ILC Breakfast News – Wednesday, 1 November 2023

Padda Consulting latest to join sponsor line-up

Padda Consulting is the latest key name within the Risk and Compliance arena to show its support for ILC’s ‘Consumers – more than just a duty’ themed conference taking place on 15 November.

Alpha unveils new Technology wing

Leading global consultancy Alpha FMC has launched a Technology practice within its UK Insurance Consulting business.

The Technology practice, which will work across the insurance sector, covering pensions, retail investments, investment platforms, life, health, general and specialty insurance, will support firms in using technology to improve client experience and maximise cost effectiveness.

AI code of conduct in the pipeline

A new voluntary code of conduct for the use of AI in claims will be introduced next January.

Eddie Longworth, Founder and Director of JEL Consulting, has revealed that a working group of around 100 industry professionals are developing the code and which they hope will provide a framework for the safe and ethical adoption of AI technology.

New session announced for Home and Property Conference

A new session has been added to the agenda for ILC’s upcoming Home and Property Claims Conference, which takes place on 30 November at the Silverstone International Conference and Exhibition Centre in Northamptonshire.

Getting in Shape for Claims will consider the potential benefits of greater interaction between parties. Hosted by ILC Chair Alan Soutar, the session will feature Jacinta Jones, Supply Chain Manager, UKGI Claims Supply Chain, Aviva, and Suzanne Armstrong, Deputy Head, UK Retail Client Relationships, Sedgwick.

BELFOR UK unveils new training facility

Disaster recovery firm BELFOR UK has launched a new training facility in Luton.

The new site is led by Technical Services Manager Pete Brown and has already trained eight delegates, all of whom have now secured full-time positions with the company.

ICAB celebrates 25 years’ service

This November ICAB (Insurance Claims Accommodation Bureau) will celebrate its 25th year as an emergency accommodation provider.

The company has grown from a one-man operation providing a hotel booking service to an established and nationally-recognised brand within the alternative accommodation, decant and major loss field, employing 90 people.

Home insurance premiums set for 36% spike

EY’s latest UK Home Results Analysis found that the UK home insurance market experienced its worst performing year on record in 2022.

It recorded a loss-making Net Combined Ratio (NCR) of 122%, with further losses forecast for 2023 and 2024. As a result, premiums are expected to rise by over a third (36%) over the next two years.

Verisk warns of continued skills challenge

Verisk has welcomed the government’s decision to relax the rules on construction workers entering the UK from abroad, but warns it will take time for the benefits to start easing growing property claims cycle times. 

The government has added roles such as bricklayers, roofers, carpenters and plasterers to the shortage occupation list, but the skills shortages facing the industry will remain a challenge in the short-term. 

CoreLogic unveils claims management solution

CoreLogic has unveiled CoreLogic Claims Dispatch to help insurers locate, schedule and track claims and restoration resources.

Dispatch, which seamlessly integrates with any claims management system, helps insurers match adjusters, vendors and contractors to specific jobs based on their skills, licensing, experience and location, while also monitoring the schedules of field professionals and assigning tasks to those with the soonest availability.

Calm advice before the storm

Ageas has advised homeowners to take precautions ahead of Storm Ciaran, which is expected to hit south England and Wales this week.

Where possible, the insurer is urging the public to make sure garden objects are secure, doors and windows are fastened, and cars are parked in garages to protect them from falling debris.

Home insurance complaints at five-year high

Research from Which? has found that one in four home insurance claims are being rejected due to confusion over policies.

As a result, the number of buildings insurance customers going to the Financial Ombudsman Service is at its highest level in five years, with 40% of complaints being upheld compared to 31% a year ago.

CLC launches new pilot

CLC has introduced a new pilot project with the long-term aim of removing the need for payment retentions. Developed by the contractors’ umbrella body ActuateUK, the scheme uses anonymous data to tackle the root causes of defects.

Clients and contractors are invited to take part by sharing their project data, which is non-attributed and will help to build up a picture of why defects come about and how they can be eliminated.

CPA warns of challenging times ahead

The CPA’s Autumn Forecasts is warning that construction output is expected to fall by 6.8% in 2023 before a further fall of 0.3% in 2024. 

The private housing sector will be the worst affected, with house builders reporting a 30-40% fall in demand and completions predicted to remain flat in 2024.

The Credit Hire Conundrum

Compromise and trust are fundamental if the industry is going to create a revised and relevant General Terms Agreement (GTA) that meets the needs of today and ends the long-running friction that exists between insurers and credit hire companies.

Connecting claims through technology

A motor claims journey involves many parties and even more moving parts, meaning the potential for confusion, delays and customer dissatisfaction is high.

However, technology has the capacity to ease the pressure by creating a transparent, integrated ecosystem than links every stakeholder.

Here, CAPS and e2e Total Loss Vehicle Management explain how sharing data with the right people at the right time can cut costs, delight the customer, and even benefit the environment.

Enterprise Mobility ushers in new era

Enterprise has announced it is connecting its full portfolio of offerings under a new corporate brand: Enterprise Mobility.

This includes everything from car rental, fleet management, flexible vehicle hire, carsharing, vanpooling, car sales, truck rental, vehicle subscription, luxury rental, and technology solutions.

Solera solution to cut transaction fees by a third

Solera is introducing a new service designed to revolutionise payment processing in the automotive industry.

The company claims that Peri will reduce transaction fees for business of all sizes by up to 35%.

