ILC ARTICLE

ILC Breakfast News – Wednesday 21 September

21st September 2022

MGA

Compliancy surgery session set for MGA Claims Conference

ILC’s MGA Claims Conference is set to host a risk and compliancy surgery session to highlight the very real challenges that can spell success or disaster for individuals and business.

Hosted by Suneeta Padda, Managing Director of Padda Consulting – a London based compliance consultancy, focused on helping the insurance industry maintain and achieve regulatory compliance – the session will determine the top dos and don’ts for claims directors and compliance specialists.

Lloyd’s grants ‘in principle’ approval to new duo

Specialist general underwriter Carbon Underwriting has received ‘in principle’ approval from Lloyd’s to become a full Lloyd’s syndicate from 1 Jan 2023.

Meanwhile, Trium Cyber, the new risk carrier backed by Jim Stanard’s Pelican Ventures, has also received ‘in principle’ approval. It expects to write $50m of gross premiums when it launches next year.

ClaimsTech

Igloo introduces dedicated gamer product

Igloo has launched a new insurance product for gamers in Indonesia after partnering with the country’s leading e-wallet, DANA.

The policy covers heart attacks and carpal tunnel syndrome.

About 43% of the world’s professional esport players are based in Indonesia.

Home

Inflationary pressures put property insurers on red alert as losses continue

The UK property insurance market continues to make underwriting losses despite falling claims, according to the latest analysis from Insurance DataLab.

UK property underwriters reported an aggregate combined operating ratio (COR) of 102.3% for 2021. Although this is an improvement on the 110.5% ratio reported for 2020 – the highest across the five years of this analysis – the figure still sits firmly in loss-making territory.

Verisk integrates with new 3D solution

Verisk has announced a new partnership with Yembo to integrate its virtual home survey and inspection technology with its own Xactimate solution.

Yembo’s AI technology provides 3D models of interior damage based on videos provided by the customer, enabling adjusters to estimate repair costs without onsite visits.

CPA calls for greater competency accountability

A new white paper has been published by the Construction Products Association highlighting the need for a single standard to determine and recognise construction product competence.

Produced by the Competence Steering Group, the new paper, ‘Built environment – proposed construction product competence standard – white paper,’ has been published to help businesses measure training and competency among its workforce.

Motor

Credit hire to come under the spotlight

The evolution of the credit hire sector will come under the spotlight during a panel debate at ILC’s Exclusive Motor Claims Conference on 6 October.

The panel, made up of Chris Ashworth, Founder, ILC; James Driscoll, Senior Claims Manager – Motor Damage & Credit Hire, Aviva; Simon Gallimore, CEO, EDAM Group; and Charles Layfield, Senior Advisor, ACSO will discuss the latest movements within the credit hire market.

webinARC: technology in motor claims 2022

Wednesday 21 September @ 1.30pm

In this webinARC we look at the latest ways in which technology is being used to seamlessly connect the motor claims cycle.

Featuring:

– Claire Hart, National Sales Manager, Entegral

– Jim Loughran, CEO, e2e

– Dave Shepherd, Director, Shepherd Advisory Services

HERE partners with 15 VMs

HERE Technologies has announced that 15 vehicle manufacturers representing 30 brands have adopted its Intelligent Speed Assistance (ISA) technology.

This comes after new laws introduced in July stipulating that all new vehicles sold in the EU must have an ISA feature on board.

Fleets face winter of discontent

New research from Solera Holdings has highlighted the challenge fleets face this winter, with 59% of respondents saying fuel costs will be their biggest worry going into 2023.

Nearly a quarter (22%) said the global recession poses the biggest threat, with 25% saying the most pressing issue will be a lack of drivers.

Solera Audatex updates estimating system

Solera Audatex has enhanced its estimating solution AudaEnterpriseGold by adding 29 new models and updating a further 121.

Among those models now included is the Tesla Model Y.

Industry News

Tackling tech to reduce emissions

McKinsey has published a report highlighting how companies can use technology to reduce emissions. It points out that about one per cent of all greenhouse gas emissions are produced by enterprise tech and devices.

It says organisations need to use technology to be more efficient in processes, but must also seek to minimise emissions from their technology estates.