ILC ARTICLE

ILC Breakfast News – Wednesday 25 May

24th May 2022

ClaimsTech

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ClaimsTech 2022 – The story so far…   

We explore the latest developments within the claimstech space and ask: what’s changed for our customers, our people and what’s next?   

Featuring:   

– Charlotte Thorpe-Costa, director of marketing, Sightcall   

– Karen Houseago, head of insurance, Consumer Intelligence   

– Peter Graham, chairman & CEO, Kudo Insurance 

Munich Re service accelerates AI adoption 

Munich Re has introduced a new artificial intelligence (AI) validation service to enable the wider industry to adopt the technology with confidence. 

CertAI validates AI systems or solutions already in use, analysing them on the basis of six different factors: fairness; autonomy and control; transparency; robustness; functional and cyber security; and data protection. 

Mercedes-Benz delivers telematics-based insurance 

A new partnership between Mercedes-Benz and Daimler Insurance Services, HDI and Swiss Re will deliver telematics-based insurance policies to customers with connected cars. 

The collaboration is expected to encourage safer driving habits while at the same time reducing policy costs. 

Monika Schwarz, Head of Global Digital Solution at Daimler Insurance Services, said: “Our telematics motor insurance product is the perfect fit to the strategy of Mercedes-Benz, promoting not only safer but also more eco-friendly driving, combining gamification with a clear financial incentive.” 

Fastest-growing insurtech secures further funding 

Indonesian insurtech Qoala has announced $65m in Series B funding. Qoala, which provides retail insurance products for car, bike, home, and health is the fastest growing insurtech in the region having grown 30 times since its Series A funding round in April 2020. 

Support came from existing investors Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India, as well as new investors BRI Ventures, Daiwa PI Partners, Indogen Capital, Mandiri Capital Indonesia and Salt Ventures. 

Motor

Motor Claims Showcase set for technology keynote

Dean Lander, Head of Repair Sector Services at Thatcham Research, will provide a keynote address at the forthcoming Motor Claims Showcase Event highlighting the changes technology is having on the sector.

The session, ‘Automotive technology – influences and trends,’ will explore the technology and complexity of modern-day vehicles, highlighting how these advancements will reshape the motor claims supply chain both from a technical and strategic perspective.

NBRA summary reveals market challenges 

The latest NBRA Repairer Market Summary has highlighted capacity, cost and consolidation as the three factors impacting the industry most at the moment.  

It also found that parts availability continues to have a significant impact on repair output and that current delays – which have contributed to average repair times extending from 5-15 days to 15-45 days – could become the ‘new normal.’ 

GT Motive supports training initiative 

GT Motive has partnered with School of Thought to help support, train, and attract young people into the automotive industry.  

As part of the collaboration, it will offer students from Chesterfield College, Cardiff Vale College, Sandwell College and Coleg Gwent the opportunity to use its estimating platform as part of their learning.  

Enterprise supports gender equality 

Enterprise Rent-A-Car is donating £250,000 over five years to The Girls’ Network, a charity set up in 2013 to connect girls aged 14-19 from disadvantaged communities with an individual mentor and a network of professional female role models. 

The money will help fund the establishment of a new Ambassador Community, a support network of inspiring women that is intended to create a ‘ripple effect’ of next generation talent.   

As part of its support, Enterprise will also create a bespoke programme of workshops, events and job-shadowing opportunities for young women at The Girls’ Network.  

AkzoNobel rises to sustainability challenge 

A number of high-impact action groups have been set up following AkzoNobel’s first ever global Collaborative Sustainability Challenge. 

The Challenge was a 24-hour event that brought 27 key partners from around the world together to discuss next steps in the road to net zero. It addressed four key areas: energy transition; process efficiency; solvent emissions; and circular solutions.  

AkzoNobel CEO Thierry Vanlancker said, “We all have ambitious targets when it comes to addressing climate change, but we won’t achieve them in isolation. So it’s fantastic to see everyone come together, exchange ideas and make a real commitment to jointly explore what’s possible as we strive to collectively accelerate our sustainability journey.” 

Synetiq accelerates sustainability agenda 

Synetiq has appointed Elisa Caton as its first Sustainability Manager as it continues to prioritise its green credentials.  

Meanwhile, the company has also now achieved ISO 50001, the energy management accreditation which requires an ongoing, sustained improvement in energy efficiency and reduction in greenhouse gas emissions. 

Audatex announces School of Thought collaboration 

Solera Audatex has become an official corporate partner of School of Thought, which was founded to promote the industry to school leavers and address the skills crisis within the sector. 

Meanwhile, Neil Garrett, UK Sales Director for Solera Audatex, has become an official ambassador. 

He said, “We are starting this year as we mean to go on at Audatex, looking for ways we can support our industry to bring in and inspire the next generation. School of Thought are leading the way and I am delighted to be working with them to show the next generation just how exciting our industry can be.”  