New tech for older drivers

Ticker is predicting an upsurge in older drivers benefiting from its telematics-based products.

This comes after data from Consumer Intelligence revealed that insurance premiums for drivers over 70 have gone up more than 50% in 2023.

SYNETIQ secures ISO recertifications

Leading vehicle salvage, dismantling and recycling company SYNETIQ has achieved recertification across a number of ISO standards.

The IAA company has been recertified for ISO 27001 for information security management systems, for ISO 9001 for Quality Management, ISO 45001 for Health and Safety and ISO 14001 for Environmental Management.  

ABI update

The Association of British Insures has provided an update for drivers impacted by the fire at Luton airport.

It said, “Many insurers have been covering the costs of their customers’ journeys home from the airport, and some have also said they will waive policy excesses or that claims from the fire will not impact no claims discounts. If you have been affected by the fire, speak to your insurer to see what support is available. 

“We’re working with Luton Airport and salvage operators on the ground to determine next steps, including whether it will be possible to recover any personal belongings.

LexisNexis announces IMS partnership

LexisNexis Risk Solutions has announced that IMS will leverage its Drive Metrics scoring model, providing insurers using either solution with a single consistent drive score enabling them to improve their usage-based insurance offerings.

Underwriting v claims: who is at fault when the loss ratio is too high?

ILC’s MGA Claims Conference 2023 hosted a fair and frank panel debate which considered the implications of high loss ratios and asked: is underwriting or claims at fault?

Taking part in the debate were Dan Berry, Chief Underwriting Officer, Brown and Brown; Trevor Bowers, Underwriting Consultant, TMM Risk Solutions; Kath Mainon, CEO Claims Solutions, Davies Group; and Nikki Nagra, Director of Claims – Operations and Recoveries, Edam Group.

API pilot gets off the ground

Placing Platform will pilot its new generation of Market APIs in the fourth quarter of 2023.

Working initially with WTW and Tysers, the pilot is designed to exercise and validate end-to-end integrated process. It will be followed by releases to early adopter brokers and carriers from early 2024, prior to open market release.

HNW opportunity for insurers

Nearly seven in 10 (67%) high net worth collectors want more art and collections risk guidance from their insurer or insurance broker.

This is according to new research commissioned by specialist insurer Ecclesiastical, which found the most common investments made during the past 12 months were jewellery (44%), watches (44%), and paintings (40%), followed by whisky (39%) and wines (38%).

County court delays face new inquiry

The Justice Committee has launched a new inquiry into County Court delays.

This comes after Civil Justice statistics revealed that between April to June the average time taken for small claims and multi/fast track claims to go to trial was 52.3 weeks and 78.2 weeks respectively.

FM Insurance tops UKGI charts

FM Insurance has been named the best UKGI insurer in the latest DataLab Underwriting Ratings.

It scored 92% in 2023, up from 69% a year before, with the improvement attributed to a better combined operating ratio.

Climate right for environmental focus

Aviva’s annual Climate-Ready Index has found that almost half (44%) of UK companies now have a structured plan in place to reduce their carbon footprint and climate impact.

The Index also revealed that 45% of businesses now feel consumer pressure to act on climate and 39% feel pressure from other businesses to put climate plans in place.

Insurance DataLab lists top syndicates

The inaugural Insurance DataLab Lloyd’s Underwriting Ratings has named Hiscox-managed Syndicate 33 as the best syndicate in the Lloyd’s market with a score of 75% for 2023.

Its performance was buoyed by a market-leading rating for improvement in its underwriting result after reporting a £184m underwriting profit, an increase of £90.3m on the previous year.

Businesses beset by bad debts

The Association of British Insurers (ABI) has reported that insurance payouts to help businesses survive bad debts rose by 23% in the first half of the year.

This comes after ABI member trade credit insurers received 9,671 new claims, up 54% on the first half of last year, while payouts to support firms hit by non-payments totalled £101million, up 23% on the same period last year.

DLG shareholders back RSA deal

Direct Line Group has announced that RSA will acquire NIG, FarmWeb and partner proposition, UKI Business Solutions.

The move was approved by shareholders, meaning DLG can begin working on the smooth transition for people, brokers, and customers.

Allianz joins the party

Allianz Insurance championed the automotive industry and highlighted the challenges ahead during recent events at both the Conservative and Labour Party Conferences.

Alexandra H-C Borgnis, Director of Underwriting for Retail, Allianz Personal and Nicholas Kelsall, Head of Claims for Allianz Commercial, met with Parliamentarians and other industry professionals to discuss the future of automation on UK roads and how Allianz can play a part in a safe transition to self-driving.

People

Allan Clark has been appointed Head of Growth and Transformation at Robertsons.

Lloyd’s has announced changes to its Council membership, with Sean McGovern elected unopposed as a Corporate-External member, Marcus Johnson elected unopposed as an Individual-External member of the Council, and Andrew Brooks and Vicky Carter re-elected as Working Members.

The CII Group has confirmed that Alan Vallance will leave his position as Chief Executive next spring to take up the equivalent role at the Institute of Chartered Accountants in England and Wales.

The British Insurance Brokers’ Association has appointed Shayne Halfpenny-Ray, Social Affairs Manager at Phoenix Group, as its new Head of Policy and Public Affairs.

Gateley Smithers Purslow has appointed Tim Neaves as Regional Manager to head up its East Anglia operation.

Kevin Perkins has joined Carpenters Group as Operations Manager and Fraud Lead in the company’s Defendant Department.