ILC Breakfast News – Wednesday, 20 September 2023
20th September 2023Tweet
Shift crowned winner of inaugural ClaimsTech – The Pitch
Shift has been crowned the winner of ILC’s inaugural ClaimsTech – The Pitch event which took place last week in front of an audience of insurance experts and investors.
ILC announces inaugural Risk and Compliance Conference
Some of the UK’s leading insurers have already pledged their support to ILC’s inaugural consumer-centric Risk and Compliance event set for November.
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 continuing to satisfy changing legislation and an ever-moving variety of socio-economic challenges.
ARC360 & ILC support Work WellFest event
ARC360 and ILC have joined forces with Corporate Partners Entegral and Gemini Accident Repair Group to launch Work WellFest across the vehicle accident repair and motor claims sectors.
The virtual wellbeing festival has been created to coincide with World Mental Health Day on Tuesday 10 October 2023 and will feature a cross-section of virtual events designed to meet the needs of all colleagues and industry peers.
Product liability hub goes live
Global Compliance News has unveiled a new online content hub that will include the latest legal developments in product regulatory and liability risk.
The Product Risk Radar will be regularly updated with information impacting the sector in both the UK and EU.
Major names set for MGA Claims Conference
City Research, WTW and Consumer Intelligence are just some of the major names set to take to the stage for ILC’s second Managing General Agents’ (MGA) Claims Conference.
Siriuspoint announces Nordic Marine Insurance agreement
Global specialty insurer and reinsurer SiriusPoint has announced a new partnership with Sweden-based Nordic Marine Insurance.
The partnership, which underlines the company’s strategy to develop MGA partnerships based on income and underwriting synergy, will focus on writing Hull & Machinery (H&M), Yacht Owners Charter Cancellation and Marine Delay business.
Acrisure completes Modus acquisition
Acrisure has completed the acquisition of Modus and is now working on expanding its product proposition and trading capabilities.
Modus, which distributes niche and non-standard property risks via a range of digital channels, will continue to be led by the existing management team of Simon Read and Scott Banks.
Event set for panoramic view of motor sector
Claims inflation, credit hire, technology, skillsets and key industry innovators will be at the heart of ILC’s Exclusive Motor Claims Conference (EMCC) 2023.
Taking place at Landing Forty-Two, London – the UK’s highest event space – the Exclusive Motor Claims Conference will see experts from key insurers, insurtech, and supply chain specialists delve into the current workings of the sector and share their respective insights on how the market is evolving.
Activate Group takes the Initiative
Activate Group has launched Activate Initiate, an incident-reporting application for insurers, fleets, drivers and policyholders. Initiate combines digital solutions with telephone FNOL to promote efficiency and improve data accuracy.
Motorist attitudes move towards green parts
Aviva research has revealed that 58% of motorists would accept recycled parts being used in repairs. This is up from 47% five years ago.
Cost (57%), sustainability (35%) and quicker repairs (28%) were the key reasons cited by those surveyed.
Insurance accounts for 63% of all car costs
Motor insurance for drivers under 24 has soared by nearly £600 in a year.
According to research carried out by Compare the Market, the average policy for a young driver has risen from £1,198 last August to £1,792.
Insurance now accounts for 63% of motor costs for this age group.
Vitality withdraws car insurance offerings
Vitality has announced it will no longer offer motor insurance to customers. It has made the decision based on rising costs in claims.
EV adoption facing critical challenges
The UK is ranked fifth in the world in terms of its preparedness for electric vehicles.
According to EY’s latest EV Country Readiness Index, the UK is behind China, Norway, the US and Sweden.
Key names join Home & Property line-up
‘Getting in shape for claims’ is the theme for November’s ILC Home & Property Conference set to take place at the iconic Silverstone, home of British Motor Racing.
Discussions throughout the day will focus on the meaning of ‘tech enabled’ and how does it help the claims process; what shape is the claims process heading towards; what drivers are dictating that shape; and what do suppliers need to do as a result.
Subsidence claims drive up claims
Subsidence claims following last summer’s heatwave contributed to rising home insurance payouts in the second quarter of this year.
According to the ABI, total payouts rose 11% to £782m in the months between April and June, with the value of the average claim paid up 24% to £4,300.
EBSSA set up to drive skills
Major industry bodies have joined forces to create the Engineering and Building Services Skills Authority (EBSSA) with the ambition of developing a strategy to address the looming crisis in green skills.
EBSSA includes members of Actuate as well as the Chartered Institute of Plumbing and Heating Engineering, the Energy Infrastructure Technologies Trade Association, Low-carbon products and installations certification body MCS, and the Thermal Insulation Contractors Association.
Catalyst sparks new skills
Experts from Catalyst Services UK delivered loss adjusting and risk assessment training at GHG Claims and Risk Solutions’ new academy.
The academy was opened in March and Catalyst duo Paul Duddle, Head of Technical and Network, and company founder Brad Jackson were among the first from outside the company to share their knowledge to colleagues.
Tough trading is the new norm
Sedgwick has predicted that the current difficult conditions in insurance are here to stay.
While it suggests there may be peaks and troughs, it believes that rates, terms and capacity will not return to 2010 levels due to a range of factors, including climate change, supply chain disruption, repair delays and inflation.
Kennedy’s confirmed as ILC Motor Corporate Partner
I Love Claims (ILC) is pleased to announce that global law firm Kennedys has joined ILC as Motor Corporate Partner.
With 45 offices in 21 countries, Kennedys provides extensive global expertise in litigation, dispute resolution and advisory services, especially in defending insurance and liability claims. The firm has developed a strong reputation for the provision of market-leading legal services to the global motor insurance market.
Major new player to enter UK insurance arena
Markerstudy Group has agreed to merge with Atlanta, The Ardonagh Group’s personal lines broking business.
The new combined business, which will employ 7,300 people, will serve millions of customers across the UK and transact more than £3bn in gross written premium.
First Cental celebrated for work environment
First Central has been named as one of the UK’s Best Workplaces in financial services and insurance by Great Place to Work UK.
It was ranked as one of the Top 5 Achievers to 2023, after being ranked seventh for Wellbeing and ninth in the Workplace for Women category.
Open for business
The Lloyd’s Underwriting Room has reopened for face-to-face trading after a summer of refurbishment. The team has also been bolstered by 13 additional managing agents.
DAC Beachcroft reveals NHS Charge increases
DAC Beachcroft has revealed that, following a short consultation by the Department for Health and Social Care with industry stakeholders, ministers have decided that NHS Charges repayable to the Compensation Recovery Unit will increase by two per cent.
This follows a near three per cent increase in April.
LMG lobbies for captive regime
A delegation of insurance specialists put together by the London Market Group has met with the UK government to discuss the potential introduction of a captive regime.
LMG has proposed an ambitious captive regime to be established as a competitive option alongside established, international domiciles.
Carpenters Group Head of Serious and Catastrophic Injury Carol Hopwood has been named in the Top 10 Influential Personal Injury Lawyers in the Business Today Lawyer Awards 2023.
WTW has appointed Gaby Joyner as Head of WTW Great Britain.
INSTANDA has named Kevin Gaut as Chief Technology Officer.
Carpenters Group has appointed Chris Dibb as Technical Lead in Defendant Department.
Steven Wallace has been appointed as President of the Chartered Institute of Loss Adjusters, replacing Dr Marc Sweeney.
Allianz Holdings has appointed Henry Topham as Managing Director of its UK Retail business, succeeding Heather Smith.
Kennedy’s has announced 80 promotions worldwide, with 24 senior associates promoted to legal directors, and 56 lawyers stepping up to the role of senior associate.