ILC Breakfast News – Wednesday, 11 October 2023

More key names join Risk and Compliance line-up

Sharna Thomson, Head of Customer, UK Claims & Chair of UK Claims D&I Council at Zurich is the latest high profile speaker name to be added to ILC’s inaugural Risk and Compliance Event themed: Consumers – more than just a duty.

The specialist event agenda, which takes place on Wednesday 15 November at etc.venues Manchester, already features names such as Aviva, First Central and Trustpilot – along with London-based compliance consultancy, Padda Consulting and sector specialist marketing agency, Onyx PDA.

To find out more about how to get involved in the risk and compliance event contact jonathan@iloveclaims.com.

Users benefit from Uber delivery

Uber has revealed in a keynote address at ILC’s ClaimsTech LIVE, which took place at etc.venues, London, in September, how it leverages data to select insurance partners and ensure that it offers the best protection for users.

Headline sponsored by CoreLogic, with the support of Gold Sponsors Entegral, Solera Audatex and Verisk, and Silver Sponsor Synergy Cloud, ClaimsTech LIVE featured a full line-up of speakers, who addressed everything from innovation in claims to partnerships and collaboration.

AI solution driving up fraud detection

A new AI-powered counter fraud solution from the Insurance Fraud Bureau (IFB) has resulted in a six-fold increase in fraud investigations carried out by insurers since it was launched a year ago.

About 40 insurance fraud networks are being detected every week.

Allianz prevents £38.4m of insurance fraud

The claims teams at Allianz have prevented £38.4m worth of commercial insurance fraud so far this year, up more than £2m on the same period last year.

More than half of that was related to casualty fraud.

More participants announced to contribute Home & Property Claims Conference

On November 30, 2023 at Silverstone Circuit, ILC are holding the superlative Home & Property Claims Conference where the newest names to join include Stephen Knight, Claims Supply Chain Manager, AXA UK; Andrew Henner, Technical Claims Manager (UKGI – Property), Ecclesiastical Insurance; Thomas Simpson, Head of Technical Claims, NFU Mutual; Tim Goodman, Managing Director, ICAB; Caroline Findlay, Managing Director, Rapid Relocate; and Emma Stubbs, Director, Temporary Solutions Group.

Hyams completes Atlantic charity challenge

Claims Consortium Group founder Jeremy Hyams ran three marathons in three days to raise more than £3,000 for the Save the Children charity.

He completed the Atlantic Coast Challenge at the start of the month, a 78.6-mile route that included 14,000ft of elevation.

Mortgage fraud declines

CoreLogic’s latest Mortgage Fraud Report found that mortgage application fraud in the US declined 3.1% in the second quarter of 2023 compared to the same period of 2022, although it rose 1.6% from the first quarter.

Exclusive Motor Conference proves major success

Around 150 leading influencers from across the UK’s motor claims insurance sector joined ILC at its Exclusive Motor Claims Conference last week in London for discussion, insights, and networking.

Supported by ILC’s Corporate Partners and headline sponsored by Enterprise along with sponsors BHR Assist, Clearspeed, EDAM Group, LexisNexis Risk Solutions and Wiser Academy, the event included a strong focus throughout on claims inflation; a keynote interview with Richard King, CEO, Ticker and a ‘revolution not evolution’ insight from Nigel Walsh, Managing Director, Insurance at Google.

Full event/session overviews will be revealed in the coming weeks.

UK commits £89m to net zero projects

The UK government has awarded £89m to 20 net zero tech projects, including hydrogen-powered offroad vehicles, a new lithium scale-up plant and revolutionary new EV battery systems.

Funding was awarded through the Advanced Propulsion Centre UK.

Strong figures but EV concerns

Figures from the Society of Motor Manufacturers and Traders show that the UK new car market grew for the 14^th month in a row in September, up 21% to 272,610 registrations.

However, David Borland, EY UK and Ireland Automotive Leader, has warned that delaying the ban on the sale of new petrol and diesel vehicles from 2030 to 2035 could slow EV sales.

New prestige insurer joins the market

Provenance Insurance Brokers and Aberdeen-based automotive business John Clark Motor Group have partnered to form John Clark Motor Insurance Services, which will provide insurance to prestige and high-performance vehicles.

