ILC Breakfast News – Wednesday,1 August 2023

CoreLogic to headline ClaimsTech LIVE

CoreLogic – leading provider of global property information, analytics, technology, and software services – has been confirmed as Headline Sponsor of ILC’s ClaimsTech LIVE event.

Taking place on 14 September at etc venues, 133 Houndsditch, London – ClaimsTech LIVE provides the sector’s central meeting point for ‘all things’ claims technology related.

Industry considers new AI Code of Conduct

A 60-strong group of professionals from across claims sector has come together to consider the potential viability of a voluntary Code of Conduct for the use of Artificial Intelligence in managing and settling claims.

MGA event exhibition eagerly awaited

The MGA claims exhibition – part of ILC’s MGA Claims Conference – is eagerly awaited as more companies sign up to showcase their products and services.

Held in association with the Managing General Agents’ Association (MGAA), ILC’s MGA Claims Conference takes place on 28 September at 155 Bishopsgate, London and so far has 16 businesses set to participate in the exhibition.

MGA sector upbeat despite regulatory concerns

Research by Clyde & Co has found that confidence within the MGA sector remains high, although 90% expect more regulatory scrutiny this year and more than half (51%) view this as a barrier to new entrants or expansion into new markets.

Pen draws dividing line

Pen Underwriting has separated its International & Financial Lines (IFL) division to create a standalone UK Financial Lines & Specialist Liability division led by Managing Director Richard Webb.

Percayso secures key investments

Data intelligence solution provider for the insurance sector, Percayso, has raised a further £2.7m investment from industry veteran Neil Utley and existing venture capital investor, Praetura Ventures.

Arch insights

Arch Insurers has revealed the latest from-the-field findings in its second quarterly report of the year, identifying an increase in commercial kitchen fires and balcony fires.

Experts set to explore key topics at EMCC

Taking place on Thursday 5 October at Landing Forty-Two, London ILC’s Exclusive Motor Claims Conference – headline sponsored by Enterprise along with sponsors Clearspeed, EDAM Group and Wiser Academy – will include a variety of high-level insights from C-Suite insurers, insurtechs, and supply chain specialists providing insights into key subject matters such as claims inflation, credit hire, mobility, people, personal injury, repair, and vehicle salvage amongst many other topical issues impacting on the sector.

Tech evolution impacting job roles

Solera Audatex Regional Trainer Joe Baynham has predicted significant changes to many roles within the sector due to advancing technology.

He was speaking exclusively to ILC in the latest in a series of interviews with industry peers.

GTA seeks new Chair

Members of the GTA are looking for a new Chair to oversee the implementation and operation of a revised agreement for the 2020s.

The GTA is a set of industry-agreed principles, rules and guidelines to manage replacement vehicle motor claims.

Output up 11.7% in first six months

Car production in the UK rose for the fifth month in a row in June, taking output in the first half of the year to 450,168 units.

This represents an increase of 11.7% on last year although it remains 32.5% down on pre-pandemic levels in 2019.

Working like robots

Sedgwick has assessed the benefits and potential risks of robotic assemblies and automation, after a GlobalData report suggested the market could grow from £35bn in 2020 to £391bn in 2030.

It found that many accidents occur during assembly, installation and testing, although operational accidents can cause more substantial damage.

IMI urges EV skills focus despite 2030 question mark

There have been signs recently that the government is weakening its position on introducing a ban on the sale of new petrol and diesel vehicles in 2030.

However, the Institute of the Motor Industry has urged the automotive industry not to use this as an excuse to let up on EV training, saying that even at the current rate there will be shortfall of 25,000 EV technicians by 2032.

DAC Beachcroft helps Aviva tackle motor fraud claims

DAC Beachcroft has concluded almost 200 organised, multi-claimant motor fraud claims for Aviva Insurance over the last 12 months. Its counter fraud team tackled claims spread across 47 separate organised fraud networks, saving on average £12,000 per claimant.

Home

AXA to reduce UK product portfolio

AXA will stop offering AXA First and AXA Residential Let policies in the UK. The decision will apply to policies starting or up for renewal after 1 September.

Aviva acquires Barclays UK’s home insurance portfolio

Aviva has announced it will purchase Barclays UK’s home insurance portfolio, which includes 350,000 customers.

Consumer Duty goes live

New Consumer Duty regulations came into force this week (31 July), intended to ensure businesses provide customers with the support they need, communicate with them in ways they understand, and offer products and services that offer a fair value.

The Financial Conduct Authority is now monitoring industry to ensure compliance.

ACSO warns of falling consumer support

The Association of Consumer Support Organisations (ACSO) has warned of a worrying decline in the number of claims management companies since regulation was transferred to the Financial Conduct Authority (FCA) in 2019.

It has revealed that in 2011 there were 3,213 CMCs operating in the UK. That had declined to 1,238 by 2019 and as of July this year that number had fallen again to just 546.

Consumer Duty ‘feels’ like TCF rebrand

Aviva research has found that 93% of advisors say they are ready to prove the steps they have taken to comply with new Consumer Duty regulations, or are working towards it.

Interestingly, the research also found that 89% said the new regulations felt like a rebrand of the Treating Customers Fairly initiative.

Ofgem considers significant reforms

Energy regulator Ofgem is proposing a series of reforms to improve customer service for both businesses and households. Reforms include easier and more convenient communication between customer and supplier, support for customers struggling with bills, and 24/7 emergency support.

Natural disaster losses mount up

Munich RE has reported that natural disasters led to losses of more than £86bn in the first half of the year. While this is less than last year, it remains well above the 10-year average of £77bn.

Meanwhile, it has found that less than 40% of those losses were insured.

People

Allianz Commercial has named Mike Thomas as Director of Distribution for Digital and Mid-Market, and Andy Montgomery as Head of Broker Distribution Management.

The British Insurance Brokers’ Association has appointed David Sparkes as Regulation Director, while Emma Chapman becomes Conference Director. Lindsay Campbell has moved to Conference Manager.

Woodgate & Clark has appointed Sarah Durkin as Head of Counter Fraud.

Seven partners have joined DAC Beachcroft’s Claims Solutions Group (CSG). Nicola Skeldon and Louise Shaw have joined DACB in Manchester, while fellow partners Anthony Baker, Gavin McClenaghan, Ciaran Garnett, Carl McGuire and Stephen Johnson are based in the firm’s Leeds office.