ILC ARTICLE

ILC Breakfast News – Wednesday 8 March 2023

7th March 2023

Enterprise backs New Generation in Claims

Enterprise Rent-A-Car has given its full backing to ILC’s New Generation in Claims event by both sponsoring the occasion and providing expert insight on the day.

The event, which takes place on Wednesday 26 April at etc.venues, Manchester sees Enterprise join Headline sponsor Wiser Academy to help shine a light on the need for both retaining talent and attracting new people within the insurance claims sector.

Home

Resource and innovation come under spotlight

Resource and innovation will be one of the key talking points at ILC’s Home & Property claims specialist Subsidence Surge conference taking place on 23 March at the MTC in Coventry.

The session will be led by a presentation from William Quibell, Head of Supply Chain at Admiral Insurance, followed by a panel debate featuring industry experts: Alex Finch, Commercial Director, Optera Structural Solutions; Andy Shaw, Managing Director of Claims Consortium Adjusting, Claims Consortium Group; Christopher Carlton, New Business & Key Client Director, Geobear; and Afzal Ahmed, Director of Subsidence & Operations, Crawford & Company.

Sedgwick celebrates anti-fraud successes

Sedgwick has announced that its anti-fraud measures saved clients £1.23m last year.

The company has established claims fraud strategies in the UK and US and is continuing to grow its support for organisations in other markets too, where its investigation teams have discovered new organised fraud tactics, such as insurance-backed credit card protection schemes and the targeting of products sold globally with losses in remote locations.

Home insurance prices trending up

Home insurance prices have been flat for the last year, but a six per cent rise in the last three months suggests premiums are set to increase through 2023. This is according to the Consumer Intelligence Home Insurance Price Index, which reported that the average buildings and contents policy is now £148.

GSP secures carbon neutral status

Gateley Smithers Purslow has announced it has achieved Certified Carbon Neutral Status.

The leading multi-disciplinary chartered surveying, engineering and architectural practice has worked to reduce its carbon footprint and implement a carbon reduction plan over the last 18 months, and has now received independent verification by external consultancy, Positive Planet.

ClaimsTech

Data decisive in maximising opportunities

Insights from Insurance DataLab have supported both new and established companies develop their growth strategies recently.

Its UK motor market data helped insurtech Adiona position itself ahead of launch, while HSB has also been working with Insurance DataLab to identify new business lines.

Industry flocks to growing insurtech

London-based insurtech Flock has raised £38m in a series B funding round.

Backing for the company, which uses real-time data to encourage safer driving, came from Octopus Ventures, with participation from VC CommerzVentures, Social Capital, Dig Ventures, Anthemis, and Foresight Ventures.

MGA

Pen names new specialty MD

Pen Underwriting has announced that Sarah Breslin will step up from her role as Chief Financial Officer to Managing Director of its Specialty division in July.

Gallagher Re swoops for Bay Risk

Global resinsurance broker Gallagher Re has acquired Bay Risk Services for an undisclosed sum. The London-based broker manages gross written premiums of £175m.

Jensten Group complete double deal

The Jensten Group has acquired Surrey-based commercial broker Basil Fry and Kent-based Bellegrove, which provides insurance and risk management solutions to over 2,500 UK garages.

The deals bring more than £40m gross written premiums to the Jensten Group.

Motor

Keoghs tackles OIC Portal logjam with innovative tech

Keoghs – a Davies company has unveiled a new suite of automation technology intended to save insurers time and money when handling claims in the OIC Portal.

Lauri CS is the first fully flexible, single solution for claims automation, pulling together existing technologies such as Kuarterback, the AI medical report reader released in 2020, and DTection, the fraud screening system launched in February 2022.

September date set for AutoRaise Rally

The AutoRaise Rally will this year take place from 7-9 September, following a route through East Anglia and Lincolnshire.

Facing the sustainability challenge

In this contributed feature, Solera examines the sustainability challenge facing insurers, fleet operators and the wider industry, and explains how its solutions are helping businesses make positive changes.

Sharing is caring

Volvo Car UK Ltd continued its open dialogue with the insurance sector on Tuesday 14 February when it hosted its Volvo Product Awareness/Technology Insurer Event at its Training and Development Centre in Daventry. ARC360/ILC – sporting red, along with many others, to support Rainbow Trust on ILC Day – was on hand to capture insights from the day.

Sales soar as recovery continues

The signs are promising for the UK automotive industry after new car registrations grew by 26.2% in February to 74,441 units, while the light commercial vehicle market enjoyed its best performance for a quarter of a century, up 8.5% to 17,540 units.

Safety in numbers for e2e

e2e Total Loss Vehicle Salvage has emphasised the resilience it offers customers by spreading demand across multiple suppliers, therefore reducing risk and providing the flexibility and capacity to cope with unexpected events.

Crash. Detect. Settle. Digitising the motor claims journey.

A special ILC/ARC360 showcase webinar has highlighted the benefits of Solera Mentor by eDriving, a digital claims solution that does two things at once: it reduces collisions by improving driver behaviour and then leverages the latest technology to accelerate claims when they do occur.

By combining the two functions in a single platform, Solera is taking both a prevention and cure approach to rising claims inflation.

Click here to Watch or read.

Industry News

Court costs eat into savings

The added costs incurred when claims going to court is one of the biggest challenges facing the sector, according to Davies Senior Loss Adjuster Nathan Humphries.

The staggering cost of financial compliance

A new report by LexisNexis Risk Solutions has found that UK financial services organisations are collectively spending £34.2 billion each year on financial crime compliance. According to the True Cost of Compliance, this represents an increase of 19% since 2020.

Supply chain insurance ‘mission critical’

WTW’s Global Supply Chain Risk Report 2023 has revealed that 65% of organisations surveyed said losses caused by supply chain disruption following Covid-19 were larger than expected, with 89% now describing insurance of supply-chain risks as mission critical or necessary. However, 80% said their lack of coverage still poses a serious challenge.

Fixed recoverable costs delayed

The government has announced that fixed recoverable costs will not be extended until October next year. The Ministry of Justice was expected to extend fixed costs from April but has announced the extension to give the legal sector more time to prepare.