between 20-25%. With labour shortages expected to intensify this year, continued hikes in labour costs are predicted.
SMEs taking underinsurance risks
It has been revealed that about 80% of the 4.3 million small to medium-sized enterprises in the UK are underinsured. Meanwhile, one in five suffer major disruption every year, with 80% of those going out of business within 18 months.
This is according to John Armstrong, director, executive MCL adjuster and Martha McGorman, commercial property adjuster, Sedgwick, who suggested this is a persistent problem and urged policyholders to take it upon themselves insure their insurance is at an appropriate level.
Rnwl closes funding round
Insurtech startup Rnwl has raised more than £490,000 in a funding round on Seedrs. It was offering equity at a pre-money valuation of £6m, and secured the funding from 534 investors during the course of 34 days.
It is understood Rnwl plans to use most of the additional funding on recruitment, with the balance contributing towards marketing and operational costs.
Lemonade celebrates sparkling 2021
Lemonade has marked a successful 2021 during which it achieved a number of significant targets. The company enhanced its position in the motor insurance sector by launching Lemonade Car, which rewards safe and low-mileage drivers, while also acquiring Metromile, which specialises in pay-per-mile policies.
Further, Lemonade donated nearly £2m to charity, continued expansion with 137 new employees joining in September alone, and redesigned its app to showcase its product lines in the life, pet and motor insurance sectors.
ABI welcomes FCA reforms
The ABI has welcomed new reforms introduced by the FCA on 1 January and says it will work with the regulator to overcome any teething problems or unintended consequences.
The reforms have been introduced to create a level playing field for new and existing policyholders by banning insurers from quoting higher prices to renewing customers than the would to new customers.
It’s expected these reforms will save consumers about £4.2bn over the next decade.
Allianz names new innovation boss
Allianz Claims has appointed Chantelle Carroll as Process and Improvement Manager. She will head up the Process, Performance and Planning (PPP) team at Allianz Commercial, which is responsible for driving new innovation in the personalised claims space.
She joins from the Eden Motor Group, where she was Business Change Manager, and has also held claims management roles at LV=, RSA and Esure.
Crane lands MIB top job
The MIB has named Mike Crane as its new Chairman. He has been part of the board since 2018.
Crane is the Managing Director of LV= Broker and CEO of L&G General Insurance and has been heavily involved in the successful transfer of portfolios from Allianz and Legal & General. He also has executive responsibility for Diversity and Inclusion for LVGIG.Tweet