ILC Breakfast News – Wednesday 1 March 2023
1st March 2023Tweet
Some of the UK’s leading insurers have already shown their support for ILC’s newly launched New Generation in Claims event.
Amongst those who have already expressed a keen interest in the subject matter and committed attendance at the event are Admiral Group Plc, Aioi Nissay Dowa Europe, Aviva Insurance, Ecclesiastical Insurance, esure, First Central and Marshmallow.
ILC will examine the causes and effects of the 2022 surge in subsidence claims when it hosts the Subsidence Surge specialist conference at the Manufacturing Technology Centre, Coventry, on 23 March.
The day, which will include keynote presentations and panel debates featuring the leading experts in the sector, will consider the scale of the 2022 surge, how the industry has responded and what lessons have been learned from the surge of 2018.
Is AI smart enough to handle subsidence claims?
While AI is not ready to take over subsidence claims, it is definitely ready to play a part.
That is the verdict of digital subsidence claims expert 360Globalnet, which believes AI used in conjunction with experienced claims handlers can lead to significant efficiency gains.
Legacy tech holding insurers back
Outdated payment systems are holding insurers back from delivering the service customers expect, according to a new survey.
An online poll by payment platform provider Imburse found that although every single respondent agreed that delivering a smooth payment service gave them a competitive advantage, only half thought their current technology was capable of achieving it.
Digilog UK enters South African market
Digilog UK and Thesl (The silver lining) SA have announced a long-term agreement that will see the two companies enter into a strategic partnership to serve the insurance industry across South Africa.
Thesl, a financial technology company, strives to make the processing, quantification and settlement of claims as easy and efficient for all involved, through its data driven approach.
Employee wellbeing paramount in hybrid environment
Arch Insurers has reminded employers that they are still responsible for the health and safety of employees when they are working from home.
Regulations say that an employer’s responsibility for staff safety doesn’t change in a hybrid working environment. That means display screen equipment assessments, promoting safe driving practices, and providing emotional support.
HDI introduces cyber security support
Industrial lines insurer HDI Global has introduced a range of tailormade Value Added Services (VAS) to help businesses mitigate the risks of cyber threats.
Support comes in three categories: Human Firewall; Organisational and Procedural Security; and Technological and Offensive Security.
Percayso underlines growth strategy with Cazana acquisition
Automotive data platform Cazana is being acquired by Percayso Inform for an undisclosed sum and will now be known as Percayso Vehicle Intelligence.
Cazana, which was acquired by Cazoo in 2021, delivers in-depth insight on individual cars through more than a billion unique data points and is trusted by 60% of leading UK insurers as well as the Motor Ombudsman.
Talk tonight: Forensics and fraud
Head of Research at Davies Michael Hall will deliver a talk on forensic investigations following a collision at Lancaster University tonight (1 March).
He will discuss how fundamental physics can identify irregularities around the collision, and reveal whether injuries are genuine or fraudulent.
Driving habits shift policy demand
New research from LexisNexis Risk Solutions has found that nearly a third of motorists are driving less to keep costs down.
As such, it is predicting a growing demand in non-annualised insurance policies in the next 12 months,with pay-as-you-go policies the most popular.
Copart colleagues support children’s charities
Copart colleagues have taken part in two major fundraising events for children’s charities in the last month.
They supported CHUMS Charity ‘Shine Bright Wear Bright’ on 10 February, before taking part in the 11th ILC Day on 14 February.
Audatex unveils AEG update
Audatex has announced the latest AudaEnterpriseGold update, which adds 106 new and updated model sheets to the vehicle database.
Labour times, part numbers and paint and material costs are all included in the update, with part price information available for all models apart from for DAF and Genesis.
ULEZ driving EV taxi shift
Specialist motor insurer ERS is predicting a significant increase in electric vehicles within the taxi market throughout 2023. It says the continued push towards more Ultra Low Emission Zones will drive the shift towards zero-emission cars.
Davies announces major restructure
Davies has announced a new organisational structure that will see the company align across three business units: Davies Global Solutions, Davies UK & Ireland, and Davies US.
Davies Global Solutions is made up of the Consulting & Technology and Insurance Services divisions, Davies UK & Ireland brings together the group’s Claims Solutions UK & Ireland and Legal Solutions businesses, while Davies US includes the group’s US claims TPA and adjusting services with its risk, audit, inspections, and actuarial services.
Industrial inflation to rise through 2023
Industrial inflation could rise to 13% this year even if consumer inflation falls to just four per cent, according to EY-Parthenon’s latest research.
It warns that three years of PPI inflation – which monitors the prices of goods bought and sold by UK manufacturers – could see the price of producing goods in the UK increase by 50% compared to pre-pandemic levels.
State Farm suffers significant underwriting losses
US insurer State Farm has reported underwriting losses of £10.9bn in 2022 – a three-fold increase on the £3.9bn reported in 2021.
The company said that motor claims inflation is partly responsible, attributing much of the losses to ‘rapidly increasing claims severity and significant additions to prior accident year incurred claims.’
Carpenter Group supports Rainbow Trust expansion
Carpenters Group attended the launch of a new Rainbow Trust care team in Liverpool, which has been set up to offer support to families living in the city and the wider region.
Carpenters Group Director Donna Scully said, “We have supported Rainbow Trust for many years now. They are an incredible charity and make such a powerful difference in so many lives. We are thrilled that they will have a new team in Liverpool and are looking forward to continue to support them in any way that we can.”
Rainbow Trust announces charity partnership
Rainbow Trust Children’s Charity has partnered with Phoenox Textile’s Hug Rug for 2023.
As part of the agreement, 10% of profits from the sale of certain Hug Rug products will be donated to Rainbow Trust.
Staying ahead with ESG
In the latest issue of Modern Insurance Magazine ILC explores how ESG policies are fast becoming the difference between business success and failure.
Colin Davies has been appointed Director of Supply Chain and Engineering at AXA.
Pen Underwriting has announced that Seb Simmonds has been appointed Managing Director of its Public Sector division, which includes the specialist business Risk Management Partners.Tweet
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