ILC Breakfast News – Wednesday, 8 November 2023

Gallagher Bassett backs Risk & Compliance event

Global claims services provider, Gallagher Bassett is the latest major name to show its support for ILC’s ‘Consumers – more than just a duty’ themed Risk and Compliance event taking place on 15 November.

Nuvalaw secures major funding boost

Claims resolution platform Nuvalaw has raised £2.47m in pre-series A financing.

The funding, which was led by Semantic Capital via a blend of equity and debt, will be used to develop its cloud-based solution to address a wider range of legal issues using AI, while also accelerating its move into the US market.

ThingCo celebrates international recognition

ThingCo has two reasons to celebrate after being placed 13th in the Insurtech50 list and also being selected for InsurTech NY’s Growth-Stage Accelerator programme, which will support its expansion into North America.

DACB warns of tougher AI regulations

The DACB has warned of the growing risk of a breach of AI conduct as governments around the world move at pace towards stricter regulation.

Its AI Explainer series says that while there is not yet uniform guidance, safety, security and transparency are key considerations when adopting AI.

Copart partnership with Polygon delivers enhanced service

Copart is delivering an enhanced recovery, restoration and resale service for flood or fire-damaged vehicles through its partnership with Polygon Restoration Services.

Using innovative technology, vehicles are restored and returned to customers where possible, or recycled for spare parts.

Major names fill panel for supplier expertise

A key session at the Home and Property Claims Conference, taking place on 30 November at Silverstone, will consider how suppliers can support the claims journey.

Taking part are Steve Knight – Claims Supply Chain Manager, AXA UK, Owen Pugh – Chief Operating Officer, Claims Consortium Group, Ian Hogarth – Managing Director, Home Repair Network Limited, and Mike Lenn – Director, Ecologia Environmental Solutions Limited.

CoreLogic updates Enhanced AutomatIQ Borrower VOE/I

CoreLogic has enhanced its AutomatIQ Borrower Verification of Employment and Income (VOE/I) solution, offering lenders instant access to income and employment information through Experian Verify, while also allowing the consumer to input their payroll details online, allowing the vendor to quickly verify employment or income.

MORE THAN unveils new tech platform

RSA Insurance brand MORE THAN has relaunched its home insurance business following a new tech partnership with ICE and Deloitte.

The new platform delivers an improved customer experience through new digital touchpoints while enabling the customer to manage their policy and documents online.

Lloyd’s Lab calls for greater AI collaboration

Lloyd’s Lab explored the future of AI regulation and the risks it poses to society in a panel discussion – AI: Utopia, Dystopia or both – alongside WTW and The World Innovation Network.

The panel called for greater collaboration between the insurance industry, governments, regulators and technology companies to address emerging AI risks.  

Industry interview: Ronnie Coutts MBE, Managing Director, The Clearway Group

In an exclusive ILC interview, Ronnie Coutts MBE, Managing Director, The Clearway Group, has said that merging new tech with established industry traditions presents the greatest opportunity for the sector.

He said, “Blending new technologies such as artificial intelligence, smart devices and easy to use IT platforms with traditional approaches [offers great opportunities].”  

Ticker beating strongly

CEO of Ticker, Richard King, explained how in just four years his company has established itself as a key disrupter of the motor insurance industry with its telematics-based business model.

Speaking to Chris Ashworth, Founder of ILC, at the Exclusive Motor Claims Conference 2023 at Landing Forty-Two, London, Richard said that the success of Ticker is based on three key elements: technology, a sharp focus on the customer, and good people.

After the event: industry responds to delegate questions

Underpinning ILC’s commitment to delivering innovative and interactive events which add value both on the day and post-event, it has collated responses to a series of delegate questions posed over Slido during the recent Exclusive Motor Claims Conference.

GTA names new chairperson

Stewart McCulloch has been appointed new independent chair of the GTA.

Stepping up from his role as independent secretary of the GTA Technical Committee on 1 December, he was appointed jointly by the CHO (Credit Hire Organisation) and motor insurers who subscribe to the GTA.

