ILC Breakfast News – Wednesday 12 October
11th October 2022Tweet
Motor Claims Conference provides high-level insights
ILC’s Exclusive Motor Claims Conference took place last week at London’s tallest event space, providing the perfect opportunity for a high-level overview of developments across the market.
Allianz X to acquire Innovation Group
Allianz X, the digital investment arm of Allianz Group, will acquire Innovation Group subject to regulatory approval.
Innovation Group provides claims and technology solutions to the insurance and automotive industries. It says the deal will support further innovations as well as the continued roll-out of Gateway, its digital claims management solution that connects all stakeholders on a single, independent platform.
Copart kick-starts mental health training
Copart has announced that its first cohort of Mental Health First Aiders have begun their training with St John Ambulance.
Colleagues in Bedford will receive a nationally recognised qualification from FutureQuals after completing the course, before Copart extends the training to Mental Health First Aiders in each of its other 19 UK sites.
OIC numbers still sedate
New data has revealed that 71,191 claims were submitted to the Official Injury Claim (OIC) portal between 1 July and 30 September, of which just 6,378 (nine per cent) were unrepresented claims.
The data has also revealed that 19,921 claims were settled between July and September, 17,488 of which were represented, or 88%.
The OIC service was developed by the Motor Insurers’ Bureau on behalf of the Ministry of Justice with the intention of making it easier to submit personal injury claims without a lawyer.
AutoRaise seeks fresh impetus
AutoRaise is looking to support further growth by appointing new members to its Board of Trustees.
The charity is also seeking volunteers to offer occasional support for specific projects, campaigns, initiatives, and events.
Anyone interested is invited to email Jennifer Evans at email@example.com before Friday, 28 October 2022.
In or out: the claims department debate
It seems there are two types of people in the world – those who think an insurer should outsource its claims department and those who don’t.
This recurring debate within the industry was the topic of a compelling back-and-forth session at the inaugural MGA Claims Conference, organised by ILC in association with Managing General Agents Association, at 155 Bishopsgate, London.
Arguing the case for outsourcing was Simon Gallimore, CEO of the EDAM Group, while Peter Edgar, Head of Motor Claims Operations at RSA, offered a staunch defence for insourcing.
Ultimately there is no right or wrong answer, with claims volumes, staffing levels, and business models all influencing a company’s approach. But here we consider some of the key factors that can impact the decision, and examine them from both sides:
Speakers revealed for home & property claims conference
Sessions will cover a host of topics including the range of data and information; appropriate usage of information; supplier and supply chain information exchange; and measurements of environmental sustainability.
Gelder Group earns UKATA approval
Gelder Group has been approved to deliver asbestos awareness training for employees and other third parties.
It secured approval from leading asbestos training authority UKATA after a rigorous assessment process.
Verisk addresses insurance issue
Verisk has introduced a new solution enabling insurers to assess separate buildings or units within the same address.
Leveraging a database of more than 125 million structures across America, BINS (Building Identification Numbering System), accesses geospatial data and proprietary technology to help insurers identify whether the address they’re evaluating is a building, a unit in a building, or a collection of buildings.
Veygo to offer zero-touch experience
Claim Technology has announced that Veygo by Admiral will use its technology to enable customers to enjoy a zero-touch motor claims experience.
Alongside self-serve options throughout the claims journey, customers will also be able to access further options such as zero per cent finance to cover unexpected excess costs.
Michael Lewis, CEO at Claim Technology, said, “Our cloud-based platform enables innovative insurers like Veygo to create rich, next-gen customer-centric experiences whilst enabling claims handlers to focus on value-adding moments of truth.”
Re secures industry backing for blockchain solution
The world’s first blockchain-powered reinsurer, Re, has raised $14m in funding to develop a decentralised global reinsurance market.
Support came from Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital, SiriusPoint and a number of angel investors.
Karn Saroya, CEO of Re, said, “We’re building a decentralised global insurance transaction layer that settles any kind of insurance risk, in a way that’s transparent to regulators, partners and investors; administrative overhead will be lower and cost savings will inure to the benefit of insurance companies and policyholders.”
CCC announces major new partnership
CCC Intelligent Solutions has announced that Geico will become the first motor insurer to adopt its Smart Red Flag Detection solution, which combats the risk of fraud by using AI to identify inconsistencies within claims and duplicate filing for the same damage.
CCC already works with 300 US insurers while Geico is the second largest motor insurer in the country.
Mastercard enhances contactless security
Mastercard has approved the first cards that meet specifications developed jointly with EMVCo to increase protection from quantum computers.
Ajay Bhalla, President, Cyber & Intelligence at Mastercard, said, “By bringing quantum-era technology to contactless payments, we are taking steps to future-proof security and privacy protection as much as possible. These new cards will deliver greater peace of mind, while also providing consumers and merchants a seamless transition from today’s contactless experience.”
WTW launches all-access portal
WTW has launched a new portal offering direct access to its modelling tools, enabling businesses to analyse ever-changing risks.
Risk Intelligence Quantified offers access to WTW modelling solutions including global peril diagnostic, climate diagnostic, workers’ compensation diagnostic, property quantified, D&O quantified, and risk tolerance clarified.
John Merkovsky, Global Head of Data and Analytics, said: “From entering new markets and stress testing business scenarios, to assessing M&A activity, Risk IQ empowers risk specialists to understand and navigate their business’s risk portfolio.”
FCA report identifies best and worst practices
Insurers have been praised for the flexibility they have shown in handling business interruption claims.
The Financial Conduct Authority (FCA) welcomed the way the industry reallocated resources to make interim payments quickly, while proactively communicating with policyholders throughout the claim.
Managing the managers to create culture of excellence
To mark National Customer Service Week, Carpenters Group has conducted a series of interviews with its leaders and managers to share their insights into how to improve the customer experience.
In the first of these, Emma McAvinchey-Roberts explained how the company is focusing on its internal leaders and has revamped its management development programme to ensure it is fit for purpose post Covid.
She said, “The programme consisted of five sessions and we have had about 80 managers go through it over the past 12 months. We are now in the process of planning another three cohorts commencing in January 2023.”
Six million retirees exit job market early
The LV= Wealth and Wellbeing Monitor has found that nearly six million people in the UK have retired early, with about a quarter of those saying they retired more than five years earlier than expected.
The quarterly survey found that 31% of early retirees made the decision to leave the job market because they could afford to, 27% said they didn’t want to work anymore, while ill health (25%) and stress (17%) were other major motivating factors.
ILC has appointed Jon Hutchinson as Sales and Account Manager.
AEGIS London has appointed Mark Degenaar as its first Chief Technology Officer.
Sedgwick has named Catherine Cooper as Director of Business Development for Asia.
LV= General Insurance has named Matt Crabtree as Head of Financial Crime Strategy.Tweet