Trend Tracker announces Chartwell as Corporate Partner

Trend Tracker has announced that the UK’s number one super-brand bodyshop, Chartwell, as a Platinum Corporate Partner.

Claims critical to company success

The value of claims in overall business performance was underscored during an insightful session at ILC’s MGA Claims Conference, which was held in London last month in association with MGAA.

Titled, ‘Tackling turbulent times – pricing, underwriting and claims,’ the session was delivered by Tom Helm, Director, Claims Practice Leader, Insurance Consulting and Technology at WTW.

ILC’s MGA Claims Conference was supported by Headline Sponsor Claims Consortium Group (CCG); Gold Sponsors: Activate Group, Carpenters Group, EDAM Group, Enterprise, LexisNexis Risk Solutions, Pulse, Value Checkers, and Wiser Academy.

Key takeaways from MGA Claims Conference

After attending ILC’s MGA Claims Conference, Green Kite’s Sharon Brown and Nadia Timmer identified three key takeaways.

They were that Consumer Duty and transparency are top priorities in the insurance industry, a clear claims strategy with strong cross-functional relationships is critical, and data must be at the heart of service.

Global reinsurance market tipped for steady growth

The global reinsurance market is expected to enjoy modest growth between now and 2025, with data from AM Best and Guy Carpenter forecasting that reinsurance capital will rise to £376bn this year.

Brown & Brown completes Berkeley acquisition

Brown & Brown (Europe) has acquired Berkeley Insurance Group, one of the UK’s largest independent insurance brokers targeting high-quality mid-market customers.

iprism acquires SK Underwriting

Specialist commercial, property and high net worth MGA iprism has acquired SK Underwriting, which offers a range of commercial SMEs products, principally focused on property.

Talent expert joins ILC as New Generation lead

Talent and employee engagement expert James Lambert has joined ILC to support the continued development of its New Generation programme.

James, Founder of newly launched Engage to Succeed, will help lead the ongoing evolution and growth of ILC’s New Generation proposition. James was a keynote speaker at ILC’s inaugural New Generation conference which took place in April 2023.

Compulsory mediation announced for small claims

Following a period of consultation between the UK government and stakeholders, the Ministry of Justice in the UK has confirmed that compulsory mediation has been introduced in the UK for claims with a value up to £10,000.

FM Insurance named best insurer in UKGI

Insurance DataLab has named FM Insurance as the best insurer in UK GI. Based on three key metrics, it received a rating of 92%.

It was one of seven insurers to receive the Gold Award, the others being SCOR UK, Arch, Starr International, Berkshire Hathaway International, International General Insurance Company, and Fidelis Underwriting.

AXA retains top spot

The inaugural Lloyd’s Underwriting Ratings has named Hiscox-managed Syndicate 33 as the best syndicate in the market.

Other Gold Award winners included Lancashire-managed Syndicate 2010, Aspen-managed Syndicate 4711, Asta-managed Syndicate 4242, Aegis-managed Syndicate 1225, and Chubb-managed Syndicate 2488.

IFRS struggles persist

A WTW study of 235 insurers from 37 countries has revealed the extent to which insurers are still struggling to implement International Financial Reporting Standards (IFRS) 17.

Insurers, who are expected to face a bill of £22bn to implement IFRS, said that data, skilled resources and systems remain the three greatest challenges.

A playground for young data scientists

The Office for National Statistics is teaming up with the BBC to improve the data skills of primary school children across the UK.

As part of the initiative, primary school pupils will be invited to take part in a large-scale playground survey looking at everything from size, surrounding biodiversity, and activities.

Minster Law unveils Scottish expansion

Yorkshire-based legal services firm Minster Law is extending its jurisdictional capability with the launch of sister-company Minster Law Scotland, based in Glasgow, which will be led by Executive Director Marina Harper.

Meanwhile, it has also unveiled a new digital customer onboarding platform that can reduce the time it takes a customer to register a claim by up to 40%.

INSHUR announces NVT partnership

INSHUR has announced a new strategic partnership with Next Venture Technologies Venture Broker Technologies.

The partnership will provide NVT brokers with access to INSHUR’s full range of insurance products for the on-demand economy.

Academy Insurance gears up for growth with brand refresh

Academy Insurance Services has refreshed its brand and logo as it gears up for growth following significant investment from private equity investor Blixt in July.