ILC ARTICLE

ILC Breakfast News – Wednesday 9 November 

8th November 2022

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ICAB unveils rebrand

ILC corporate partner Insurance Claims Accommodation Bureau (ICAB) has unveiled its new branding, reflecting t. 

Its new branding, logo and website, which will be revealed at ILC’s Home Claims Conference, has been developed to reflect the company’s continuous evolution since it was formed in 1998 and the full range of services it now offers. 

CoreLogic reveals Zurich collaboration

CoreLogic has announced that Zurich Insurance UK will use its digital claims workflow and collaboration platform to enhance its claims operations. 

The CoreLogic platform helps to standardise claims processing on a single, cloud-based platform, enabling consistent and efficient triaging for desk-based adjusting and settlement and supply chain allocation. This helps to deliver reduced claim lifecycles, greater cost control, and enhanced accuracy and transparency. 

QuestGates completes third acquisition 

QuestGates has announced its third acquisition of the year with the purchase of CPAdjusting, which provides property and liability loss adjusting, TPA services including risk management and surveying 

This acquisition cements QuestGates’ position as the UK’s largest independent loss adjuster. 

Construction sector coping better than many

The EY ITEM Club has found that construction continued to outperform other sectors in October, recording a purchasing managing index above the 50 ‘no-change’ mark, compared to sub 50 readings for services and manufacturing. 

However, while cost pressures have eased they remain historically high while inflation and falling real incomes are likely to discourage spending on home improvements. 

Output records marginal growth 

Data from global construction consultancy firm Linesight has reported that output rose by 0.4% in August, marking the eighth consecutive month of growth. 

This is based on figures from the Office of National Statistics. 

Linesight is also forecasting that commodity costs will stabilise, although at current inflated levels. 

Homeowners invest in energy-efficient changes

A new survey by Aviva has found that nearly 70% of homeowners in Ireland have carried out or are planning to carry out work to make their homes more energy efficient. 

Only 31% of respondents have made no changes and have no plans to. 

Motor

OIC a work still in progress 

While there have been modest improvements, the Official Injury Claims portal (OIC) is still failing to deliver the level of service that was expected when it was launched last summer. 

Data gathered between April and June of this year found that only 16,994 of about 70,000 submitted claims were settled in that period, with the balance still ‘stuck’ somewhere in the system. 

CAPS unveils major platform upgrade

CAPS has launched a new and improved platform for the collision repair industry in the UK and Republic of Ireland.  

‘Any to many’ is the biggest innovation, enabling all businesses to safely exchange data with any other organisation using CAPS, while enhanced configurability means users will still control who receives information, creating ‘safe’ party lists at each end of the data flow. 

AkzoNobel expands BYD partnership

AkzoNobel has announced a new global refinish partnership with the world’s leading seller of electric vehicles. 

Already a recommended supplier of vehicle refinish products and services to Chinese vehicle manufacturer BYD, AkzoNobel will now also serve its bodyshops and approved repairer networks around the world.   

Copart unveils new stress awareness initiative 

Copart is marking Stress Awareness Week by rolling out ‘The Basics of Managing Stress’ training to all teammates. 

The training will help colleagues understand what stress is and how our bodies respond to it, as well as providing effective coping mechanisms. 

Autonomous expectation exceeding reality

A new study by Thatcham Research has revealed that more than half of UK drivers think they can buy a fully autonomous car today. 

It found that 77% of those surveyed between the ages of 17 and 24 believe fully self-driving cars are now available, while 41% of those aged 55 and over also believe this. 

Gold for Gemini

Gemini Accident Repair Centres has been awarded Gold Membership by The 5% Club for a second straight year. 

The 5% Club recognises those companies with at least five per cent of their workforce in ‘earn and learn’ positions, such as apprenticeships. 

IAA under new ownership

Ritchie Bros. Auctioneers has announced it will acquire IAA for about £6.4, including the assumption of £900m of net debt, as part of a wider strategy to move into the vehicle remarketing sector. 

IAA is a leading global digital marketplace connecting vehicle buyers and sellers. 

TomTom maps route to Stellantis

TomTom has signed a global deal to provide its maps, navigation software, and connected services to Stellantis. 

Its solutions will be integrated into STLA SmartCockpit, Stellantis’ next-generation digital cockpit platform due for launch in 2024.  

SMMT releases new careers guide 

The Society of Motor Manufacturers and Traders has launched a new Automotive Career Guide to attract new talent to the industry. 

This comes after SMMT research found that 49% of UK automotive companies are concerned about the skills gap and their ability to fill key roles. 

Blue Sky thinking clearer with Zego 

Amazon partner Blue Sky Logistics has reported a raft of improvements after joining Zego’s Risk Management Academy, which aims to increase efficiencies and safety through improved driver behaviours. 

It found that claims numbers reduced by 75%, claims frequency fell by 21.1%, while claims costs were down by 57.6%. 

ClaimsTech

Mastercard unveils magnificent seven 

Mastercard unveils magnificent seven 

Mastercard has announced seven new start-ups taking part in its Start Path programme, which aims to help innovative companies through development and launch. 

They are Digital Treasure Centre, Fasset, Loot Bolt, Quadrata, Stable, TBTM, and Uptop. 

Since 2014, 50 companies from 40 countries have joined Mastercard’s Start Path. 

MGA

Fighting fraud in a cost-of-living crisis 

In 2020 the UK insurance industry received nearly 300 fraudulent claims per day, adding up to a combined total value of £1.1bn. 

But if that is alarming, the cost-of-living crisis has seen those numbers surge yet higher, with Zurich fairly representative of the industry when it reported a 25% increase in property fraud in the first five months of 2022 compared to 2021. 

Combatting this rising threat was the topic a keynote session – Fighting Fraud in 2022 and Beyond ­– held during ILC’s inaugural MGA Claims Conference, which took place in late September. 

Qlaims fulfils its American dream

Qlaims has extended its partnership with Great American International Insurance (UK). 

Great American already provides capacity for the Qlaims personal lines insurance product that was launched last year, and now will also provide capacity for its commercial loss recovery insurance. 

Industry News

Rainbow Trust supports palliative care project

Rainbow Trust has joined a new project supporting children’s palliative care in the North West of England. 

The first of its kind in the country, the Kentown Children’s Palliative Care Programme is a collaborative initiate between Together for Short Lives, Rainbow Trust Children’s Charity and The Kentown Wizard Foundation that has been set up to build on established palliative care and support services in the region. 

SOCP strengthens board

The Society of Claims Professionals has announced that Helena Evans, Head of Specialist Services at Criterion Adjusters, and Graham Stait, Head of Claims Operations at Allianz, have joined its board. 

Part of the Chartered Insurance Institute, SOCP has been created to raise knowledge and technical competence within the claims sector, while supporting individuals with career development. 

Allianz tops world rankings 

Leading consultancy Interbrand has ranked Allianz as the world’s most valuable insurance brand for a fourth year in a row. 

It valued Allianz at £16.3bn, up 23% on last year. 

UK third in sustainability rankings

Aviva has published its first Climate-Ready Index, which measures how the G7 countries and Ireland are progressing towards their environmental targets. 

It ranked the UK third on the list, finding that businesses need more support to take action to fight climate change. 

This is after YouGov research found that only 34% of companies have a structured plan in place to reduce their carbon footprint.