ILC ARTICLE

ILC Breakfast News – Wednesday 24 November 2021

23rd November 2021

ClaimsTech

New solution enhances underwriting flexibility

Aventus has launched a new digital underwriting solution for both complex and standard insurance products. By allowing underwriters to automate some or all of the underwriting process through a single system, the new solution enables underwriters to offer the same personalised approach to underwriting across all product lines.

Aventus is a global top 100 insurtech, that connects insurers, brokers and MGAs to a broader technology ecosystem.

Guidewire signs new tech partnership

Guidewire has announced that Bdeo Technologies has joined Guidewire PartnerConnect as a Connect as a Solution partner. As a result, its Bdeo Visual Intelligence for Claims, which uses artificial intelligence and submitted photos to assess the severity and repair costs of an auto claim, will be integrated into Guidewire ClaimCenter.

Meanwhile, Bdeo modules will also be introduced to address vehicle underwriting and home damage claims.

Nothing steady about Steadily growth

America’s leading landlord insurance company Steadily has announced new investment. Led by Matrix Partners and Zigg Capital with participation from Vesta Ventures and existing investors Peak State Ventures, Nine Four Ventures, and Next Coast Ventures, the new funding takes total investment in Steadily to $31m.

Steadily serves the 17 million individual rental property owners across the US.

Davies ramps up digital security

Specialist professional services and technology business Davies has launched a new online portal which it claims will improve security for its mainly insurance-based customers.

The portal will enable Davies’ clients to move their documentation from servers to the cloud. A two-step authentication process will also enhance security, while the portal will regulate access to documentation by third parties.

Motor

ARC360 heads Back to the Future

ARC360 returns to face-to-face events this Thursday 25 November. Taking place at the British Motor Museum, Warwickshire the Back to the Future themed event includes a great speaker line-up; the opportunity to have your say via our audience interaction app; networking with industry peers; the chance to discuss the latest products and services with our exhibitors; and the option to explore the World’s largest collection of historic British cars within the museum.

Swiss Re announces major new partnership

Swiss Re will provide risk management expertise and insurance products to the autonomous driving business of Chinese tech giant Baidu.

The partnership is intended to be a significant step forward for the autonomous driving industry by allowing reinsurers to develop products specifically for tech companies operating in that sector.

IAA to offer 100% lender coverage

IAA is on course to become the first salvage company in the industry to reach full lender coverage for total loss claims, after announcing a partnership with Fastlane to leverage its LossExpress solution.

It believes that integrating LossExpress functionality with its existing Loan Payoff technology will expand lender coverage to nearly 100% while maintaining all the benefits of the existing product.

ERS takes next digital step

Specialist motor insurer ERS has launched of a new digital, full-cycle API trading capability called Plug in to ERS.

Plug in to ERS represents the next phase of ERS’ digitalisation strategy. By enabling brokers to connect their policy management platform directly to ERS systems it allows frictionless trading throughout the customer lifecycle, from new quotes to renewals and cancellations.

The solution has been launched alongside Verex, which provides connected data services to 16 leading vehicle manufacturers in the UK.

SMMT publishes self-driving guidelines

The Society of Motor Manufacturers and Traders has published new guidelines intended to remove all confusion from the marketing of autonomous vehicles. Developed alongside the Centre for Connected and Autonomous Vehicles’ AV-DRiVE Group, the five guiding principles focus on providing clear points of difference between automated driving features and assisted driving features.

The guidelines state: “An automated driving feature must be described sufficiently clearly so that it is distinguished from an assisted driving feature. An assisted driving feature should not be described in a way that could convey the impression that it is an automated driving feature.”

Government tightens smartphone rules for drivers

Laws around using handheld devices while driving have been tightened to prevent motorists from using smartphones to take photos or play games. Drivers will still be able to use their devices for navigation providing it is secured in a cradle and payments.

