ILC Breakfast News – Wednesday, 18 October 2023
18th October 2023Tweet
Major names back Risk and Compliance event
Albany Group and, recently onboarded ILC Insurer Partner, First Central are two major names to give their backing to the forthcoming ILC Risk and Compliance event: Consumers – more than just a duty.
Founded in 2007, Albany Group specialises in risk and intelligence software and is proud to serve some of the biggest names in insurance and financial services.
As a growing UK insurer and innovator in data, First Central are experts in delivering market-leading insurance services – including motor insurance, underwriting, and legal services.
Proudly sponsoring this event underscores our dedication to putting consumers first.
“First Central values transparency, fairness, and accountability in all its operations, which aligns with the objectives of the Consumer Duty. This is a great opportunity to actively contribute to the broader conversation around consumer protection and ethical business practices.”
Debunking the myths around AI
The myths around the adoption of AI were debunked during a presentation, Demystifying AI for Automotive Claims, at ILC’s ClaimsTech Live 2023 event.
Delivered by Irene Castelanotti, International Marketing Director for Claims, Solera Audatex, the session highlighted the impact AI is having on all sectors, and urged insurers to cast aside their doubts and embrace the benefits that can be achieved in terms of efficiency and customer service.
Evolution announces Claim Tech partnership
Insurance specialist Evolution Claims Management has partnered with Claim Technology to deliver a new AI-powered claims processing solution.
The new partnership will see Evolution use digital wallets to create an entirely new channel for customer engagement, with embedded support for Claim Technology’s 24/7 self-serve and conversational AI capability.
DAC Beachcroft unveils new claims cost tool
International law firm DAC Beachcroft has unveiled a new digital forecasting tool to help claims teams calculate legal costs permutations under the newly-extended Fixed Recoverable Costs (FRC) rules.
Panel session announced for Home & Property Conference
The first panel session to be announced and feature at the Home and Property Claims Conference on Thursday 30 November at Silverstone Circuit, is entitled ‘What shape is the claims process heading towards?’.
The discussion will explore the number of touches, environmental implications, consumer duty, the cost challenges including inflations and decision making.
The panellists include:
- Laura Lazarus – Head of Home Claims Operations, Aviva
- Angela Kelly Adv Dip CILA – Managing Director, Home Claims Services, Sedgwick
- Connie Beasley – Head of Home Claims, First Central
- Thomas Simpson – ACII Head of Technical Claims, NFU Mutual
UK braced for bed bug infestation
Gelder Group company Xeric is handling a surge in demand for its treatment of bed bugs.
France is in the midst of an infestation and the UK is braced for significant levels being brought across the channel.
DAC Beachcroft real estate partner Sally Morris has advised the construction industry to reuse materials from previous structures when building new ones in order to reduce its carbon footprint.
This comes after the weight of everything mankind has built recently exceeded the weight of all natural life on earth.
CoreLogic launches new mortgage platform
CoreLogic has unveiled its Digital Mortgage Platform (DMP), which combines its own data and workflow solutions with Roostify’s digital mortgage expertise to streamline the mortgage process and improve efficiencies.
Home-owners ignorant of flooding resilience steps
New research from Aviva has revealed that 45% of UK residents believe their home is at risk from flooding, but only 29% know how they can increase flood resilience.
Exclusive Motor Conference proves major success
Around 150 leading influencers from across the UK’s motor claims insurance sector joined ILC at its Exclusive Motor Claims Conference last week in London for discussion, insights, and networking.
Supported by ILC’s Corporate Partners and headline sponsored by Enterprise along with sponsors BHR Assist, Clearspeed, EDAM Group, LexisNexis Risk Solutions and Wiser Academy, the event included a highly influential line-up of speakers focusing on a host of key topics from across the sector.
Luton Airport fire claims set to take off
Insurers are braced for upwards of 1,500 motor claims as a result of the fire at Luton Airport. Bedfordshire Fire and Rescue Service has said it is unlikely any of the vehicles will be salvageable.
LV= alone expects to receive up to 200 claims while the Association of British Insurers said it ‘is too early to estimate the insured cost of the fire.’
Copart announces Bristol expansion
Vehicle salvage and remarketing specialist Copart UK has completed the expansion of its 80-acre Super Centre in Bristol.
The addition of a further 21 acres adds 30% more vehicle capacity, providing secure storage and enlarged areas for vehicles that require specialist handling like EVs, HEVs, and flood and fire damaged vehicles.