Copart strengthens ‘Greenest Fleet’ claims 

Copart has further developed its ambition to operate the ‘Greenest Fleet on the Street’ by taking delivery of 20 new DAF 3-car transporters, all of which are Euro VI and DVS compliant.   

The vehicles will be distributed across its nationwide Operation Centres in the next few months. 

S&G Response launches month-long training initiative 

S&G Response has launched a month-long programme of training and development to coincide with the launch of Learning at Work Week. 

It has extended the one-week initiative to ensure that all colleagues have the opportunity to make the most of the training activities on offer, which focus on three key areas: uncovering learning potential, uncovering hidden powers, and uncovering new dimensions. 

No ‘point’ switching to EVs 

A lack of charging infrastructure is dissuading more than half of van drivers in the UK from switching to an electric alternative. This is according to research from the Society of Motor Manufacturers and Traders, which found that 57% of van owners don’t believe there are enough charging points to support their needs.  

Mike Hawes, SMMT Chief Executive, said, “Britain’s businesses run on vans and if we’re to deliver the nation’s carbon emission cuts, we need them to move to electric. The automotive industry is getting these new technology vehicles into the showrooms – we need government and other stakeholders to match our commitments to get them out on the road.” 

Home

Full agenda unveiled for specialist ILC event 

A stellar line-up has been confirmed for the Environmental Challenges of Property Claims event, which takes place at 200 Aldersgate, London, on 9 June. 

The specialist ILC event, headline sponsored by CoreLogic along with sponsors Polygon, QuestGates and RSK Raw, will bring together more than 180 key influencers from the sector to share insights about the environmental challenges facing the home and property claims industry. 

It will address new legislation, building regulation, carbon emissions and sustainability, considering the potential cost implications, how the industry is responding now and what it will have to do in the immediate future. 

Sedgwick acquires Orchid-Medical 

Sedgwick has acquired Orchid-Medical, which provides ancillary medical management solutions for the workers’ compensation industry. 

Andrea Buhl, Sedgwick’s President of Managed Care, said, “Together with Orchid, we will strengthen our holistic approach to caring for clients’ injured and ill colleagues, helping them return to maximum health and productivity.” 

Construction Council welcomes competence report 

The Construction Leadership Council has welcomed a new report that sets out the current state of competence arrangements for those installing products and systems in buildings. 

The report has been produced by members of Working Group 2, established as part of the post-Grenfell Competence Steering Group, and sets a baseline to identify shortfalls and considers the changes needed to create competence frameworks that meet recommendations of Setting the Bar.  

ARB announces architect consultation 

The ARB is asking the industry to comment on new proposals it has prepared to ensure architects remain compliant with the Code of Conduct.  

The changes have been drafted to reflect significant developments in the insurance industry and suggest that coverage for certain types of claims, such as fire-safety and cladding, should be limited to direct loss, while architects unable to acquire retrospective insurance to cover historic liabilities should not be accused of misconduct. 

Industry News

Pay-outs hit record levels 

Figures released by the Association of British Insurers (ABI) and Group Risk Development have revealed that a record £6.8bn was paid out in individual and group life insurance, income protection and critical illness claims in 2021.  

This equates to £18.6m a day, which is £1.6m a day more than 2020. 

Meanwhile, the ABI has also reported that insurers processed £872m in pet claims last year, a 9.2% increase on 2020’s figures.  

Aviva reveals scale of payments 

Aviva has reported that 53,700 customers received pay-outs on their individual protection policies during 2021. 

According to its Individual Protection Claims Report, a total of £1,094,919,735 was paid out across individual critical illness, life insurance and income protection policies, with 98.1% of all claims received being settled. 

This is equivalent of about £3m in payments every day. 

Hybrid working here to stay 

Hybrid working is here to stay, according to data from the Opinions and Lifestyle Survey (OPN). Its research found that 84% of people who started working from home during Covid-19 expect to continue to do so in the future.   

It found that the number of people working from home permanently fell from 22% to 14% between February and May, but hybrid working has risen from 13% to 24% in the same period. 

Cost of living concerns on the rise 

A new survey of 23,000 Generation Z’s and millennials across 46 countries has found that cost of living has replaced the environment as their number one concern. 

According to Deloitte’s Gen Z and Millennial Survey, 31% of Generation Z’s and 38% of millennials now cite rising costs as a bigger issue than climate change. 

High ambitions for Love Island star 

Love Island star Laura Crane is taking part in Rainbow Trust’s Skydive 35 campaign to raise money for the charity. She will complete a tandem parachute jump on 2 June to mark Rainbow Trust’s 35-year anniversary. 

She said, “I am so excited to be taking part in Skydive 35 for Rainbow Trust. The charity does such fantastic work supporting families who have a very ill child.”