ILC Breakfast News – Wednesday 9 March
8th March 2022Tweet
Gray appointment unites CoreLogic Solutions
CoreLogic has appointed Garret Gray as head of its new Protect Business Unit. The new unit has been established to accelerate innovations in the property claims space by uniting all of CoreLogic’s global insurance data and technology solutions under the leadership of Gray and his team.
Gray joined CoreLogic last autumn when CoreLogic acquired Next Gear Solutions, combining Next Gear Solutions’ digital workflow platforms with CoreLogic’s property data and analytics.
Verisk continues European expansion
Global data analytics provider Verisk has acquired UK-based insurtech Automated Insurance Solutions (AIS).
The acquisition includes AIS’s flagship solution BAIL, which provides automated assessment and analysis of motor accident liability. This includes information such as Google Maps for location and weather at time of incident, the local highway code, case law and imagery, as well as a forecasted liability outcome.
New partnership to deliver real-time fraud detection
Duck Creek Technologies, which delivers solutions to the property and casualty insurance sector, is partnering with AI-enabled solutions provider Shift Technology to develop AI-based fraud detection solutions to the market.
The partnership will allow insurers using Duck Creek Claims to have real-time fraud alerts integrated with their claims management software.
MAPFRE streamlines route to market
MAPFRE has launched a new initiative to support insurtechs in the insurance sector bring new solutions to market.
Through Insur space, it is offering early-stage or growth companies the opportunity to launch pilot programmes in less than six months. The offer has also been extended to companies aiming to accelerate international expansion through partnership.
Successful companies will receive investment of up to €100,000 without having to give up shares.
Hub and Bold Penguin confirm acquisition
Global insurance and brokerage firm Hub International is partnering with insurtech innovator Bold Penguin to acquire Insureon Holdings and its affiliates.
Insureon is the largest US-based independent agency for digital delivery and fulfilment of commercial insurance to small businesses.
Terms of the deal have not been disclosed, but Hub will acquire the Insureon digital insurance agency and brand while Bold Penguin will acquire the Insureon technology platform.
Green light for green acquisition
The CMA has approved the IAA’s acquisition of UK-based vehicle salvage and dismantling firm Synetiq for £225m.
An initial enforcement order was imposed in November but revoked on 10 February, clearing the path for full integration.
John Kett, Chief Executive Officer and President of IAA, said, “This transaction will significantly expand IAA’s business and services in the United Kingdom, and we are excited to work together to meet our customers’ growing needs. SYNETIQ’s focus and expertise on green parts will be an excellent addition to our focus on sustainability in the UK and around the world.”
Jim Loughran, CEO of e2e Total Loss Vehicle Management – a nationwide network of salvage operators of which Synetiq was a member – said: “Both we and Synetiq have been planning for their withdrawal from the membership since autumn last year. It’s therefore safe to say that the transition will be efficient and seamless for all parties involved and e2e’s clients will experience business as usual in terms of our network performance.”
Keoghs enhances ERS partnership
Keoghs has been appointed to the legal services panel of leading motor insurer ERS. Keoghs has supported ERS handle large and complex claims matters for a decade, but will now work with the company across all motor claim types, including personal injury, credit hire and fraud.
Allison Carr, Keoghs CEO, said, “ERS undertook an extensive review of the UK defendant insurance market to find the best-in-class legal partners capable of delivering high standards of technical and technological excellence and a first-class customer journey. I am delighted that after this comprehensive review process, Keoghs has been recognised as the partner of choice.”
OCTO brings Ford partnership to Europe
OCTO Telematics has announced its data streaming partnership with Ford in North America is now being extended into Europe.
As part of the agreement, OCTO will integrate Ford’s data with its own data sources in the UK, France, Germany, Italy and Spain. It believes that by leveraging Ford’s connected vehicle data, it will be able to deliver improved telematics and analytical services to the insurance sector.
e2e ramps up IT commitment with new CTO
e2e Total Loss Vehicle Management (e2e) has appointed Martin Stevenson, as Chief Technical Officer (CTO).
The newly created position reflects e2e’s commitment to delivering service innovation to clients and network members, through the adoption of emerging technology and digitalisation.
Under the microscope: business operations
If strategy is the brains behind a business, then its operations and processes are the heart and lungs. That has never been more true than it is right now, in a working environment that have been bent completely out of shape by myriad influences.
CoreLogic launches futuristic retro solution
CoreLogic UK has launched a new retrofit assessment service designed provide a fully compliant property retrofit assessment. It will employ virtual tour and drone technology to deliver more in-depth assessments, including visual condition and scoping.
