ILC Breakfast News – Wednesday 31 May 2023

Data set to unravel EV valuation insights

Derren Martin, Director of Valuations at cap hpi is set to shed light on the evolving dynamics of the electric vehicle (EV) parc at the forthcoming ARC360 specialist EV event.

Taking place on 4 July 2023 at the manufacturing Technology Centre, Coventry – Derren’s data driven session will explore how the UK vehicle parc is evolving, highlighting what this has meant for used EV values over the last, tumultuous few months and what this may lead to for vehicle valuations in the future.

SYNETIQ secures FORS accreditation

SYNETIQ has underlined its commitment to safety by achieving the industry-wide recognised Fleet Operator Recognition Scheme (FORS) accreditation for Winfield site.

FORS recognises safe operations among business managing fleets on public highways.

Davies unveils new Motor Academy

Davies has launched a new six-month Motor Academy which will cover insurance principles, indemnity, liability, repair management and total loss.

The first six trainees have already started the course as part of Davies’ continued investment in the next generation.

High hopes for charity challenge

Gemini Accident Repair Centres has announced a new fundraising initiative to raise funds for automotive charity Ben. Colleagues will hike up Mount Snowdon on 14 October.

GT Motive and Davies announce new partnership

GT Motive has announced a new partnership with Davies which will see the two organisations share insights, technology and expertise to develop a more streamlined claims and estimating service.

Automotive output springs forward

Car manufacturing increased for the third month in a row in April with the Society of Motor Manufacturers and Trader reporting a 9.9% increase to 66,527 units.

Meanwhile, commercial vehicle output is nine per cent up year-to-date after a 33% surge in April to 10,504.

Safety first at Sedgwick

Sedgwick is celebrating Building Safety Month by highlighting the best ways to protect and preserve the safety of everyone working at a loss site.

It identifies the right safety equipment, working in pairs, and proper lighting among the most critical safety considerations.

Insurers facing ‘uncomfortable’ claims costs

Innovation Group Managing Director, UK, John Watson, has said that there are not enough solutions in the market to prevent subsidence and innovation in this area was critical to cutting costs that are becoming ‘uncomfortable’.

He was speaking to Insurance Times.

North Atlantic braced for season of storms

The UK Met Office is predicting a high level of tropical storm activity this year. It says there is a 70% chance that there will be 14 to 26 tropical storms this season.

Solera unveils new management solution

Solera has unveiled a new cloud-based bodyshop management solution to help repairers optimise operations.

Identifix Shop Manager provides managers with visibility into parts pricing, job tracking, and accounting.

Verisk acquisition enhances tech expertise

Global data analytics and technology provider Verisk has acquired Morning Data to enhance its services to brokers and MGAs.

Morning Data provides end-to-end processing, with full audit trails and ease of reporting, enabling businesses to capture granular risk-level data.

Minimum GWP a ‘barrier to trading’

NBS Underwriting has said it will not use minimum gross written premium commitments, saying they place barriers to trading and make life ‘difficult’ for brokers.

Qlaims announces new Prestige contract

Qlaims has signed a multiyear contract with Prestige Underwriting Services to include its insurance cover in the Prestige Underwriting Coverall Household Policy.

Davies in demand

A lack of skills was a key topic at the recent Insurance and Reinsurance Legacy Association (IRLA) Congress 2023. Davies believes this and the ever-changing nature of the market will increase demand for its services.

Social inflation driving up claims costs

Sedgwick has warned that social inflation is driving up the number of cases of medical malpractice, which is impacting claims costs. It reported that up to 11% of medical malpractice losses incurred by insurers in the US between 2011 and 2021 stemmed from social inflation.

L&G reveals pay outs

Legal & General paid out more than £2.4m retail protection claims every day in 2022, providing £883m to 17,768 claims across life insurance, income protection and critical/terminal illness products.

KYND announces US expansion

Leading UK-based provider of cyber risk management technology KYND is expanding into the US insurance market.

People

Allianz has announced that CEO of Allianz Personal Steve Treloar and Chief Financial Officer Fernley Dyson are stepping down.

SightCall has appointed Guillaume Laurent as new Senior Developer iOS Mobile.

Ryan Macdonald has been named Principal Product Manager within CoreLogic’s UK Insurance Solutions product team.

Verisk has appointed long-standing executives Ted Gregory and Alex Mican to new roles to drive forward its Property Claims Services operations, product and strategy.