ILC Breakfast News – Wednesday, 15 November 2023
15th November 2023Tweet
Risk and Compliance under the spotlight
ILC’s Risk & Compliance event is taking place today at etc venues, 11 Portland St, Manchester.
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 continue to satisfy changing legislation and an ever-moving variety of socio-economic challenges.
Verisk warns of rising fraud risk
The insurance industry has been warned of the increasing risk of fraud as more and more advanced technology is available to more people.
Gina Millard, Strategic Account Director, Verisk, said that developments in technology pose a risk on two fronts: insurers may adopt new systems or processes that leave them more vulnerable to fraud, while wider access to technology means a greater number of people are now able to target insurers.
AI code of conduct close to completion
A working group of nearly 100 industry professionals is close to completing a new voluntary code of conduct for the use of AI in claims.
The code is intended to provide a framework for the safe and ethical adoption of AI technology.
CII invites T Level trials
The Chartered Insurance Institute (CII) and Personal Finance Society (PFS) are inviting insurance and finance firms to take part in an upcoming scheme to pilot new T Level qualifications.
T Levels are two-year, Level 3 qualifications that are equivalent to three A levels.
IFB marks Fraud Awareness Week
The Insurance Fraud Bureau is highlighting the risks and consequences of fraud in its digital campaign, Fraud Cons.
As part of Fraud Awareness Week, the campaign raises awareness of insurance fraud scams to protect both policyholders and insurers themselves.
Home and Property Claims Conference coming soon
The Home & Property Claims Conference takes place on 30 November 2023 when up to 400+ professionals will gather at the Silverstone International Conference and Exhibition Centre in Northamptonshire to unravel the latest developments within the home and property claims sector.
The event is aimed at insurers, loss adjusters, claims management companies, repairers, digital solution providers, disaster recovery experts, environmental claims experts, surveyors, and other claims professionals.
CoreLogic uses AR to accelerate assessments
CoreLogic has unveiled ScanToSketch, a new property measuring and sketching tool that uses LiDAR and Augmented Reality (AR) technology to build a full exterior footprint of a home.
Assessors have instant access to the sketch, enabling them to make real-time adjustments and complete their assessments in minutes.
ICAB announces MIND partnership
ICAB has announced that Mind Hertfordshire is its new charity partner. Colleagues have been given access to MIND resources as well as leaflets about different mental health issues that can arise in the workplace.
Questgates announces QCH acquisition
QuestGates has strengthened its position within the UK claims and loss adjusting sector with the acquisition of Bristol-based QCH Legal.
QCH Legal, which will continue to operate under its existing brand, deals mainly with liability and property disputes along with indemnity issues.
LexisNexis delivers precision in claims control
LexisNexis Risk Solutions announced at ILC’s Exclusive Motor Claims Conference that it will launch a new claims tool that will provide insurers with a comprehensive and granular insight into both the policyholder and the product.
Precision Claims will become the industry’s first cross-book claims database, collecting the relevant histories of the customer and the asset in a single place.
Carpenters Group Director Donna Scully is hopeful that Ministry of Justice plans to roll out mediation could help accelerate claims made through OIC reaching settlement, but is not confident it will happen.
In post-event responses to Slido questions posed during ILC’s Exclusive Motor Claims Conference, she said that the MoJ had been wrong about anticipated outcomes surrounding the OIC in the past, so it was right to be cautious.
Gemini celebrates Platinum Status of 5% Club
Gemini Accident Repair Group has secured Platinum Membership status in The 5% Club Employer Audit for 2023-2024.
The 5% Club recognises those employers who have committed to developing new talent through earn and learn skills training plans. Only three per cent of all members achieved Platinum status this year.
Premium prices spike 29%
Motor insurance premiums have risen to £561 in the third quarter of the year, according to data from the Association of British Insurers.
This represents a 29% increase on the same period last year and is nine per cent higher than the second quarter of 2023.
October Market Intelligence report
ARC360 has published its latest market report in partnership with Trend Tracker, which reveals that repair volumes in October were 95% of 2019 levels but 105% compared to the same month last year.
Meanwhile, repair costs are up eight per cent year on year, but this is down from the 16% recorded in June.
Steer celebrates apprentices with dedicated awards
Steer Automotive celebrated the emerging talent within the group during a special awards ceremony dedicated to its apprentices.
The Steer Apprentice Academy Awards builds on the company’s commitment to nurturing the next generation of automotive leaders while at the same time addressing the skills shortage within the industry.
MGA breakouts focus on specialist areas
ILC’s MGA Claims Conference 2023, which was held in association with the Managing General Agents’ Association (MGAA), split for some of the day to focus on specialist areas including personal lines; specialty lines; and next generation.
Among those hosting specialist sessions were Activate Group, ICAB, CCG, Gallagher Bassett, LexisNexis Risk Solutions, Kennedys Law, Synergy Cloud, and Value Checkers.
Cyber risks revealed
James Ingram, Cyber Security Risk Engineer, has identified employees, online solutions and IT systems that are externally-exposed as the main weak spots for companies when it comes to cyber risk.
He was talking to Arch Insurance in a specialist discussion on emerging cyber threats and preventative strategies.
Inflation, skills and tech top insurance concerns
A survey by WTW has revealed that insurance leaders across Europe believe high inflation, skills, and digitalisation are the areas that will impact revenue growth most in 2024.
In terms of specific technology challenges, collecting and protecting data was identified as the key focus.
FCA report identifies fraud failings
An FCA report into fraud controls and complaint handling has concluded that insurers need to do more to detect and prevent fraud.
It also said insurers must improve the service they offer to victims of fraud.
Carpenters Group CEO receives Gender recognition award
Donna Richards, CEO of Carpenters Group, has received a Special Recognition in the ‘Contribution to Gender Diversity’ category at the Lead5050 Awards.
Strong growth to taper off next year
The latest EY ITEM Club outlook predicts a strong close to the year for insurers, with growth driven by premium rises and increased household spending power. It forecasts that income from non-life insurance premiums will rise 8.5% while income from life insurance premiums will grow 6.6%.
However, sustained inflation will see premium income growth slow through 2024 and 2025.
Data delaying pet claims
A new study by Procurato, Uncovering the Gaps in the Pet Insurance Claims Landscape, has found that in 75% of claims it takes longer than half a day to confirm coverage, with a lack of information from the vet or customer the main reason for delays.
Winn Group reports strong growth
Accident management company Winn Group has reported a 35% increase in turnover in the last financial half-year to £142m.
The Newcastle-based company now has agreements with 50% of the motor market compared to 25% at the same point in 2022.
EY has appointed Martina Neary as its UK Insurance Leader.
Gabrielle Robinson has started a new position as Technical Claims Manager at Aviva.
Chris Hall has been named Director at QCH Legal, which is part of the QuestGates group of companies.
Copart Vehicle Technical Specialist Mick has achieved his Institute of the Motor Industry (IMI) Level 4 qualification in the Diagnosis, Testing & Repair of Electric/Hybrid Vehicles.
The new CEO of Sedgwick UK has been announced, introducing Neil Gibson.