ILC ARTICLE

ILC Breakfast News – Wednesday 10 August 

9th August 2022

MGA

Insource Vs outsource debate set for MGA event 

Simon Gallimore, CEO, EDAM Group and Peter Edgar, head of motor claims operations, RSA will go head-to-head in a fascinating insource Vs outsource claims management debate taking place at ILC’s inaugural MGA Claims Conference. 

The ILC event, in association with the Managing General Agents Association (MGAA) and supported by gold sponsors EDAM Group and DWF360, along with silver sponsors Vitesse PSP takes place on Wednesday 28 September at 155 Bishopsgate, London. 

Aviva acquires Azur’s high net worth business 

Aviva has signed a binding agreement with the specialist managing general agent Azur Underwriting Ltd to acquire its high-net-worth personal lines business in the UK and Ireland. 

ClaimsTech

ClaimsTech Live attracting leading insurers 

Aviva, Collingwood, ERS, LV and Marshmallow are just some of the major insurer names set to join ILC’s ClaimsTech Live event themed: Show me happy customers (and the money!). 

The fully immersive event – which takes place at Village Underground, Shoreditch on 15 September – will include cutting edge product demonstrations, insights and interviews with some of the leading claims technology providers in the sector including ClaimsTech headline sponsor SightCall, as well as fellow Gold Sponsors CoreLogic, Digilog, DWF360, LexisNexis, Solera Audatex and Verisk. 

Insurtech funding rallies in quarter two

The latest Global InsurTech Report from Gallagher Re has identified a gradual recovery in insurtech in the second quarter of 2022, with funding up eight per cent on the first quarter to $2.41bn.  

Motor

Insurance premiums on the rise 

The Association of British Insurers’ latest Motor Insurance Premium Tracker has found a 1.3% rise in prices in the second quarter of the year, with average premiums now up to £419. It also found a growing disparity between new and renewed policies. 

Sales stymied by supply shortages 

The Society of Motor Manufacturers and Traders has reported a nine per cent fall in new car registrations in July to 112,162 units, while the commercial vehicle market decreased by 20.7%. This makes it five and seven consecutive months of decline respectively. 

Home

Hot properties are easy targets 

UK home owners are leaving themselves vulnerable to break-in during the hot weather by leaving windows and doors unlocked (60%) and even open when they go out. This is according to a John Lewis Home Insurance survey. 

Industry News

Use it or lose it 

A new report by Accenture has found that insurers who don’t use artificial intelligence to streamline the claims journey and improve the customer experience risk losing $170bn in premiums over the next five years to rivals who do make good use of the technology. 

Cyber insurance driving rising costs 

Rising cyber insurance costs contributed to a nine per cent increase in global commercial insurance prices in the second quarter of 2022. This is according to the Global Insurance Market Index, published by Marsh. 

Man jailed for £24,000 medical fraud 

A man from Yorkshire has been jailed after attempting to defraud three insurance companies by making bogus claims for medical treatment, totalling around £24,000. 

Insurers react to resignation trend 

Flexible working (44%), clear routes for career progression (23%) and training and development (22%), were identified by a Chartered Insurers Institute survey as the key measures companies are taking to attract and retain staff.  

Construction and automotive sectors under severe strain 

The latest Begbies Traynor ‘Red Flag Alert’ report found that the number of construction companies in critical financial distress rose 36% between the second quarter of 2021 and 2022. The automotive sector was also on the list of the 10 most vulnerable industries. 

People

Credit Hire Organisation has named Anthony Hughes as its new Chairman and Chief Executive Officer. 

Carpenters Group has appointed Rick Ellis-Sheldon as Chief Finance Officer. 

Allianz Commercial’s claims data and insight team is welcoming a graduate and training two interns over the summer. Alex Sorrie, claims data and insights manager at Allianz Commercial, said: “We are very excited to be training and working with the new generation of insurance talent.”  

Body Repair Industry Trailblazer (BRIT) has appointed Steve Hoe as its new Chair. 

Paul Taylor has been appointed Chief Operating Officer at Minster Law. Taylor has been working in a consultancy role for the Yorkshire-based legal services firm for much of this year and will now formally take up the permanent position of COO.