ILC ARTICLE

ILC Breakfast News – Wednesday 1 February 2023 

31st January 2023

ILC Day 2023 

Headed up by ILC Founder Chris Ashworth, the Great Insurance Bike Ride will see individuals jump on a bike (at home, in the gym or outdoors) and cycle 50 miles on Tuesday 14 February for ILC Day – helping to raise awareness and sponsorship for the Rainbow Trust children’s charity. 

However, this is just one way you can get involved in ILC Day – a host of other fundraising opportunities exist from bake sales to head shaves to simply asking colleagues to wear red and make a small donation. 

Key ILC event dates 2023  

Click here to see all of ILC’s key event dates for 2023. 

Home 

Stellar line-up set for Subsidence Surge event 

Support is continuing to grow the ILC’s forthcoming ‘The Subsidence Surge’ conference, with new additions to its sponsor and speaker line-ups. 

The conference is headline sponsored by Optera Structural Solutions, along with Gold Sponsors: 360 Globalnet, Corelogic, Geobear, Innovation Group, Sedgwick and Stress UK, as well as Silver Sponsors: Crawford & Co and Davies. 

CCG founder takes part in Digital Dragon’s Den  

Claims Consortium Group founder Jeremy Hyams took part in a Dragon’s Den-type digital event organised by the Evo Agency intended to inspire the next generation of tech talent. 

The event was held to encourage and support young talent after it was estimated by the government’s UK Digital Strategy that the digital skills gap costs the UK economy £63bn a year in potential GDP. 

ClaimsTech  

WTW enhances cyber security support 

WTW has launched a new excess layer cyber facility, called CyXS, which is available to all clients who purchase excess layer cyber programmes. 

Glyn Thoms, Head of GB Finex, Cyber and TMT, WTW, said “CyXS helps us continue to support our clients with accessing significant capacity in an efficient way and further adds to our broad suite of innovative cyber solutions.” 

Entries open for Innovation Championships 

Zurich Insurance Group has launched the fourth edition of the Zurich Innovation Championships and is now inviting startups in the insurance industry to enter. 

Those selected will collaborate with Zurich experts on further developing innovations tailored to the sector and insurance customers. 

MGA 

MGAs face uncertain future 

Insurance Services Managing Director at Davies Steven Goate has warned that a combination of challenges is threatening the futures of many MGAs. 

He said that the MGA market has been constrained by reinsurers increasing pricing while restricting capacity, with many providers also becoming far more prescriptive with MGA partners. 

Meanwhile, inflation and rising costs are also stressing the market as brokers seek the best rates and coverages.  

Motor 

Car insurance premiums on upward trajectory 

Comprehensive car insurance prices rose for the fifth quarter in a row to reach an average price of £629. 

According to the Confused.com Car Insurance Price Index, produced in association with WTW, premiums rose seven per cent in the last three months of 2022 to cap a 19% overall increase throughout the year. 

Claims figures fall to lowest recorded level 

The latest data from the Compensation Recovery Unit (CRU) has revealed a sharp fall in the number of injury claims. 

Obtained following a Freedom of Information request by the Association of Consumer Support Organisations (ACSO), the data shows that the number of motor injury claims has nearly halved (44% reduction) since 2018, with the 84,247 claims submitted during the latest quarter of 2022 the lowest figure on record. 

AkzoNobel achieves another sustainability milestone 

AkzoNobel has announced that all its North American sites are now operating on 100% renewable electricity. 

Europe achieved this landmark a year ago as AkzoNobel aims to reduce carbon emissions across the full value chain by 50% by 2030. 

Industry News 

FCA warns of waning Consumer Duty focus 

The Financial Conduct Authority (FCA) has warned that some companies are falling behind in their planning for the introduction of the Consumer Duty regulations. 

Consumer Duty, which will require evidential proof that companies are putting customers first in every area of their business, comes into force on 31 July. 

Carpenters Group hosts industry roundtable 

Carpenters Group held its first Defendant Chronic Pain Roundtable last week. 

The event attracted some of the leading voices in the sector, who shared their insights surrounding the changing landscape of personal injury claims. 

Davies increases consultancy expertise 

Davies has announced the acquisition of US-based MVP Advisory Group, a specialist consultancy firm managing transformational projects for the property and casualty and life and health insurance markets. 

It provides expertise in underwriting, policy administration, claims management, client experience, finance, compliance, data warehousing, data, analytics, human resources, and information technology. 

UK profit warnings reach 2008 levels 

Profit warnings issued by UK companies last year increased by 50% to match the level reached during the 2008 financial crisis. 

EY-Parthenon’s latest report found that 305 profit warnings were issued last year, up from 203 in 2021, with 152 of the total number due to rising costs. 

Customer Intelligence Awards winners revealed 

A number of ILC partners have been recognised in the Consumer Intelligence Awards 2023. 

The awards are based on surveys of nearly 50,000 home and motor insurance customers, who assessed their providers across five categories: trust; service; claims satisfaction; customer satisfaction; and recommendation. 

Aviva unveils new digital initiative 

Aviva has launched a new digital initiative intended to develop the skills of colleagues and students in Norfolk. 

The Foundry, based in Norwich, has been set up in partnership with tech education start-up Decoded with three goals: to develop the digital skills of Aviva colleagues; to enhance digital learning for Norfolk T Level students; and to support local business by gifting part of Aviva’s Apprenticeship Levy. 

Markerstudy webinar aims to exorcise ghost brokers 

Markerstudy hosted a Ghost Broking webinar which looked at the industry threat posed by ghost brokers, how they operate, what the industry can do to mitigate risks and how businesses can protect themselves from ghost brokers. 

Taking part were Clare Lunn, Head of Fraud, and Amanda Fox, Head of Broker Management & Product Governance. 

People 

Silverlake Automotive Recycling has appointed Rob Lewis to the newly-created role of Social Media Manager. 

Gallagher Bassett has named Mark G. as its new Motor and Property Fulfilment Director.