ILC ARTICLE

ILC Breakfast News – Wednesday 11 January 2023 

10th January 2023

Key ILC event dates 2023  

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

Rainbow Trust has high hopes for ILC Day 

Rainbow Trust is hoping to raise more than £20,000 on ILC Day, which takes place on February 14. 

The charity, which supports families who are caring for a seriously ill child, is asking companies to let their staff to mark the day by wearing red and donating to Rainbow Trust.  

Motor 

Motor Lunch names all-star guest line-up

Special guest Jill Scott MBE will be joined at the ILC Motor Claims Networking Lunch by ex-professional badminton star Gail Emms MBE as host and TV presenter Charlie Ross as auctioneer.

Safest cars of 2022 revealed 

Thatcham Research has revealed what it considers to be the safest models released last year. 

As the lead contributor to the European New Car Assessment Programme (Euro NCAP), it has reported that all the cars tested during the past 12 months scored at least a four-star safety rating for the first time in the programme’s history, with 80% receiving the highest five-star accolade. 

EV sales outstrip diesel in record year 

Battery electric vehicles outsold diesel for the first time ever in 2022. 

According to the Society of Motor Manufacturers and Traders, EVs comprised 16.6% of all new registrations last year after claiming their largest ever monthly market share in December (32.9%). 

Diesel lags petrol and electric in buyers’ choice 

Research by YouGov has revealed the growing popularity of electric vehicles among car buyers, with 34% of new car buyers seeking a zero-emission model and 32% considering a hybrid. 

But petrol still remains the most popular option for 57% of consumers looking to buy certified pre-owned cars and 54% of used car buyers, while just 18% of new car buyers are looking for a diesel vehicle. 

Latest data reveals state of OIC portal 

The latest data from the Official Injury Claim (OIC) portal has revealed that more than 350,000 claims have been submitted to the portal since launch. 

Euro NCAP unveils 2030 roadmap 

Euro NCAP has published a new roadmap for vehicle safety in the next decade. 

Vision 2030: A Safer Future for Mobility turns the spotlight on new technologies impacting the industry while also outlining Euro NCAP’s plan to phase in virtual testing and improved testing for vulnerable road user protection. 

Flock signs up leading EV subscription provider 

Flock has announced that leading electric car subscription service ONTO has joined as a partner. 

As part of the arrangement, ONTO’s vehicle fleet will benefit from all the features of Flock’s connected insurance product, which enables and incentivises safer driving.   

Industry Insights aims to build on record year 

After a record year, Industry Insights has announced it plans to undertake 25% of all motor claims transactions through its Connected Solutions network by 2025. 

In the short term, it will focus on four areas this year: ESG; market data via Trend Tracker; fulfilment solutions; and supply chain excellence and delivery. 

Home 

Key names support subsidence challenge

Optera Structural Solutions, 360 Globalnet, Innovation Group and Davies are four major organisations to so far show their support for ILC’s specialist subsidence event.

Davies director highlights rising risks 

Climate change, a skills shortage, and rising fraud have been identified as the three key challenges facing the property claims sector. 

Andy Dakin, Director, Strategic Accounts, Davies, believes that all three issues are going to stress the industry in the coming 12 months, but believes data and technology can help organisations minimise their impact. 

Mainmark reaches new level of subsidence repairs 

Mainmark has revealed how its innovative JOG technology was employed to stabilise two buildings in London that suffered from very different subsidence issues. 

Basement conversions could leave homeowners in a hole 

Sedgwick has warned that the number of basement constructions and conversions could pose a risk as instances of flooding increase due to climate change. 

It found that more than 7,000 applications were approved in London alone between 2008 and 2019. 

House prices continue downward trend 

House values fell for a fourth month in a row in December, representing the weakest run since the financial crisis of 2008. According to data from Halifax and Nationwide, an average fall of 1.5% in December pushed annual growth down to just two per cent.  

EY ITEM Club is predicting further price suppression through 2023. 

ClaimsTech  

Duck Creek agrees to Vista acquisition 

Duck Creek Technologies has agreed to be acquired by investment firm Vista Equity Partners in an all-cash transaction valued at approximately $2.6bn. 

The deal is expected to be completed in the second quarter of the year, although Duck Creek directors and advisors have until February 7 to seek and consider alternative acquisition proposals. 

2023 tech trends revealed 

McKinsey experts have identified the key technology trends likely to impact businesses in 2023. 

It expects a new focus on combining technologies for greater benefits, and says that shrinking budgets will make it even more important than ever to invest in the right sort of technology solutions. It is also predicting game-changing technologies such as 5G and AI to tip over into mass adoption. 

Industry News

Carpenters Group recognised for commitment to youth 

Carpenters Group has been awarded an Elevate BP Patron status for the support it has offered the next generation through work experience opportunities, mentoring and career guidance. 

Industry braced for coming of ACE age 

In the latest issue of  Modern Insurance Magazine, ILC takes a look at how the automotive industry is at the dawn of the ACE age with autonomy, connectivity and electrification reshaping mobility. 

Insurers face continued claims inflation  

Clyde & Co has warned that claims inflation will continue to be a major concern for insurers in 2023, partly due to the conflict in Ukraine and the fall-out from the pandemic. 

It is also predicting that the vast uptake of electric vehicles in 2022 will impact insurers in 2023, both in terms of repair costs and managing liability risks. 

Big players set for big disruption 

Consumer Intelligence is expecting new entrants to significantly disrupt the insurance market in 2023. It believes players such as Amazon and Sky, with massive captive audiences and huge unique data sets, can have a major impact on insurance in the next 12 months. 

It also believes that simple, easy to buy and understand products will become increasingly popular throughout the year. 

ACSO confirms continued FRC focus 

ACSO has said it will continue to prioritise its work on Fixed Recoverable Costs (FRC) through 2023. 

This means reviewing and extending FRC in areas they exist such as personal injury while extending them to areas they do not, such as clinical negligence, and reviewing costs in civil justice litigation. 

PFS President resigns 

Caroline Stuart has resigned as President of the board of the Personal Finance Society, which is a subsidiary of the Chartered Insurance Institute. 

This comes after the CII reshaped the PFS board after discovering what it called failures of governance. 

Helen Phillips, CII Group Chair, said, “It is with sadness that we have heard of Caroline Stuart’s decision to resign as President of the PFS Board. The CII Group board remains deeply committed to its PFS members and – for the avoidance of doubt – there is no plan whatsoever to deregister the PFS.” 

Deloitte introduces Clause Zero to develop green credentials 

Deloitte is promoting more environmental responsibility by including a ‘sustainable delivery’ clause in client engagement letters and contracts this year. 

‘Clause Zero’ is designed to place sustainability at the forefront of every project, from initial pursuit through to completion. 

People 

Alpha FMC has appointed Tony Sault as Executive Director in its insurance consulting business. He will work alongside Stuart McNulty, Global Head of Insurance Consulting.  

Paul Dixon has announced he is stepping down from his role as Head of Claims Proposition and Market Insight at Zurich Insurance after more than 23 years with the company. 

Allianz Holdings has announced the appointment of Laurence Townley as chief actuary for the UK business effective 1 January 2023.   

Emma-Louise Steward has been named Performance Analyst –BCN at LV=. 

DASA has appointed Rob Brewer as Property Claims Team Leader. 

Natalie Everett has joined the Supply Chain Team at Aviva.