ILC ARTICLE

ILC Breakfast News- Wednesday 16 February 2022

15th February 2022

Motor

Register now… webinARC February 2022: Operations

Wednesday 16 February – 13.30

In this webinARC we explore incident claims processes and repair operations by focusing on the five Ps – products, processes, plant, people and programmes – to try and piece together what the challenges and opportunities are from a variety of perspectives.  

Featuring:   

– Harry Abraham, Operations Director, Halo ARC Ltd   

– Jeff Mack, National Account Manager, NWVA   

– Jane Pocock, Managing Director, Copart UK   

– Robert McWilliams, Approved Repairer Vendor Manager, UKGI Claims, Zurich Insurance plc

Zurich warns of growing supply chain challenges

Zurich has urged businesses to be more aware of the growing challenges within the automotive supply chain, warning that further disruption in the coming years is likely.

It said that up to 70% of car parts are sourced from as many as 200 external suppliers across more than 300 geographical locations, with many in the Far East. Further potential for disruption comes from the rising likelihood of extreme weather, with the World Weather Attribution (WWA) suggesting that the 2021 floods in Germany are between 1.2 and nine times more likely to occur again compared to pre-industrial times, while mass protests have increased by 11.5% every year since 2009.

Zurich said that insurance products such as Contingent Business Interruption (CBI) provide some security, but is encouraging businesses to fully assess risks associated with their supply chains.

SsangYong enhances service with EMaC partnership

SsangYong Motors UK is offering new and used car customers pay monthly service plans after agreeing a new partnership with automotive aftersales solutions provider EMaC.

Plans from just £10.99 a month that include MOTs, roadside assistance, regular inspections and services from certified SsangYong technicians are available for owners of new vehicles, while used car plans of up to five years also include an MOT.

Government launches MaaS consultation

The Department for Transport is seeking industry input on content for the proposed mobility as a service (MaaS) code of practice.

It believes the new code should provide guidelines for new entrants to the MaaS market, support new businesses in the sector to make decisions in line with government goals, encourage platform providers to include carbon data for each route offered, and assist local authorities to develop their own MaaS platforms. 

The consultation closes on 3 May.

Rising Star Interview: Elyse Bell, National Account Manager – Entegral

“I think in all businesses there are environmental and sustainability challenges, and this includes our industry. The need for impacting our world by working towards a carbon neutral future is very much on the forefront of people’s minds. They have expectations and will continue to in the industry”

ThingCo set for Northern Ireland expansion

ThingCo has agreed a deal with Provincewide that will support its expansion into the Northern Ireland market.

The partnership will see ThingCo providing its full solution to the 10 brokers in the association, from onboarding to smartFNOL process.

At the heart of the ThingCo solution is Theo, the solar-powered, self-installed telematics device which incorporates AI and voice to reduce claims costs and combat fraud.

OIC portal problems persisting

Carpenters Group director Donna Scully says the issues with the Official Injury Claim portal can no longer be described as teething problems, with less than 10% of claimants using the portal litigants in person, and only 1.6% of represented customers able to settle their claims inside the first six months.

The Ministry of Justice is investigating the persisting problems and poor outcomes, but Scully has urged to MoJ to give the Motor Insurers’ Bureau the resources it needs to resolve the issues.

ClaimsTech

Seyna secures additional funding

French insurance solutions provider Seyna has secured €33m Series A funding. It was supported by current investors Global Founders Capital, Allianz and Financière St James, as well as WhiteStar Capital and Elaia Capital.

Seyna, which provides tailored insurance products and software to brokers, will use the capital to accelerate the technological development of its platform.

FloodFlash set for further growth

FloodFlash has raised $15m in a Series A funding round. Investment in the company, which pays catastrophic flood claims without 48 hours, was led by Buoyant Ventures, with Munich Re Ventures, Sony Financial Ventures/Global Brain, MS&AD Ventures, and PropTech1 all taking part alongside existing investors Pentech, Local Globe and Insurtech Gateway.