The new laws come into effect from 2022 and will apply when in traffic queues or stopped at lights. Breaking the new laws will result in a fine of £200 and six license points.

MCE Insurance Company in administration

MCE Insurance Company has entered into administration. The company mainly wrote motorbike insurance and car insurance policies for UK customers through MCE UK.

The company ceased writing new insurance on 5 November and was placed in administration on 19 November, although existing insurance policies remain valid and will continue to be monitored by MCE UK.

Home, Property & Commercial

New regulations to bring even greater disruption

While no one doubts that Covid and Brexit have posed major challenges for insurers in terms of supply and inflation, even greater disruption is coming down the road.

According to Gary Barker, Claims Director, The AA, the introduction of the General Insurance Pricing Practices Regulation on 1 January 2022 will cause deeper shockwaves than anything else the industry has experienced in the last 18 months.

ISS extends Ecclesiastical partnership

ISS Restoration has extended is partnership with Ecclesiastical Insurance for three more years. The extension will see ISS continue to provide restoration services to the churches, cathedrals and heritage homes that are part of the Ecclesiastical Insurance Group.

It will also support Ecclesiastical’s residential customers using the Rainbow International network.

Finch secures Rentguard top job

Landlord and property specialist Rentguard has appointed Adam Finch as its new Managing Director. He will lead the 80-strong team based at the company’s Brentford headquarters, reporting directly to Barry Duffin, Managing Director of Gallagher’s specialist SME and personal lines brands.

Finch will first launch a recruitment drive to bring in new skills, before implementing new digital solutions.

New report calls for local approach

A new report is calling on the government to empower communities to manage local flood risks in their own way, pursuing regional ecological, economic and social goals. The report, ‘Plain Dealing – building for flood resilience’ has been published by the think tank Localis.

Having also discovered that 200 planning permissions have been granted for 5,283 homes on floodplains, the report further urges the government to ban developers from building new homes in high-risk flood areas.

Industry facing sustainability conundrum

The insurance claims industry is walking a tightrope between environmental targets on one side and cost implications on the other.

While the general consensus is that the industry has a pivotal role to play in helping the UK reach net zero, and a social and corporate responsibility to support that ambition, this is pitted against the very real practicalities of business.

Market News

Cybercrime report warns of new threats

Claims management and outsourcing solutions carrier Crawford & Company has partnered with global professional services firm Aon to publish a new guide focusing on the cost and consequences of cyber-attacks.

The Aon/Crawford Guide to Successfully Managing Cyber Claims examines how advances in cybercrime, particularly around ransomware, is increasing loss frequency and severity, and urges companies to focus on not just cyber risk prevention but also management post attack.

CMA approves acquisition

The proposed acquisition by Arthur J. Gallagher & Co of the Treaty Reinsurance business of Willis Towers Watson has been cleared by the CMA.

The CMA announced its decision on 22 November after an enquiry into the deal was launched in early October. The full text of the decision will be available shortly.

Insurance claims sector leaders launch Christmas campaign

Insurance claims sector leaders are banding together to ensure that foodbanks are fully stocked this Christmas with a new campaign, ‘Every Little Bit Extra Helps’.

The group, which consists of Donna Scully from Carpenters Group, Kate Goodwin Innovation Group, Ruth Moring-Beale from Morelli Group, Dan Chesney from Onyx PDA and Andy Whatmough from S&G Response, is urging everyone to support their campaign by donating to foodbanks and sharing their photos on social media with the hashtag #ELBEH.

Geneva Association names new CEO

The Geneva Association has appointed Swiss RE CEO Christian Mumenthaler as its new chairman. Vice Chairman since November 2019, Mumenthaler succeeds Charles Brindamour, CEO of Intact Financial, who remains on the board.

Meanwhile, Chief Executive and President of AIA Lee Yuan Siong has been appointed Vice Chairman while Amanda Blanc, CEO of Aviva, has been appointed to the board.