ILC ARTICLE

ILC Breakfast News – Wednesday 29 September

28th September 2021

Motor

Copart expands services to insurers

Copart has enhanced its offering to insurers by providing a new service helping them identify fraudulent fire claims.

Its technicians have completed bespoke Fire Scenes Examination training giving them the skills to investigate motor fire claims at its own operation sites.

Meanwhile, Copart has also announced that it is taking part in National Inclusion Week, which aims to raise awareness of inclusion in the workplace.

Transport app secures further funding

A new transport accessibility app which provides real-time transport data and enables customers to book multi-modal tickets has secured additional funding.

The GO-HI app, which enables customers to plan journeys and book tickets for all transport modes in a single place, has secured a further £408,772 from Round Two of Transport Scotland’s Mobility-as-a-Service (MaaS) Investment Fund.

Enterprise Car Club and Car Hire is one of several transport partners for the Highlands and Islands transport project.

Army on fuel crisis standby

The army is poised to step in to help end the fuel crisis by supplying up to 150 tanker drivers to deliver to UK forecourts.

Demand at petrol stations surged 500% on Saturday, draining supply at many sites, with long queues and pump closures extending into a fourth day. The government is also considering relaxing European visa regulations for drivers.

Meanwhile, online searches for electric vehicles surged 1,600% this week, with some experts now saying fuel anxiety will continue to drive the EV shift even after this crisis ends.

ClaimsTech

SightCall announced as Salesforce winner

Salesforce has revealed the winners of its ninth annual Partner Innovation Awards.

The awards recognise the most noteworthy success stories across its ecosystem, which is expected to create 9.3 million new jobs and $1.6tn in new business revenues by 2026.

Among the winners was SightCall, which collected the honour alongside MadDermid Graphics Solution in the Manufacturing and Energy category.

Genius move to fund further growth

Cover Genius has secured AUD$100m in a Series C funding which it will use to expand its global insurance distribution platform and support new e-commerce, property, travel, mobility, auto, B2B and financial services partners.

The latest funding round, led by Sompo Holdings, follows six months of substantial growth which has seen it triple its gross written premium after signing over 20 new partners across multiple industries.

Amazon enters UK business insurance market

Amazon is entering the UK insurance industry after partnering with insurtech Superscript to provide cover for SMEs and sole traders.

Amazon Business Prime members will now be able to buy contents insurance, cyber insurance and professional indemnity insurance from Superscript, with a 20% discount on current rates to encourage them to make the switch.

Zurich signs cybersecurity partnership

Zurich Insurance Group (Zurich) has signed a global collaboration with Canadian insurtech BOXX Insurance to provide fully-integrated cyber security and insurance solutions for SMEs, consumers and families.

The partnership, which will also see Zurich participate in BOXX’s Series A funding round, underscores the company’s plan to build a presence in the cyber and consumer space.

Home

10 tips for going green

Procurement and consulting specialists Procuro has published a report outlining 10 key green initiatives that can make insurance claims more sustainable. Alongside the initiatives, the report also calculates their benefits and ease of adoption.

The initiatives include: motor repairs; automotive paint alternatives; concrete alternatives; recycling plastic windows; recycling carpets; flood prevention; using alternative transport; virtual claims handling; repair over replace; and smarter claims handling.

Verisk announces strategic partnership

Risk analytics firm Verisk has entered into a strategic partnership with specialist managing general agent Plum Underwriting and insurtech Open GI to deliver broader services for brokers.

The collaboration will see the three firms combine underwriting, technology, and enrichment expertise to deliver an enhanced home insurance offering.

A joint statement said: “The first development centres around flood data, and by utilising data enrichment, the initiative will identify unique property specific flood risks at point of quote to provide an immediate underwriting decision and price.”

Market News

Carpenters names new ESG head

Carpenters Group has enhanced its reputation for philanthropy by appointingEmma McAvinchey as head of the talent and development team and Environmental, Social and Governance (ESG) for the business. Her appointment will enhance and accelerate more positive change across the business.

Meanwhile, 25 members of the group recently completed the Liverpool Legal Walk, raising more than double their £500 target for Access for Justice Foundation.

Claims experts call for more tech

Just 13% of claims professionals believe their firm’s technology is up to scratch.

A new report by Research in Insurance in conjunction with BLM, Iprosurv and Sedgwick found that many professionals fear their companies are too slow to deploy new technologies. This is despite most respondents believing technology is the key to meeting customer expectations in terms of convenience and transparency.

The report also examines skillsets of the future, the threat from insurtech disruptors, and attitudes toward regulation and sustainability.

Covid causes health care surge

Demand for private health care is up 46% in the first eight months of 2021 compared to the same period in 2019.

The data, compiled by a leading health insurance comparison website, Quotezone, also found that 34% more women than men have searched for health insurance policies this year.