ILC ARTICLE

ILC Breakfast News – Wednesday 5 October

4th October 2022

MGA

MGA Claims Conference makes instant impact

The inaugural MGA Claims Conference has been hailed a resounding success.

Held in association with the Managing General Agent Association (MGAA) at 155 Bishopsgate, London on 28 September, the event attracted some 300 visitors making it one of the largest claims events of the year.

Resilience launches UK operations

Cyber risk company Risilience has launched operations in the UK. 

It has opened new offices in London after a period of sustained growth which has also seen the company recruit key talent from some of the country’s most reputable insurance, intelligence, and cybersecurity organisations.

Home

Insurer line-up revealed for home & property claims conference

Admiral, Aviva, DLG, LV= and Saga are just some of the insurer names set to take the stage at ILC’s annual Home and Property Claims Conference 2022.

Taking place at the CBS Arena, Coventry, on 10 November the event the event will bring together more than 400 key sector stakeholders to share insights and discuss the information critical to an effective claims journey of the future.

Hodges opens up during Dyslexia Awareness Week

Claims Consortium Group Head of Talent Acquisition Alicia Hodges has spoken about her experiences with Dyslexia and how she has been supported within the workplace.

To mark the start of Dyslexia Awareness week, Alicia explained that CCG Founder and Executive Chair Jeremy Hyams sharing his own experiences gave her the courage to open up.

She said, “Once I explained my areas of struggle, my line manager and my team went above and beyond to help.”

Six of the best

SightCall has revealed the six ways embracing technology can add resilience to a company regardless of the economic climate.

It said that while some businesses are resisting greater investment into innovation for the time being, financial pressures will always be there and successful companies are those willing to embrace change.

It listed the six potential benefits of digital transformation as: reducing waste, improved customer service, better efficiency, greater customer satisfaction, new revenue streams, and sustainability. 

Hurricane costs mount up

CoreLogic has estimated the cost of damages to homes and property in Florida caused by Hurricane Ian as between $22bn and $32bn.

It predicts additional costs of between $6bn and $15bn as a result of subsequent storm surges.

Extreme events taking extreme toll

The growing frequency of extreme events is expected to result in global insured losses of about $123bn per year.

This is according a report published by Verisk, which revealed this is a notable increase on the $74bn average recorded in actual losses over the past decade. 

On hold

It takes an average of 12 minutes for home insurance customers to get a quote over the phone, with just 31% of calls then ending with the insurance agent trying to get a sale.

Research from Consumer Intelligence, which surveyed the top 15 home insurers in the UK market, also found that customers spent an average of 2:45 navigating menus before they even get through to an agent.

ClaimsTech  

Lemonade bubbles into UK market

US-based insurer Lemonade has partnered with Aviva to launch in the UK. This follows previous European launches in Germany, The Netherlands and France.

It is offering contents insurance for £4 per month and global coverage for personal items of up to £2,000 in value each, up to a total value of £100,000. 

Lloyds reveals latest Lab invitees

Lloyd’s has named the nine insurtech’s that have joined the Lloyd’s Lab, a 10-week programme to help companies test out new insurance products. 

The nine selected, based on their potential to help Lloyd’s’ customers manage risk better and improve customer service, are Kayna, Altelium, Innovatrix, ARMD, Yokahu, Anansi, OTT Risk, and Sola.

Meanwhile, Rosie Denée and Iryna Chekanava have been appointed as senior managers in the Lab.

Geneva report lifts lid on data

The Geneva Association has published a report highlighting the potential benefits of data-driven personalisation in the insurance sector, while also warning of the potential pitfalls in terms of pricing and privacy. 

Motor

LV= launches repairer support scheme

LV= General Insurance has introduced a new Energy and Inflation Support fee to help under-pressure bodyshops absorb rising inflation.

From 1 October and for a period of six months each shop in its network will receive £75 plus VAT for every repair it carries out for the insurer.

Motor premiums continue upwards tick

Research from Consumer Intelligence has found that car insurance prices have risen 12.8% in the last year and now stand at an average of £832.

The introduction of new pricing standards by the Financial Conduct Authority has contributed to the increase, with other factors including a rise in accident frequency, higher used car prices, rising labour and parts costs, and supply chain disruption. 

Enterprise begins new charity chapter

Enterprise has revised its partnership with the National Literacy Trust for another year to promote the benefits of reading.

As a result, 25,000 copies of Sir Lenny Henry’s book, The Boy With Wings, have been donated to pupils at 355 schools in 20 different towns and cities in the UK. 

Positive image for GT Motive

GT Motive has collaborated with JDK Technology to enhance its imaging services for bodyshop customers. 

JDK’s solution enables photos to be sent directly from the claimant to the repairer, with images now directly integrated into the GT Global estimating platform ensuring everything is visible in a single location.

LV= delivers network support

LV= General Insurance has introduced a new Energy and Inflation Support fee to help under-pressure bodyshops absorb rising inflation.

From 1 October and for a period of six months each shop in its network will receive £75 plus VAT for every repair it carries out for the insurer.

Vella Group makes Midlands move

The Vella Group has cut the ribbon on its 11th site. 

Situated in Coventry, the facility has been redeveloped from an old Nationwide Accident Repair bodyshop to include LED lighting, cutting-edge equipment and tooling and scissor-lifts in all technician bays.

Mike Sarsfield, Operations Director, said, “The project team has done an incredible job to turn what was a tired, under-invested premises into an outstanding, modern working environment.”

GTA agrees interim rates deal

Motor Insurers and credit hire companies have signed an interim agreement to increase certain hire rates.

The agreement, which applies to subscribers to industry protocol GTA and will remain in place until 30 June, is expected to ease the financial pressures caused by current headwinds by seeing credit hire companies accepting lower average hire rates in return for faster payments.

Industry News

A win-win approach to claims management

In the latest issue of Modern Insurance Magazine, ILC looks at the essential need for strong and effective relationships between MGAs and their insurers or capacity providers.

Industry encouraged to build allies

The Chartered Insurance Institute, QIC Global Services, Marsh McLennan and Swiss Re have called for greater collaboration in the industry to make it more effective and inclusive. 

Speaking during the Dive In Festival, they championed the notion of building allies in the sector to better understand each other’s challenges.

George Tsounias, Relationship Manager for Education at the Chartered Insurance Institute, said, “Individuals as well as organisations need to recognise the pivotal role that allyship plays in ensuring a more diverse and inclusive workplace where everyone has a collective responsibility to play a role.”

Allianz diversifies procurement plan

Allianz Holdings has announced a pilot procurement project with Kaleida International that will reward suppliers who support diversity in the workplace.

Kaleida International is a marketplace for tenders with all suppliers listed at least 51% owned and operated by women, veterans, people from ethnic minorities, from LGBTQ+ communities, or people who are neurodivergent or have disabilities.

People

The MIB has announced three key leadership appointments. James Dalton has been named as Chief Services Officer, Kjirste Coltham has been appointed Chief Information Officer and Chris Makomereh has been named Chief Risk Officer.

LV= has named David Hynam as Chief Executive, subject to regulatory approval.

David Dering has been named Group Growth Director at Davies Group. 

The ABI has appointed Sheryl Fernando into the newly-created role of Director of Membership and Commercial Development.  

Insurance Charities names new chairman

The Insurance Charities has announced that current trustee Josh Brekenfeld will succeed John Greenway as chairman.