The announcement comes three months after FloodFlash secured a new insurance capacity partnership with Munich Re. It will use the investment to expands its services in key markets such as America, Germany, Australia, and Japan.

Covéa finds its Guardian Angel 

Covéa Insurance is partnering with UK tech start-up Guardian Angel to launch its new life insurance offering.

Bow is an end-of-life planning tool that offers each user a personalised end-of-life preparedness score along with tailored suggestions on how to improve that score. It can be completed in under 15 minutes without the need for any medical tests, and offers a range of cover from £5,000 to £500,000. 

Home & Property

Burglaries on the rise again

Thefts from outbuildings and office sheds have risen 43% in the last 12 months, according to claims data revealed by LV= General Insurance. 

It found that the number of home claims for burglaries fell from 33% to 20% during the pandemic, but that ratio is starting to rise again, as is the value of the average claim, which has risen from around £4,700 in the last three years to around £5,000.

Zurich secures Airbnb tie-in

Zurich UK has announced that customers who have to leave their homes during repairs after fire, flood or general damage will be able to stay at Airbnb accommodation. 

Recognised as an industry first, the initiative provides Zurich customers with access to more than 200,000 like-for-like properties. 

 The Airbnb option broadens the current offering of local rentals and hotels which are currently provided through the ICAB (Insurance Claims Accommodation Bureau) network. Zurich, together with ICAB, have worked judiciously to see the Airbnb proposition through to fruition. 

Verisk investment launches Rocket

Global data analytics provider Verisk is investing in Rocket Enterprise Solutions, a German insurtech provider in the property claims sector.

Rocket’s claims and underwriting technology has already been adopted by insurers in both Germany and Austria, but Verisk believes that further investment will accelerate growth in other key European and Asia Pacific markets.

Aviva underscores renewable energy focus

Aviva has emphasised its commitment to sustainability by announcing that its renewable energy portfolio is now more than 150% larger than the fossil fuel power generation book it exited.

With a renewable portfolio that covers enough renewable energy to offset the equivalent of 24.8 million tonnes of CO2 annually, Aviva now aims to establish itself as one of the top three renewable energy insurers in the London Market by the end of 2022.

Market News

ILC Day 2022

Monday the 14th Feb saw ILC Day 2022, where companies involved filled our LinkedIn newsfeeds with pictures of themselves wearing red and taking part in fundraising activities, all to raise money for the Rainbow Trust Children’s Charity, who provide support to seriously ill children and their families.

A huge thank you to everyone that took part and donated to such a worthy cause.

Multi-skilled employees become business-critical

A survey conducted by Willis Towers Watson (WTW) has revealed that developing a multi-skilled workforce is considered fundamental to tackling the ongoing challenges in the labour market.

Its Reimagining Work and Rewards Survey found that the number of businesses that identified a multi-skilled workforce as a priority had risen by 85% in three years. Other growing considerations for business leaders are new sources of talent (up 36%), changing skill sets (up 27%) and changing employee preferences (up 26%).

Meanwhile, 58% of respondents said they expected to have trouble attracting employees this year compared to just 17% who said the same thing in 2020.

Marshmallow joins ABI

The Association of British Insurers (ABI) has welcomed Marshmallow as a new member. This comes after a period of rapid growth for Marshmallow which saw its valuation rise to $1.25bn in 2021, making it the second Black-founded unicorn in the UK.  

Joining over 200 ABI members, Marshmallow will now share best practices and help to shape the policy landscape of the UK and international insurance sectors.  

IFED marks 10 successful years

The City of London Police’s Insurance Fraud Enforcement Department (IFED) has celebrated its 10^th year since launch by highlighting some of its most successful investigations.

This includes a successful 2019 investigation into a 16-strong crash for cash ring which conned insurers out of nearly £1.2m. The group were sentenced to a combined total of 33 years. 

Meanwhile, another fraudster was jailed for five years in 2020 after faking his own death and trying to claim a £1m life insurance pay out.