ILC Breakfast News – Wednesday 4 May
3rd May 2022Tweet
CCG secures Gold ‘people’ award
The Claims Consortium Group has awarded the ‘We invest in people’ Gold accreditation by Investors in People.
Gold accreditation recognises not only a company’s policies around investment in colleagues, but also that colleagues at every level support these policies and actively promote them.
Storm claims approach £500m
UK insurers are braced for a £500m claims bill as a result of Storms Dudley, Eunice and Franklin.
According to figures released by the Association of British Insurers (ABI), there have been 177,000 claims notified for damaged homes, businesses and vehicles following the trio of storms which hit the UK in the early part of the year.
CoreLogic introduces 3D modelling solution
CoreLogic is introducing 3D modelling technology to its cloud-based job management platform as a result of a new partnership with DocuSketch.
Integrating DocuSketch data within its own DASH platform will enable contractors to access their 3D scans along with the rest of the project’s information in a single location, increasing job estimate accuracy and seamless project management.
Meanwhile, the company has also announced that Kristie Vainikos Stegan has been appointed as Chief Communications Officer.
Construction firms on the brink up 51%
Data from Begbies Traynor’s Red Flag Alert has revealed that the number of companies in critical financial distress increased to 1,891 in the first quarter of 2022.
This is almost a fifth higher than the same period last year, with the 19% year-on-year increase driven largely by a 51% spike in the construction sector.
The report has also warned of a ‘wave’ of coming business failures as a result of inflation rises and the end of Covid relief initiatives.
Motor Claims Showcase powers ahead
ElectriX – powered by LV= General Insurance, The AA and Trustpilot are just a few of the names to be taking to the keynote stage at ILC and ARC360’s inaugural Motor Claims Showcase Event on 29 June at the CBS Arena, Coventry.
Headline sponsored by Enterprise, the event will provide a host of engaging initiatives including the main stage agenda with sessions geared at unravelling the future influences on motor claims fulfilment.
OIC Portal damned by its own data
Ten months on from the launch of the OIC Portal, the teething problems identified after three months have been exacerbated and the fear now is that the portal is simply not fit for purpose.
That was the sobering conclusion of the most recent I Love Claims webinar, titled, ‘Claims, portals, and reforms – where next?’
New report positive about whiplash reforms
A new report has been published that provides a detailed insight into the impact of the Whiplash Reforms in the first 10 months since introduction.
Produced by SX3 in partnership with Glenesk, the report is based on the real-world experiences of 19 organisations, nine claimants and 10 compensators.
Car Club membership creating multiple benefits
New research has found that a third of car owners who have joined a car club have subsequently got rid of at least one vehicle.
The survey of more than 4,000 Enterprise Car Club members in the UK was carried out by shared transport charity CoMoUK.
It found that 68% of the vehicles disposed of were at least five years old, which has led to a significant reduction in CO2 emissions. Meanwhile, joining the Enterprise Car Club also resulted in a greater use of electric vehicles and public transport.
Consumer confidence in AI claims at 79%
Solera research has found that consumer trust in AI-driven claims has risen to 79% globally.
It found that 49% of consumers now prefer a fully digital self-serve experience and 43% prefer a hybrid model of digital and human service.
Further, 70% would change their insurance provider to one that offers digital claims technology (70%) and nearly two thirds (65%) would choose a repairer using AI to minimise the risk of error when carrying out repairs.
FCA rules see van premiums spike
Average van premiums rose by 6.3% in the first three months of the year, as a result of the FCA’s general insurance pricing rules. The new rules were introduced to end ‘price walking’ – which sees companies increase premiums for renewing customers.
According to data released by Consumer Intelligence, the average van policy in the UK is now at £1,135, a 40% rise since it first started collecting data in 2014.
Drivers aged between 25 and 49 have seen the heaviest rises (60.1%), while over 50s have borne a 55.6% price hike. Conversely, under 25s have seen premiums decrease 23.8% in the same period.
Beazley deal accelerates international growth
Specialist insurer Beazley has secured a partnership with insurtech Cytora which will automate risk processing, improve efficiencies and accelerate its expansion into North America and Europe.
The Cytora Platform digitises risk submissions using internal and external data sources, enabling underwriting decisions to be made automatically and consistently.
Ian Fantozzi, CEO Beazley Digital at Beazley said, “Cytora will accelerate our ability to flexibly serve brokers across different underwriting channels, reduce referrals and enable faster turnaround times.”
SightCall shines spotlight on sustainability
The latest SightCall webinar sought to unravel what sustainability means to businesses, and how it can be achieved.
Titled, ‘Quantifying Sustainability: Bridging the Data Gap Between Service Organizations and Carbon Reduction’, the webinar explained that sustainability describes an organisation’s relationship with the environment and can be measured by a general reduction in carbon emissions.
While this can be achieved in many ways, it said the most fundamental gains can be made in reducing business travel, reducing truck rolls, eliminating parts wastage, and avoiding product returns.
Zurich picks 12 start-ups to work with on future of insurance
Zurich Insurance Group has selected 12 start-ups to collaborate on novel ways to serve customers, create more frequent meaningful touchpoints with them, and challenge the boundaries of insurance.
They were selected as part of Zurich’s global start-up tournament, the Zurich Innovation Championship. The tournament, now in its third edition, received approximately 2,600 applications in four categories – insurance reimagined, prevention and mitigation, simplicity, and sustainability.
Allianz Group raises climate impact bar
Allianz Group has announced ambitious new targets as part of its climate strategy. It has revealed that it will aim to achieve net zero across all sites and activities by 2030 instead of 2050.
Meanwhile, from 1 January next year its P&C businesses will no longer invest in or underwrite new single-site oil and gas risks, oil and gas activities related to the Arctic and the Antarctic, or extra-heavy oil and ultra-deep-sea risks.
Furthermore, it will require a 2050 net-zero commitment from the largest hydrocarbon producers as a pre-condition for insurance coverage from 2025.
People power, and how to harness it
For years the automotive aftermarket has been losing the PR battle. While the skills required to repair and develop today’s vehicles are no less technical and science-based than many other sectors, industries such as engineering, aviation and IT are considered to offer far more aspirational career paths.
And as the pool of talent shallows for automotive businesses – the result of an ageing workforce, too few apprentices and skills being lured away – the need to redress the balance becomes ever-more urgent.
Deloitte and IEMA launch green skills report
Deloitte and IEMA, the professional body for environment and sustainability specialists, have launched a new report outlining how organisations can accelerate the development of green skills across the UK workforce.
According to research conducted by Deloitte and IEMA, 75% of senior sustainability professionals think that all jobs will require ‘green’ or sustainability skills by 2050, with the report highlighting that sustainability professionals are increasingly being involved in high-level discussions and long-term decision-making.Tweet