ILC Breakfast News – Wednesday 24 May 2023

Traffic volumes exceed pre-Covid levels 

The Department of Transport has reported that traffic levels in early May were higher than they were pre-pandemic. 

Its figures revealed that traffic volumes on Friday 5 May were three per cent up on those recorded in the first week of February 2020. 

EV sales surging 

Data released by PwC has revealed that EV sales in the UK grew by over a fifth in the first quarter of 2023 to make up 53% of the sales market. Double-digit year-on-year growth was recorded in January (18%), February (25%) and March (24%). 

Cazoo figures on the up 

Cazoo has reported retail GPU of £980 in the first quarter in 2023 and expects that to exceed £1,200 in the second quarter. This is up from £309 achieved in the second quarter of 2022. 

S&G in the charity saddle 

A team of four cyclists will take on a 444km ride to raise upwards of £10,000 for the East Cheshire Hospice. S&G’s Jonathon, Sean, Tom, and Nick from will cycle from Calais in France to Cologne in Germany in early July.  

Synetiq service tackles slow repair times 

Vehicle recycling company Synetiq has unveiled a new supply and fit service to support insurance customers facing a sharp rise in catalytic convertor theft claims. 

The service aims to overcome the supply chain delays that have increased repair and claim times. 

Home premiums inch upwards 

The ABI’s Home Insurance Premium Tracker has revealed that the average premium paid for a combined buildings and contents policy was £315 in the first quarter of the year. 

This is a three per cent rise on the last quarter of 2022 and six per cent up the first quarter of 2022.   

GSP expands South West presence 

Gateley Smithers Purslow has opened a new Cardiff office base and announced four team appointments. 

The new team is led by Regional Manager John Osborn, who has helped to grow the Cardiff team with the addition of Senior Building surveyor Neil Morgan, Chartered Building Surveyor Matthew Daniels, Senior Structural Engineer Rhydian Day, and Chartered Structural Engineer Bryan Downey. 

Standalone payments solution released 

Insurity’s Sure Claims Payments, a digital solution that enables insurers to settle claims quickly when approved, is now available as a standalone digital solution.  

BishopsGate adopts CyberCube solution 

London-based broker Bishopsgate is adopting CyberCube’s Broking Manager, a Software-as-a-Service application developed specifically for the insurance broking community. 

The solution analyses the potential financial risks that may arise from cyber events. 

ChatGPT risks revealed 

Compliance managers have been warned to address the risks to their companies posed by ChatGPT. These include fabricated and inaccurate answers, data privacy and confidentiality, model and output bias, Intellectual Property and Copyright risks, cyber fraud risks, and consumer risks. 

Road red spots revealed 

Driverly has identified the five most dangerous sections of road in Britain. 

Based on accident data, traffic volumes and driver behaviour, the A38 between Birmingham and Derby tops the list, ahead of the A404(M) between High Wycombe and Maidenhead, the A34 in Oxfordshire, the A12 in Essex, and the A27 in East Sussex.  

Medical claims cost under the spotlight 

A new podcast produced by Sedgwick examines inflation in medical claims. Dr Teresa Bartlett, Managing Director of Managed Care, and Max Koonce, Chief Claims Officer, consider the factors pushing up costs and cost containment options. 

Carpenters Group supports awareness initiative 

As part of Action for Brain Injury Awareness Week (15-21 May), Carpenters Group spoke to Rachel and Phil Akehurst about his craniotomy procedure. 

Zurich announces 13 innovation winners 

Zurich has named the 13 start-ups selected as part of the fourth edition of the Zurich Innovation Championship. 

They were selected for their innovative and transformative products and solutions in five categories: commercial insurance, customer experience, digital enablement, distribution partnerships and sustainability. 

Counter claims of workplace stress 

Keoghs, in its fourth article published around Mental Health Awareness Week, has emphasised the value of documentation when companies are defending themselves against stress-related claims, adding that emails, texts and WhatsApp messages can also be disclosed. 

Hubs of activity 

Allianz Commercial has created a new financial lines team that will operate across three new regional hubs, namely the Northern Hub (Manchester, Leeds, Newcastle, Glasgow and Belfast), the Midlands/South West Hub (Bristol, Birmingham and Cardiff), and South East Hub (Maidstone, Chelmsford, London and Southampton). 

Davies has appointed Jen Morrissey to the newly created position of Group Chief Operations Officer. 

Nerissa Naidu has been appointed as an Independent Non-Executive Director for the Ageas UK Board. 

Premium Credit has named Mark Morley as Operations Director.  

Richard Lake has joined specialist claims consultancy SX3 as Head of Audit Services. 

ERS has strengthened its Personal Motor Underwriting team with the appointments of Steve Howells, Shannon Holland, and Lydia McCarthy.