ILC Breakfast News – Wednesday 23 February 2022
22nd February 2022Tweet
Sweet 16 for Mastercard
Mastercard has revealed the first 16 technology partners to join its Mastercard Send Partner Program. The program has been developed to help partners offer more secure real-time digital payments.
The 16 partners, who are based in America, Europe and Asia Pacific and represent a cross-section of markets, are: Adyen, AptPay, Checkout.com, Cognizant, Fenige, Green Dot, Ingo Money, KyckGlobal, Opentech, Opentext, Oracle, PayPal, Stripe, Ta baPay, Transcard and Verestro.
WTW expands services to SMEs
WTW (Willis Towers Watson) has formed a new working partnership with Aurora which will enable it to deliver real-time commercial quotations to SMEs, both directly and through intermediaries.
The collaboration will see WTW combine its Radar Live solution with the digital insurance platform delivered by Aurora, which has been developed specifically for the SME market.
New fraud detection course unveiled
Digilog has introduced a new fraud detection and awareness training course developed to help insurers and brokers spot fraud in today’s modern insurance environment. The modular training courses are delivered remotely and are suitable both for new employees and experienced professionals.
Anyone interested in booking a place on the ‘Introduction to Fraud’ course should email andy.mcgeown@DigilogUK.com
Communication remains insurance stumbling block
A new survey by Duck Creek Technologies has found that communication with customers remains an area where insurers are not yet delivering expected service levels.
Its Global Consumer Insurance Insights Survey gathered feedback from more than 2,000 consumers and found that while more than a third described the insurance buying experience as ‘very good’, significant communication gaps remain, with 14% of respondents saying they’d not received a renewal reminder, a third saying they never hear from their insurer unless making a claim, and 95% wanting more communication during a claim.
NordPass confirms Cowbell collaboration
Password manager NordPass Business is partnering with AI-powered cyber insurance provider Cowbell Cyber to provide discounted services to its customers.
It is joining Cowbell Rx, Cowbell’s referral marketplace for cyber risk management and security solutions, enabling policyholders to get NordPass Business with a 15% pricing discount.
Home & Property
Storm Eunice to cost insurers between £200-£350m
Initial estimates suggest Storm Eunice will cost insurers between £200m to £350m due to property damage, business and travel disruption according to PwC.
Mohammad Khan, General Insurance Leader at PwC UK, said: “Based on the high winds which have led to damage to homes and commercial buildings plus extensive travel disruptions, we estimate that the insurance losses for Storm Eunice will be between £200m to £350m.
Service Certainty joins CoreLogic’s Digital Hub
Service Certainty has become the newest member of CoreLogic’s Digital Hub Alliance (DHA) programme.
CoreLogic’s DHA enables customers of its Claims Connect Workflow and Collaboration Platform to leverage robust integrations with multiple data and service providers to enhance the user experience for all claims participants.
Construction prices to remain high
The rising price of construction materials seen during 2021 is set to continue through 2022, according to Linesight’s latest Quarterly Construction Materials Costs report.
It found that while inflation around key materials such as steel rebar, timber and copper had started to ease, high demand and continued supply chain disruption will prevent a significant relaxing of prices in the next 12 months.
ILC Home & Commercial Lunch Selling Fast
The Home and Commercial Lunch on the 13th of May looks set to be another sell out event, with limited availability on all table packages. We can’t wait to bring the industry face-to-face once again, with celebrity guest speaker and Scottish footballing legend Ally McCoist it’s not one to miss! All in aid of a great cause, supporting the Rainbow Trust Children’s Charity. To book yourself a place please email Rachael@iloveclaims.com.
Scramble for skills intensifies
Skills is the number one challenge facing businesses today, while communication and collaboration with partners is the best way to overcome this and other challenges.
That was the message from the second ARC360 webinar of 2022, hosted in association with I Love Claims, which featured key personnel from Halo ARC; NWVA; Copart UK; and Zurich Insurance.
Hills Group continues green parts expansion
Hills Group has expanded into the south-west with the acquisition of a new parts delivery hub in Gloucestershire.
