ILC ARTICLE

ILC Breakfast News – Wednesday 11 May

10th May 2022

ClaimsTech

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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 

SightCall among world’s leading innovators 

SightCall has been recognised as a trailblazer in augmented reality, listed fourth in a global ranking of innovation companies. 

Fast Company’s 2022 list identified 528 organisations across 52 categories that it praised for ‘creating the future today,’ naming SightCall fourth in the Augmented Reality and Virtual Reality category.  

Verisk confirms Hansen appointment 

Verisk has appointed Bruce Hansen as Chairperson of the Board of Directors. He succeeds Scott Stephenson who will retire from the company following Verisk’s 2022 Annual Meeting of Shareholders. 

Kathleen Hogenson will take over from Hansen as the new Chair of the Audit Committee, while Christopher Foskett will assume the Chair of the Finance and Investment Committee, succeeding Samuel Liss. 

Audatex enhances Agile collaboration 

Audatex has announced that automotive insurtech Agile Developments is launching a new app that will use Audatex data to help determine at FNOL if a vehicle is repairable or a total loss. 

Home

Environmental event set to tackle key issues 

Experts in supply chain, operations, procurement, strategy and sustainability will come together in London on Thursday 9 June 2022 for ILC’s The Environmental Challenges of Property Claims conference. 

Gelder awarded CGI fellowship 

Founder and CEO of the Gelder Group Steve Gelder has been made a City & Guilds fellow. 

The fellowship is the highest honour conferred by the Council of City & Guilds Institute, equivalent to a PhD or professional Doctorate, and is only awarded in recognition of outstanding professional and personal achievements. 

UK tradespeople predicting surge in demand 

A Travis Perkins survey of over 1,500 tradespeople across the UK found that 93% believe their workloads will increase or remain the same over the next two months, while 61% expect to increase materials purchases. 

Of the increase in jobs, 71% said they were witnessing higher demand from homeowners wanting to make their houses more energy efficient. 

Meanwhile, 80% of respondents had said they were working differently now to combat rising fuel costs. This includes passing on costs to customers (39%), working more locally (31%), and requesting products be delivered rather than collected (29%). 

Motor

Tesla joins Motor Claims Showcase line-up

Tesla’s business operations manager – EMEA Body Repair, Craig Plant is the latest addition to the speaker line-up for the ILC/ARC360 Motor Claims Showcase event taking place on 29 June at the CBS Arena, Coventry.

The inaugural showcase event – headline sponsored by Enterprise – will see Craig join fellow panellists:

• Neil Bayton, head of partnerships – UK, Trustpilot
• Gill Nowell, head of Electric Vehicles, ElectriX
• Natalie Spurrier, technical claims director, The AA
• Dave Sargeant, managing director, Gemini Accident Repair Centres

Feature Interview: Peter Graham, Chairman and CEO, Kudo Insurance 

Peter Graham is no stranger to witnessing the motor insurance market being turned on its head having been at Direct Line, two US insurance start-ups, and then leading both esure Insurance and Legal and General GI as CEO through significant market transformations. Here, we ask him about his plans for the company, and his take on the wider market. 

Are OIC claims beginning to level off? 

Article supplied by Insurance DataLab 

The OIC portal has been operational since June last year, and a clearer picture of the new claims landscape is starting to emerge. 

The RTA claims market has gone through a number of regulatory changes over the years, with the introduction of the Official Injury Claims (OIC) portal just one on a long list of major shakeups to the industry. 

Premiums down after FCA pricing rules 

Motor insurance has fallen to its lowest level in nearly seven years, according to the ABI’s latest Motor Insurance Tracker. 

It found that the average premium dropped five per cent in the first quarter of 2022 to £416, the lowest average price since the third quarter of 2015. 

The ABI also identified a growing gap between new and renewed policies following the introduction of new pricing rules on 1 January, with new polices up £34 on average and existing policies falling £55.  

Copart to double capacity in Scotland 

Copart UK will double its operational capabilities in Scotland to around 100,000 cars per year after securing planning permission for a new 31-acre site in East Kilbride. 

Used car market rallies after 2021 

The UK’s used car market increased 5.1% in the first quarter of 2022, according to the Society of Motor Manufacturers and Traders (SMMT). It recorded 1,774,351 transactions in the first three months of the year, up 86,596 on the same period in 2021. 

Demand for battery electric vehicle (BEVs) continued to surge, with transactions more than doubling from 6,625 in 2021 to 14,586, while plug-in hybrids and hybrids rose by 35.3% and 28.8% respectively. This represents an accumulated market share of 3.6%, up from 1.6% in the first quarter of 2021. 

Industry News

ILC Welcomes New Partner Inshur 

I Love Claims (ILC) is delighted to announce Inshur as a new Insurer Partner.  

Based in the UK, US and Europe, Inshur delivers fast and convenient motor insurance to private hire drivers and couriers. Its 100% digital solution offers flexibility to new and existing customers, who can secure quotes on annual or 30-day policies via its mobile app in just three minutes.    

Covéa retains CII status 

Covéa Insurance has been awarded Chartered Insurer status by the Chartered Insurance Institute (CII) for a seventh consecutive year. The award recognises a company’s capability and commitment to meeting the highest professional standards, as well as its focus on training, competence, and technical skills. 

Covéa Insurance also received Continuing Professional Development (CPD) accreditation from the CII for its Broker Training Academy. 

Industry meets to tackle loneliness 

The Mental Health Foundation is marking Mental Health Awareness Week by highlighting the negative impact of loneliness on wellbeing, and discussing the practical coping mechanisms. 

It has published a range of age-related resources to support people at any stage of life, while also launching a social media campaign under the hashtag #IveBeenThere. 

Meanwhile, LV= is working with charity partner Family Action to launch the Heart the Heart initiative, which encourages people to talk about family pressures through the free FamilyLine. 

Helmet Head launches charity ride 

YouTube star Alan Dowsett is riding the length and breadth of Britain this month to raise funds for ILC charity partner Rainbow Trust Children’s Charity.

The man behind the Helmet Head channel on YouTube will set off from Market Harborough on 18 May on a six-day journey to take in reach northern, eastern, western and southern tips of Britain.  

UK investment dries up

The latest EY ITEM Club Spring Forecast has for a second time downgraded business investment forecasts for this year. 

After predicting investment growth of 12.7% in its Winter Forecast in February, it now puts the figure at just 10%. In real terms, this represents a £5.5bn reduction in just two months. 

The latest forecast also downgrades UK’s GDP for the year from 4.2% in March to 4.1%, and has warned of tough times ahead with growth forecasts in 2023 and 2024 at just 1.9% and 2.2% respectively. 

Ageas backs tougher sentencing 

Ageas Insurance has welcomed amendments to a new bill that offers greater protection to people in customer-facing roles. After months of campaigning, amendments to the Sentencing Bill have now been passed that make assaults on those providing a public service an aggravating factor in sentencing decisions  

Ageas CEO Ant Middle said, “This is a victory for people in customer-facing roles everywhere and we are thrilled that the Institute of Customer Service’s campaign has driven real change.”