Enterprise accelerates towards next era of mobility
Enterprise Holdings, a global leader in mobility, has strengthened its ambitions in helping shape the future of mobility with strong results across its diverse lines of business, a significant jump in international growth, and global recognition for its long-standing commitment to customers and team members over the past fiscal year.
SYNETIQ celebrates Recycle Week
SYNETIQ has celebrated Recycle Week by announcing that it recycles 96.4% of every vehicle it dismantles. As part of its Road to Tomorrow strategy it is now targeting the remaining 3.6%.
Activate Group identifies motor claims crunch points
Activate Group has identified triage and engineering as two of the most critical stages of the motor claims process, and said that managing these areas is vital to controlling claims costs and delivering faster claims journeys.
AI ideal for insurance and aftermarket
Audatex Head of Account Management Tom Hart believes AI is perfectly tailored to the insurance and vehicle repair sectors, which are both facing recruitment and retention challenges.
He says AI can handle the mundane tasks and allow colleagues to focus on more skilled functions.
e2e members exceeding EU targets
e2e Total Loss Vehicle Management has praised its members for regularly exceeding EU targets by recycling more than 95% of the vehicles they handle.
Gemini hit charity heights
Gemini ARC employees have scaled Mount Snowdon to raise funds for automotive charity Ben.
Insurers on ‘slow journey’ to recovery
Claims inflation in the past year has been unsustainable, but price adjustments made by insurers are not expected to kick in until next year at the earliest.
In his keynote address at ILC’s Managing General Agents (MGA) Claims Conference 2023, Alex Evans, CFA Vice President, European Insurance Equities, Citi Research EMEA, said that 2023 would be another difficult year for insurers but predicted that the next 18 months will be ‘a slow journey to improvement.’
People not systems deliver good claims handling
When it comes to effective claims handling, insurers and MGAs have been encouraged to remember their most critical asset – their people.
Speaking at ILC’s MGA Claims Conference, which was held in association with the MGAA, Catherine Healy, Claims Manager Delegated Authority at HDI Global Specialty SE, said that the Covid-19 pandemic had put claims handlers under intense pressure.
Howden seals £500m support
London-based brokers Howden has secured £500m in insurance capacity from a consortium of Lloyd’s of London firms.
It has been reported that the funding will support a newly created division in its ambition to turn start-ups into underwriters.
Accelerant announces Omega acquisition
Insurtech Accelerant has acquired Omega Insurance from Till Capital as part of plans to expands its Canadian footprint.
ILC launches ILC Day 2024
ILC has launched ILC Day 2024 in a bid to raise £20,000 and help change the lives of families with a seriously ill child.
ILC Day takes place annually on 14 February and sees the insurance claims industry come together to ‘share the love’ for ILC’s chosen charity partner The Rainbow Trust. To date, the ILC insurance claims community has raised £1.2m for the charity and ILC has set a target of furthering that by £20,000 for ILC Day 2024.
BIBA and Sompo leverage expertise
The British Insurance Brokers’ Association has created a new ideas and innovation partnership with Sompo International, a global player in the commercial property and casualty insurance and reinsurance industry.
Clever thinking from Kennedys IQ
Young innovators at Kennedys IQ have come up with a range of new ideas to support a local community in Kerala, India, such as a landslide alarm, a solution to reduce water wastage, and a pen that lights up to enable writing in the dark.
The innovations are part of the second edition of the Kennedys IQ Future Innovators programme.
Belfor signs Good Business Charter
Leading disaster recovery firm Belfor UK has announced it has become a member of the Good Business Charter, which recognises UK companies that are leading the way in responsible business practices.
To receive accreditation, Belfor UK had to meet 10 components covering care for employees, suppliers, customers, and the environment.
Clearspeed celebrates industry accolades
Voice analytics leader Clearspeed has been shortlisted in the Excellence in Technology – Claims (Technology Supplier) and Excellence in Fraud Mitigation – Supplier categories at the Insurance Times Awards, which will be announced in December.
LexisNexis Risk Solutions has promoted Tom Lawrie-Fussey to the role of Senior Director of Product Management and Aishling Meyler to the role of Associate Vice President of Technology.
Rob Powell has been appointed Global Chief Claims Officer at WTW andwill report directly to Adam Garrard, the Global Head of Risk & Broking.
Cognivate has named Lydia Storr-Meddings as Head of Operations.
Solera Holdings Vice President of Industry Relations Bill Brower has been selected to PropertyCasualty360’s Insurance Luminaries Class of 2023 in the Claims Innovation category.
Evolution Claims Management has appointed Russell Crewe as Managing Director.
Mark Richardson has been appointed Partnerships Director at Academy Insurance after 26 years with the firm.