Solera zeroes in on scope 3 emissions

Solera has unveiled a new suite of solutions, Sustainable Estimatics, to help the industry move towards a greener future.

Using its own extensive data in conjunction with a range of industry partnerships, it is able to analyse and measure the CO2 emissions during each stage of a motor claim.

AkzoNobel and Kia celebrate industry first

AkzoNobel and Kia have achieved an industry-first by using bio-based paint in the interior of a vehicle.

The paint, which is being used inside Kia’s EV9 electric SUV, has been developed using rapeseed and pine rosin.

New car sales hit pre-pandemic high

New car sales have hit their highest point since before the pandemic, according to data released by the Society of Motor Manufacturers and Traders.

It found that October’s new car market grew by 14.3% in the month to 153,529, which is 7.2% above pre-pandemic levels and the best since 2018. Overall vehicle uptake is now up 19.6% in the first 10 months, making it the best year since 2019.

SYNETIQ celebrates silver for green credentials

IAA company SYNETIQ has been awarded a silver medal by EcoVadis.

EcoVadis is an internationally-recognised sustainability platform that evaluates companies across a range of criteria, including environment, social and ethical practices.

Overcoming the barriers to digital transformation

A comprehensive industry survey carried out by claims and repair management platform Pulse found that 86% of respondents have committed to a digital transformation strategy.

This figure was backed up by a live poll of delegates during ILC’s MGA Claims Conference, which was held in September in association with the MGAA.

MGAs urged to dive into data pool

MGAs are perfectly placed to tap into the tech revolution, but creating a clear digital strategy is the critical first step.

Speaking to delegates at ILC’s MGA Claims Conference 2023, held in association with the MGAA, Wayne Calderbank, Data and Performance Director, CCG, urged MGAs to recognise the opportunities that digital and data present, and then act on them.

Nuisance calls at an all-time low

Nuisance calls about personal injuries from claims management companies (CMCs) has fallen to a historic low.

A new report from the Association of Consumer Support Organisations has revealed that Information Commissioner’s Office data found that just 1,394 such calls and messages were lodged between January and August.

Workplace insurance on the rise

The Association of British Insurers has reported that a record number of people are benefitting from employee health insurance, with 4.4 million workers now covered by employer schemes and one million claims made in 12 months.

This represents an eight per cent increase in policies from 2021 to 2022 and a 15% rise in claims made.

Top tips to reduce insurance Risk

Clearway has highlighted the benefits to businesses of using a specialist security firm to reduce insurance risk and lower premiums.

It says each business and property faces individual risks, and the right experts can help identify vulnerabilities and steps that can be taken to reduce them before policy renewal.

Navigating the perfect storm

In its latest webinar, Insurance DataLab founder Matt Scott joined KPMG insurance partner and former ABI Director General Huw Evans and AXA Retail interim CEO Anna Fleming to discuss the challenges facing the insurance sector, and how providers can best manage them.

ESG a growing concern for businesses

WTW’s Reputational Risk Readiness Survey 2023, which polled 375 senior executives from 20 countries, has revealed that environment, social, and governance risks are three of the top five reputational concerns, while 95% have a specific budget for reputational events.

People

Natalie Spurrier has been named Claims Director at The AA.

Trinity Claims has named Gary Barker as Managing Director.

Ulrike Lucas has been appointed as Head of Procurement and Supply, looking after the claims supply chain at Allianz Insurance.

Martyn Rowley has been named Executive Director at NBRA – VBRA.

Hastings Direct has named Julie Fox as Head of Retail Partnerships.

Matthew Clarke has been appointed Commercial Manager at Hastings Direct.

Billy Jemmett has begun a new position as Key Account Manager CV at AkzoNobel.

Lizzie Smith-Foreman has joined the board of the Managing General Agents’ Association (MGAA).

Tesco Bank has announced the appointment of Laurent Matras to the role of Chief Underwriting Officer.