ILC Breakfast News – Wednesday 30 November
29th November 2022Tweet
ClaimsTech Live set for London showdown
ILC’s ClaimsTech Live is London bound today (Wednesday 30 November) as it heads to Village Underground, Shoreditch for its ‘Show me happy customers (and the money!)’ themed showcase event.
Watch the latest ILC ClaimsTech interview with Roi Amir, CEO, Sprout.ai
Queen of the Jungle football star set for Motor Lunch
Winner of multiple honours with Everton and Manchester City; part of England’s UEFA Women’s Euro 2022 championship winning squad; two-time Olympian; and now Queen of the Jungle – football supremo, Jill Scott MBE will be special guest the ILC Motor Networking Lunch 2023.
What the data tells us
Motor insurers should brace themselves for increasingly challenging times as capacity and profitability are both expected to shrink in the coming months.
Repair capacity is already an issue of great concern for many providers, but as that continues to diminish insurers will have to pay more for a reliable service while also supporting their networks in other ways.
New and improved SalvageMarket relaunched
Premium online salvage auction – SalvageMarket.co.uk – has been relaunched to take advantage of the latest technology.
Delivered by e2e Total Loss Vehicle Management, SalvageMarket is now more robust and delivers an improved user experience.
LV= still tops motor insurance charts
LV= remains the UK’s largest motor insurer with a 9.5% market share, according to data from Consumer Intelligence’s Insurance Behaviour Tracker.
Aviva is the second largest provider, while Direct Line Group brand Churchill enjoyed significant growth between March and October and is now third, level with Direct Line Group itself.
Markerstudy brands Zenith and Dial Direct were also among the fastest growing brands.
Automotive industry unveils Diversity Charter
Some of the biggest brands in the automotive industry have come together to launch the sector’s first Automotive Diversity and Inclusion Charter.
Signatories to the Charter make a public and collective pledge to create a diverse, equitable and inclusive workforce.
The 16 founding members represent a fifth of the sector’s manufacturing workforce and include Bentley, BMW Group, Nissan, Stellantis, Toyota Manufacturing, and Volkswagen Group.
Trend Tracker publishes industry’s most authoritative report
ILC Motor Repair Market Insights Partners – Trend Tracker has published The UK Motor Claims and Body Repair Market Report 2022-2023, which provides both macro and micro analysis of the UK automotive incident repair market.
At more than 300 pages with nearly 100 individual graphs, the comprehensive report takes insights from industry leaders and stakeholders representing all sectors, providing the most forensic analysis of the current state of the industry.
Making the data work for you
The quantity of data now being generated is not in question, but how it can be used to improve claims and the customer journey was put under the microscope during two sessions at ILC’s Home and Property Claims Conference held at the CBS Arena, Coventry, on 10 November.
Ageas selects Rainbow
Ageas UK has selected Rainbow International UK as its new sole disaster recovery and restoration supplier for home claims.
Home insurance premiums on the slide
The Consumer Intelligence Home Insurance Price Index has revealed that the average cost of the best home insurance deals has fallen by 7.9% in the past six months to £136.
However, prices among the most competitive providers are still up 4.1% over a 12-month period.
Government introduces new insulation initiative
The government has launched a new scheme to support households wanting to improve home insulation.
The ECO+ scheme is committing £1bn to the project, adding to the existing £6.6bn ‘Help to Heat’ energy schemes.
Priority will be given to families in homes that are among the least energy-efficient in the country.
Ticker enhances product range
Connected motor insurer Ticker has expanded its portfolio of products with a new pay-per-mile policy.
Available to low-mileage drivers, the policy joins a suite of products that also includes novice drivers, van drivers and electric vehicles.
Insurers braced for significant losses
Home and motor insurers have been warned to expect significant losses this year.
EY’s latest UK Motor and Home Results Analysis is predicting net combined ratios to reach 115% for motor insurers and 116% for home insurers.
Forecasts are equally bleak for 2023, with both motor (114%) and home (109%) continuing to struggle.
Environmental risks laid bare
The Geneva Association has published a report highlighting the impacts of human activity on the environment, identifiying how this will impact insurers and what they can do to both mitigate risks and reduce their own carbon footprint.
It encourages insurers and reinsurers to take the following steps: assess nature-related risks within their business; join global initiatives to share knowledge and expertise; raise awareness about the scale of nature-related risks; and engage with other sectors such as banking, IT and digital communications to assess and price these risks.
ESG Code of Conduct to be created
A new group is being established to develop a voluntary Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers.
The code is intended to promote ESG transparency until regulatory oversight is introduced.
The group of industry stakeholders will be co-chaired by M&G, Moody’s, London Stock Exchange Group (LSEG), and Slaughter and May, and overseen by the FCA, the Bank of England and other financial regulators.
Ursula Jallow has been appointed as permanent Director by the Insurance Fraud Bureau.
Enterprise Holdings has appointed Craig Cartledge as Assistant Vice President EU Commercial & Technical Replacement Sales.
Repairify has appointed Rob Neale as Operations and Workshop Manager.Tweet