ILC Breakfast News – Wednesday, 13 September 2023

One day to go before ILC ClaimsTech

Leading industry influencers from the world of claims technology will gather in London tomorrow for ILC’s ClaimsTech programme of events.

More than 50 of the insurance claims sector’s key decision-makers are set to attend the event, which takes place on 14 September at etc venues, 133 Houndsditch, London – backed by Headline Sponsor CoreLogic, along with Gold Sponsors Entegral, Solera Audatex and Verisk, and Silver Sponsor Synergy Cloud.

ILC announces inaugural Risk and Compliance Conference

Some of the UK’s leading insurers have already pledged their support to ILC’s inaugural consumer-centric Risk and Compliance event set for November.

The specialist event, themed: ‘Consumers – more than just a duty’ is set to discuss how insurers and supply chains can work together to optimise the consumer journey whilst continuing to satisfy changing legislation and an ever-moving variety of socio-economic challenges.

A host of key insurers have already demonstrated their support to the event including: Admiral, Ageas, Aioi Nissay Dowa Europe, Covea, First Central, Pen Underwriting, and Zurich.

Insurers urged to exploit DeFi benefits

A new report by The Geneva Association has been published urging insures to capitalise on the benefits of innovations within Decentralised finance (DeFi)/blockchain applications.

DeFi uses blockchain technology and smart contracts to improve the efficiency and inclusivity of insurance.

Superscript expands digital skills

Specialty lines broker Superscript has invested in its digital capabilities with key appointments.

Mark Titmarsh and John Kamal have joined its team of seven experts which now provide insurance specialisms in crypto, blockchain and web3.

Verisk solution forecasts civil unrest

Verisk has launched a new solution to help insurers mitigate against the risk of political unrest.

Verisk Maplecroft is a machine-learning solution that predicts the potential for domestic unrest such as strikes, riots and civil commotion, providing 12-month forecasts for 50,000 counties and districts around the world.

Home and Motor to come under MGA spotlight

Home and motor claims will both come under the spotlight during dedicated sessions at the forthcoming ILC Managing General Agents’ (MGA) Claims Conference.

Held in association with the MGAA, ILC’s MGA Claims Conference takes place on 28 September at 155 Bishopsgate, London and is 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 – all of whom will feature in the exhibition arena.

Modest growth for global reinsurance market

Munich RE is predicting modest growth in the global reinsurance market between 2023 and 2025.

It believes reinsurance capital will rise to £370bn, although this still remains below 2020-2023 levels.

Rebrand revealed

Global Risk Partners has rebranded to Brown & Brown (Europe) and will adopt Brown & Brown branding going forward.

Key influencers to provide their thoughts on latest in claims

Three key influencers from within insurance claims will provide their thoughts on the latest in motor claims at the Exclusive Motor Claims Conference (EMCC) on Thursday 5 October.

Sarah Lang, Head of Claims Solutions, Admiral Insurance; Charmaine Pattenden, Head of UK Claims, INSHUR; and Dave Thompson, Claims Director, Tesco Insurance will each provide their unique insights on the latest developments within the UK’s motor insurance claims sector touching on areas such as data insights, inflation challenges, and future opportunities.

Soaring repair costs drive up motor claims

A 46% rise in repair costs in the last year has driven a 29% increase in motor insurance payouts.

According to figures released by the Association of British Insurers, repair costs soared to £1.5bn between April to June, representing a 46% increase on the same quarter in 2022.

Furness in the hot seat

Accident management specialist Activate Group has named Adrian Furness as new Managing director of its Motor Repair Network business.

Furness joins from Covea, where he was CEO.

Double celebration for GT Motive

GT Motive has announced a new partnership with OEC to provide its customers with access to competitive OE parts from the VISION collision platform.

Meanwhile, GT Motive is also celebrating after achieving ISO 27001 certification, an internationally recognised standard that ensures the implementation of rigorous information security controls.

AXA marks Xtract collaboration

Ireland’s largest motor insurer AXA has enhanced its partnership with Xtract.

The partnership provides AXA claims handers with a data-driven solution to manage claims, with Xtract’s FNOL solution, notify, delivering a 98% customer satisfaction rating.

Home and Property Claims Conference speeds to Silverstone

ILC’s Home and Property Claims Conference will take place at the Silverstone Exhibition Centre on 30 November, under the banner, ‘Getting in Shape for Claims’.

Through a series of presentations and panel debates, it will consider the role tech is playing in home claims, what claims will look like in the future, what is driving that change, and how suppliers can play their part. 

US property strong despite declining equity

CoreLogic’s second quarter Homeowner Equity Report (HER) has found that US homeowners saw home equity decrease by 1.7% in the last 12 months, representing a collective loss of £231bn.

However, only two per cent of homeowners were in negative equity, compared to 26% in 2009.

Ofgem introduces stricter compensation rules

Ofgem has introduced new rules that will see compensation for households and businesses that lose power following severe weather events rise from a maximum of £700 to £2,000.

Meanwhile, the length of the time consumers wait for additional compensation has been reduced from 12 hours to six hours after the initial payment period.

A window into home insurance

Homeowners have been warned against leaving their windows open in the heat, which could invalidate their insurance policies in the event of a burglary.

Nat White, head of brand communications at Rated People, revealed that there were more than 191,000 recorded residential burglaries in 2022.

ACSO calls for step change in civil justice

The Association of Consumer Support Organisations (ACSO) has launched a campaign urging ministers to tackle ongoing delays in the civil courts.

Official statistics reveal how time taken for small and fast-track claims to reach court have extended since 2019 – increasing from 38 and 59 weeks to 51 and 80 weeks respectively.

CII uncovers positive trend in travel insurance

New data published by the Chartered Insurance Institute has revealed that overall consumer satisfaction with travel insurance policies has reached its highest level since it began measuring in July 2018.

Those aged 18-34 are most satisfied, although there has been a small decrease in satisfaction levels among over 55s.

Speed counts in Business Interruption cases

Sedgwick has highlighted the importance for businesses to engage with insurers immediately in the case of Business Interruption, to minimise the risk of disputes and support quicker resolution.

Business interruption can be caused by technology failure, staffing issues, or property damage.

Climate change turning up the head on reinsurers

Research by PwC has identified climate change as the key challenge faced by reinsurers.

According to its ‘Reinsurance Banana Skins’, climate change poses urgent risks in terms of pricing, legal liabilities, changing consumer behaviour and net zero targets.

People

Insuretech UK has announced the appointment of Melissa Collett as its first CEO.

Allied Universal has named Honorable William J Walker as Vice President and Corporate Security Director

Dermot Dick has been appointed as senior underwriter for energy at Specialty MGA UK.