ILC ARTICLE

ILC Breakfast News – Wednesday 1 June

31st May 2022

Motor

Data science and AI keynote set for showcase 

One of the sector’s most innovative insurtech’s will deliver a keynote session at the Motor Claims Showcase Event on 29 June focusing on the use of data science and artificial intelligence (AI) in insurance. 

Abacai Insurance has established itself as leader in the AI space, blending the human touch with cutting-edge technology to deliver an enhanced and customer-friendly service. 

GT Motive bolsters expansion team  

GT Motive has appointed Layton Davies to accelerate growth in the UK claims market.  

Davies joins from Audatex, where he managed strategic third-party relationships and product development.  

IAA expands to meet UK demand  

Leading automotive digital marketplace IAA has announced its UK business is relocating and expanding to meet growing customer demand.  

Its current site, IAA House, will be retained and used as expanded customer service centre, while its southern head office in Essex will be expanded.  

Aviva reports sharp rise in insurance fraud  

Aviva has reported a 13% increase in fraudulent claims during 2021.  

It identified 11,000 instances of claims fraud worth more than £122m, while investigations are still ongoing into a further 16,700 potentially fraudulent claims.  

Market report makes grim reading  

Trend Tracker’s Repair Market Snapshot Report for April has revealed the volatility of the market at the moment, with challenges coming through inflation, supply, and labour.  

While the data gathered in April can be considered something of an anomaly due to school holidays and Bank Holidays, the report found that the issues faced by the entire motor eco-system were deeper than expected.  

ERS planning significant growth 

Specialist motor insurer ERS has announced it will focus on growing its book in the non-standard retail sector, targeting specific segments of the market which it feels have been underserved by the mainstream market. 

This includes drivers of older vehicles and those with vehicles valued at up to £100k, including EVs.  

ERS is also planning to serve drivers affected by credit blemishes and those with previous claims or convictions.  

Register NOW!  

Business strategies & best practices – Wednesday 15 June at 1.30pm 

In this webinARC we explore the latest in vehicle incident repair management strategies and best practices as we speak to some leading names from across the motor claims supply chain and discuss the direction of travel. 

Home

ILC specialist event: one week to go 

The environmental challenges faced in property claims will take centre stage on 9 June in London as key decision makers from across the sector convene at the latest ILC specialist conference. 

Headline sponsored by Corelogic, along with sponsors Gateley Vinden, Polygon, QuestGates and RSK Raw, the event will see 18 industry experts take to the stage to discuss their activities, experiences and insights in tackling environmental challenges. 

CCG announces strategic restructure  

Claims Consortium Group (CCG) has announced a significant restructure of its management team as part of a five-year strategy to accelerate growth and acceleration across claims, technology and data.  

Matt Brady steps up from Managing Director to CEO, taking over from founder Jeremy Hyams, who becomes Executive Chair, while Owen Pugh, Managing Director of Property Claims, takes up the newly created role of Chief Operating Officer.  

Cost of living crisis limiting spending power 

The rising cost of living has seen millions of households turn to repair and renovation over replacement. 

Aviva’s How We Live Report revealed that 88% of adults will now try and fix a damaged household item before replacing it.  

A further Aviva study backed up those findings, with 36% of the 2,000 people questioned saying they expect to repair more items in the coming months, 35% planning to upcycle, 33% expecting to buy items second-hand, and 24% hoping to find items for free on giveaway sites and social groups. 

Council comes together to address costs 

The Construction Leadership Council is bringing together experts from the across the sector to consider ways to mitigate the impacts of rising inflation within the industry, after product increases of up to 50% have been reported in recent weeks. 

Among the measures being introduced include developing market intelligence about risk hotspots, publishing guidance on price inflation indexation, and researching the effects of long-term capacity loss from Ukraine, Russia and Belarus. 

ClaimsTech

Register NOW!    

ClaimsTech 2022 – The story so far…    

We explore the latest developments within the claimstech space and ask: what’s changed for our customers, our people and what’s next?    

Featuring:    

– Charlotte Thorpe-Costa, director of marketing, Sightcall    

– Karen Houseago, head of insurance, Consumer Intelligence    

– Peter Graham, chairman & CEO, Kudo Insurance  

Spot of danger 

Property data and analytics-driven solutions provider CoreLogic has announced that Hiscox London Market has adopted its PxPoint technology to enhance underwriting accuracy. 

Delivered through the RiskMeter platform, the solution uses advanced geocoding technology to provide detailed property information from precise location to structure to assess its vulnerability to natural hazards such as wildfires, hurricanes and floods. 

CoreLogic announces Hosta alliance  

CoreLogic has announced that Hosta A.I., which delivers automated property assessments, has joined its Digital Hub Alliance.  

As a result of this alliance, Hosta’s end-to-end remote property assessment and estimation process will be integrated with CoreLogic’s claims estimating platform, Claim Connect.  

Industry News

ILC partners with insurtech unicorn  

I Love Claims (ILC) is proud to announce insurtech unicorn Marshmallow as a new Insurer Partner.  

The 100% digital provider was launched to simplify the motor insurance journey, providing customers with fast and easy access to affordable policies. It has been on a steep trajectory of growth since then, quadrupling its customer base in 2020 and doubling it again last year before achieving unicorn status with a £1.25bn valuation in the autumn.  

Fraud figures make troubling reading 

Figures published in PwC’s Global Economic Crime Survey 2022 reveal that nearly two thirds of UK companies (64%) have experienced fraud or economic crime in the last two years. This is higher than the global average (46%) and also a marked increase on the last time the survey was conducted, in 2020, when the figure was 56%. 

Nearly a third (32%) said they have faced cybercrime in the last 24 months, while a further 19% said they had been victims of supply chain fraud. 

Inflation rising faster than wages 

New research by Willis Towers Watson (WTW) has found that nearly a third of employers plan to help employees face rising inflation. 

It found that 14% will increase the frequency of pay reviews, 13% will promote existing benefits and the same number (13%) will offer staff financial wellbeing support. 

This comes after data from the Office of National Statistics found that inflation is rising faster that wage increases, meaning salaries have actually fallen by 1.2% in real terms.

Employees favour ‘new normal’ 

A new survey of 400,000 working adults in the UK has revealed that many want the lifestyle changes brought about by Covid-19 to remain in place.  

According to the LV= Wealth and Wellbeing Monitor, 79% (18 million) of those who worked from home during the pandemic want to continue to do so. The survey also found that 38% (15 million) have become more focused on work-life balance, with 27% saying their work-life balance has improved compared to 12% who say it is worse.