The move, one year on since its expansion into Scotland, will allow Hills and the Green Parts Specialists to despatch freight in bulk to the new facility overnight from its headquarters in Skelmersdale, ready for delivery across the south of the UK the very next day.
INSHUR seeks internal solution
INSHUR has launched a new in-house claims solution which it says will enable it to manage the entire value chain without the need to outsource. The technology-led solution provides a supportive and transparent journey for customers and will control claims costs, allowing savings to be passed on to policyholders.
The development is part of the company’s wider strategy of delivering fair and simple insurance.
Underwriting rules set to change
The relationship between insurers, repairers and salvage partners needs to become a lot closer if drivers are going to be properly protected by their policies.
According to Jim Loughran, CEO of e2e Total Loss Vehicle Management, emerging technology is changing the game for insurers and a new symbiotic relationship with repairers and salvage companies will be critical to accurate underwriting.
Petz at home in top job
Sherwin Williams has appointed Heidi Petz as its new President and Chief Operating Officer, effective from 1 March.
She will be responsible for all of Sherwin-Williams’ operating segments, which includes The Americas Group, the Performance Coatings Group and the Consumer Brands Group, as well as the Global Supply Chain organisation.
Meanwhile, Justin Binns replaces her as President, The Americas Group, and Karl Jorgenrud takes over as President, Performance Coatings Group.
Copart continues CSR commitment
Copart has celebrated its partnership with Recycling Lives, which shares its commitment to sustainable operations and underpins the Copart Cares CSR commitment to caring about the community and the environment.
Recycling Lives comprises both charity and social enterprise, and its recycling operations – supported by the scrap vehicles and parts they buy and sell through Copart – support charity initiatives such as offender rehabilitation, residential accommodation and community food distribution.
Stephenson to step down from Verisk helm
Verisk has announced that Chairman, President and CEO Scott Stephenson will be retiring following the company’s 2022 Annual Shareholder Meeting.
He said, “It has been an honour to lead Verisk through critical and transformative periods for our company and the industries we serve. This is the right time to begin the transition to Verisk’s next leader.”
Lee Shavel will step up from his role as CFO to become CEO, while Mark Anquillare will move from COO to President.
Ageas sells commercial lines business to AXA
Ageas UK has sold its commercial lines business to AXA Insurance UK as part of its ongoing strategy to focus on growing its intermediated personal lines business.
As part of the deal, Ageas’s commercial lines business will transfer to AXA from July 2022.
Automation key to managing the claims storm
With more storms currently battering the UK, Davies has revealed that its automated solutions delivered operational savings of £5.8m for its customers following storms Arwen and Barra.
This was achieved by using automation to streamline the claims process and limit delays.
ILC partners secure customer service awards
A number of ILC partners have been recognised in the Customer Service category of the latest Consumer Intelligence Awards. The top insurance brands for customer service voted for by drivers were Admiral, Aviva, and Churchill, while those voted for by households were Barclays, Co-op Insurance and Direct Line.
Meanwhile, new research carried out by Consumer Intelligence suggests customer reviews is becoming more influential to insurance customers. With new regulations flattening prices, customers will rank providers on other factors, with 38% saying they will consider customer reviews when looking for a new policy. Just 10% said they would let their policy renew automatically without further investigation.
Dye cast in Hiscox role
Specialist global insurer Hiscox has named Jon Dye as its new UK CEO. He will take up the role in September and be responsible for leading the company’s retail business in the UK. Dye joins from Allianz UK, where he was CEO for eight years. He also served as chair of the ABI from 2019 to 2021.
Rainbow Trust to expand support services
ILC charity partner, Rainbow Trust is celebrating 35 years of providing care to children with life-threatening illnesses by establishing new care teams in two additional locations.
Based in Liverpool and Reading, the teams will be in place later this year with a capacity to provide support to up to 160 more families. The expansion is part of the charity’s wider strategy to increase support in areas where it is already operational while also taking its services to new regions of the UK.Tweet
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