Rob Cartwright, energy solutions director, CoreLogic UK, said, “This enhanced retrofit assessment leverages the latest 3D camera and drone technology so, on top of a standard retrofit assessment, customers will receive a digital twin of the property, architectural level floor plans, property condition photography and external aerial imagery.”
Property price growth to cool in 2022
Ernst & Young is predicting further rises in house prices through 2022, although it expects inflation to slow compared to previous years.
It has reported that Nationwide saw a 1.7% month-on-month rise in February, which took annual growth to 12.6% and pushed the average property price to a record high of £260,230.
However, it expects price rises to slow as a result of escalating energy costs suppressing household incomes, and global uncertainty further reducing consumer confidence.
CIH calls for dedicated retrofit fund
CIH Northern Ireland is urging political parties to establish a fund dedicated to retrofitting social housing as concerns deepen about the rising prices of gas and home heating.
Figures published by the Consumer Council revealed that the average price for 900lt of home heating oil has risen from £465.91 to £758.11 in just three months.
Heather Wilson, CIH Northern Ireland Policy Manager, said, “Although cost increases are out of the control of local decision-makers, actions need to be taken to work towards retrofitting properties to ensure they are warmer and more energy efficient.”
January price hikes stiffest ever
As expected, insurance prices for new customers have risen in the two months since amendments to the General Insurance Pricing Practices were introduced. The new regulations, introduced in January, flattened policy prices for new and renewing customers.
Research from Consumer Intelligence found that in January home and motor insurance prices for new customers increased by 8.4% and 5.7% respectively, the single biggest monthly hike on record.
Meanwhile, more than half of motor insurers increased new business prices by over five per cent, with a further quarter adding more than 10% to policies, while about 70% of home insurers increased prices by more than five per cent.
Industry Backs John’s mission
John Green, Claims Consultant at Clegg Gifford & Co Ltd, has secured more than £20,000 in support from the UK’s insurance claims sector for his mission to provide essential provisions to those fleeing war-torn Ukraine.
John, along with three friends – Dean Hallissey, Mark McIlveney and Max Lazarou – developed the plan only last week and within 24 hours had received support to the tune of £8,000. News of John’s mission subsequently spread and in his words “things rapidly snowballed” with support coming from all corners of the insurance sector.
FCA imposes new claims management rules
New rules about what claims management companies can charge consumers owed compensation have been introduced today by the Financial Conduct Authority (FCA).
From now on, fees must depend on how much redress consumers are owed, so if the redress is below £1,500 then consumers can only be charged up 30% of their claim. These new regulations are expected to save consumers £9.6m a year.
30 years to redress gender diversity
The financial services industry is moving too slowly to redress the gender imbalance in senior positions, according to Women in Finance Champion and Aviva Group CEO Amanda Blanc.
From 2018 to 2020 the proportion of women in senior management increased by only one per cent. At this rate it would take the industry another 30 years to achieve gender parity.
The Women in Finance Charter asks signatories to commit to progressing women into senior roles in their business.
Atlanta unveils training academy
Atlanta Group has cut the ribbon on its new, state-of-the-art Atlanta Training Academy in Stoke. The investment underscores the group’s commitment to developing both internal and external skills.
Meanwhile, the launch coincided with the first Atlanta Values Awards, which have been introduced to recognise the hard work and achievements of colleagues.
Aon completes tech acquisition
Aon has acquired actuarial software platform Tyche from technology and software firm RPC Tyche.
The acquisition will enable Aon to offer insurers and reinsurers a single technology platform that seamlessly integrates capital modelling, pricing and reserving. This will enable better decision-making across both life and non-life business.
MGAA bolster board
Managing General Agents Association has announced two new members to the board, Sharon Brown, Managing Director of Harbour Underwriting, and William Morris, Director of Underwriting Delegated Authority UK at HDI Global Specialty SE.
Brown has over 30 years’ experience in the market, specialising in the provision of legal costs cover, while Morris is currently overseeing a diverse portfolio of delegated authority, including US CGL and Property, UK Liability, Property and Pet insurance, Cyber and other specialty lines.
ILC Rising Star Interview: Myles Homewood, National Account Manager at Entegral
“The need for the industry to continue to develop and fit our consumers expectations throughout the claim process not only from a customer satisfaction level but also an environmental level is becoming more and more sought after. We are going in the right direction, but our biggest challenge will be to continue to keep this momentum.”Tweet