ILC ARTICLE

ILC Breakfast News – Wednesday 24 August

23rd August 2022

MGA

Claims ‘crucial’ to MGA success

Claims are a crucial driver of a successful and sustainable solution for managing general agents (MGAs) according to Mike Keating, Chief Executive Officer, Managing General Agents’ Association.

The statement comes as momentum continues to build for the industry first, dedicated MGA claims conference taking place on Wednesday 28 September at 155 Bishopsgate, London hosted by ILC and in association with the Managing General Agents Association (MGAA).

Davies predicts increased M&A activity

Davies Group is predicting an increase in mergers and acquisitions as companies continue to react to tougher trading conditions by selling off poorly performing companies. This is especially true in motor, where insurers have been taking a harder look at their portfolios as claims costs continue to rise.

ClaimsTech

Watch now!

ClaimsTech 2022 Interview: Max Hird, Director, Solutions Engineering UK & Northern Europe, SightCall

Coalition acquires Digital Affect Insurance

Coalition, the world’s first Active Insurance provider designed to prevent digital risk before it strikes, announced today that it has received regulatory approval and completed the acquisition of Digital Affect Insurance Company from Munich Re Digital Partners US Holding Corporation. Digital Affect Insurance Company is a property and casualty insurer licensed in all 50 states.

Verisk wins women’s award

Verisk has been recognised as one of the UK’s Best Workplaces for Women in 2022 by Great Place to Work UK.

Verisk supports further learning and career development through a series of webinars and virtual sessions targeting women, and has also established the Verisk Women’s Network to provide women in the workplace with peer-to-peer support and mentoring.

Home

Subsistence claims still climbing

Innovation Group has warned that the surge in claims caused by subsistence will continue as the hot weather lingers into late August.

Construction prices to stabilise

Linesight is predicting a return to stability for the price of construction materials, although supply chain issues will keep the overall cost of building projects high. It suggests flat steel could fall 3.9% and rebar by 3.5% in the coming months, while copper prices could be reduced by 17%.

Motor

Copart continues Super Centre expansion

Copart has completed the next phase of expansion of its Bristol Super Centre, introducing new onsite services and additional capacity.

This follows the opening of its new sustainable and environmentally-friendly office in March and forms parts of its ongoing Plan-Net-Zero commitment.

Government clears road for driverless cars

The UK government has set a 2025 target for driverless cars to join UK roads. It is creating new legislation to support an industry that it believes could add £42bn to the UK economy and create 38,000 new jobs.

Jonathan Hewett, Chief Executive at Thatcham Research, said, “We welcome the breadth of the Government’s ambition in positioning the UK as a centre for self-driving innovation, along with the safety-first approach to adoption it has laid out.”

Gemini joins in AutoRaise Rally

Gemini Accident Repair Group is again supporting AutoRaise and the AutoRaise Rally. It will enter 29 cars to the 370-mile rally, which travels from the Midlands through Wales from 21-23 September.

Meanwhile, the group has again made the Top 100 Apprenticeship Employers list, this year ranked 70^th in the UK.

AI and claims automation: the secret sauce for customer retention?

Customer retention is the not-so-hidden war taking place within the insurance sector and as technology advances, creating more opportunity for differentiation in the claims journey and customer satisfaction, the battle is only going to intensify.

In this contributed article, Paul Wishman, EIS Program Director, who has a proven track record of improving performance through innovation, discusses the value of artificial intelligence (AI) and automation in gaining the competitive advantage.

Fraudster found out

An investigation by City of London Police’s Insurance Fraud Enforcement Department and Aviva discovered fraudulent motor claims worth £25,000 by Michael Smith. He has been sentenced to two years imprisonment, suspended for 18 months, and 120 hours of unpaid work.

Lemonade fizzes with Mitchell partnership

Lemonade has selected the claims workflow, automation, and total loss solutions from Mitchell, to support Lemonade Car. Mitchell’s solutions cover auto physical damage and auto casualty and will help Lemonade streamline claims handling.

Industry News

ACSO calls for urgent reform

The Association of Consumer Support Organisations (ACSO) has urged the Civil Procedure Rules Committee and the Civil Justice Council to review the current level of fixed recoverable costs for personal injury cases, arguing that it has not been updated since 2013.

ABI shares learning across the pond

The Association of British Insurers (ABI) is broadening its expertise by working with officials in Nebraska, USA, to share learning and drive innovation.

Restricted cover undermining confidence

A survey of members by the Charted Insurance Institute found that restricted cover will be the biggest threat to public trust in the insurance profession. More than a quarter (26%) thought limiting cover would erode public faith while 23% said it would reduce confidence in the industry’s ability to provide effective cover.