ILC Breakfast News – Wednesday 2 November
1st November 2022Tweet
Home and Property Conference agenda revealed
ILC has revealed the full agenda for the forthcoming Home and Property Claims Conference taking place at the CBS Arena, Coventry on 10 November.
Mortgage approvals dip in September
EY ITEM Club has reported that mortgage activity fell in September after a surprise increase in August. Approvals for home purchase were 66,789 compared to 74,422 the previous month, and slightly down on the year-to-date average.
Meanwhile, net lending was steady at £6.1bn in September.
DIY’ers down tools
Demand for construction products has tapered off after peaking during the spring and summer.
According to the Construction Leadership Council’s Product Availability working group, the recent fall is a result of a softening in residential DIY and repair, maintenance and improvement projects.
Credit hire conundrum industry’s issue to solve
The government’s decision not to address the credit hire conundrum within claims as part of its whiplash reforms surprised some when it was announced earlier this year, but the industry itself is in the best position to make the necessary changes.
This was the view of a forensic and frank panel debate held during a ‘Credit Hire Conundrum’ themed session at ILC’s Exclusive Motor Claims Conference, which took place in October.
Irish expansion continues
Enterprise Rent-A-Car has continued its expansion into the Ireland market with a new branch in Stephen’s Green Shopping Centre.
The new site will create a range of jobs, including opportunities within its Graduate Management Trainee programme.
Entegral enhances digital solutions
Entegral has launched Smart Assist in North America. Smart Assist is a new mobile-compatible solution designed to digitalise and automate the claims journey.
e2e goes live with SalvageMarket
e2e Total Loss Vehicle Management has launched its new, user-friendly auction site, SalvageMarket, along with an accompanying logo.
Premium prices on steady upwards climb
Comprehensive car insurance premiums have increased 14% in the last year to an average price of £586.
According to the Confused.com Car Insurance Price Index, premiums have risen four quarters in a row with six per cent rises recorded in the last three months.
Van drivers count the cost
Van drivers are now paying an average of £1,127 per year for motor insurance after policies rose by 18.9% in the last year. This is according to data released by Consumer Intelligence.
Car sales set to return to peak levels
New research by McKinsey has predicted that global sales of passenger cars should return to peak levels within two years, driven by growth in China and emerging markets such as India.
However, the wider uptake of EVs – particularly in China and Europe – is expected to create further supply chain disruption demand for about 50% of components of ICE vehicles expected to be affected.
Zego unveils new capabilities
Zego has enhanced services to help fleet managers better monitor driver behaviour and improve efficiencies.
Newly introduced functions offer managers full visibility of vehicles within a fleet, enabling them to spot route changes and erratic driving such as fast cornering and hard braking, while also identifying high-risk roads.
HoloLens exclusive set for ARC360 event
Thatcham Research is set to provide delegates at ARC360’s forthcoming ‘Gaining Ground Together 2022’ event with an exclusive first look at its Microsoft HoloLens technician training capabilities.
Customers line up to join Mastercard’s digital service
Mastercard has announced a series of new customers to its digital payment solution, Mastercard Digital First.
Banco Santander and Citibanamex in Mexico, Chase in the UK, Ing in Spain, Mox by Standard Chartered in Hong Kong, Nubank in Brazil, and Nigeria’s Providus Bank have all added their names to a customer-base of nearly 200 companies.
Lemonade joins ABI
Insurtech Lemonade has joined the ABI after launching its digital services in the UK.
Lemonade provides digital motor insurance to customers on a flexible basis.
FCA consider big tech influence
The FCA has published a paper considering the potential influence of big tech disrupters on the retail financial services sector.
It is hoping to spark a discussion surrounding competition benefits and harms they may bring to the industry, before deciding on any new regulatory measures.
Making data work in claims
According to the World Economic Forum a mammoth 79 zettabytes of data was processed in 2021, and that is expected to more than double to 181 zettabytes by 2025.
A zettabyte is billion terabytes or, to put it another way, as much information as there are grains of sand in all the world’s beaches and deserts.
Sifting through it all to find the grains of truth that are most valuable to your own claims business was the topic of a fascinating session delivered by the Davies Group at the first ever MGA Claims Conference, hosted by ILC in association with the MGAA.
ILC celebrates MGA breakthrough event
In the latest issue of Modern Insurance Magazine, ILC looks back at the success of its inaugural MGA claims event delivered in association with the Managing General Agent Association (MGAA).
Shift and IFB deliver anti-fraud solution
A new AI-enabled anti-fraud solution for the insurance market has been introduced by the Insurance Fraud Bureau (IFB) and Shift Technology.
IFB Exploration allows members to remotely access the industry’s transactional data set and identify potentially fraudulent activities as they emerge.
Quickfire questions at Marshmallow
Insurtech Marshmallow has published a quickfire interview with Claims Team Leader Maddy, during which she talks about her current role and plans for the future.
She said, “I want to continue down the management route, and I’ve had some really open conversations with my own manager about this. We’ve created a clear path for my career, and outlined the expectations of me in order to get there.”
Davies unpicks Consumer Duty
Davies Group has published a new paper considering the impact of the Financial Conduct Authority’s Consumer Duty.
At the heart of the new regulation is a ‘Consumer Principle’ that instructs organisations to “think more about customer outcomes and place customers interests at the heart of their activities
The paper is intended to help companies achieve compliance when Consumer Duty is introduced next spring.
New report highlights mental health challenges
A new report has found that half of workers in the UK have reported worse mental health since the outbreak of Covid-19.
Nearly half (48%) said they were experiencing ‘burn out’ and more than a third (35%) said they felt depressed.
DataLab reveals first board
DataLab has announced the founding members of its first ever Advisory Board.
They are: Mark Cliff, Chairman, Hastings Direct and Hiscox; Andy Fairchild, owner, Julyfourth Services; Ian Hughes, CEO of Consumer Intelligence; Shân Millie, founder of consultancy firm Bright Blue Hare; Tony Tarquini, CEO, 5189; and David Williams, non-executive director, AXA.
Woodgate & Clark has appointed senior claims operations professional Irene Davies-Foo as Head of Operations Projects.
Emma Seavers has been appointed Customer Claims Manager at Markerstudy Insurance.
Aviva has named Colin McDonald as Motor Indemnity Lead.
Munich Re has appointed Gary Eager as Claims Manager.
Luke Mardell has been named Client Relationship Manager at RDT Ltd.Tweet