Admiral launches telematics product; Generali partners with Supercede; FCA appoints two enforcement directors

From Insurance Post this week

FCA contacts insurers over Consumer Duty concerns

Multiple insurers join neurodiversity campaign

Energy crisis fails to derail insurers from hitting ESG targets

Ombudsman compensation limit soars to £415K

Heatwave sees subsidence insurance payouts surge to £219m

Semiconductor sector looks to the insurance industry to help close protection gap

MGAA’s Keating on why a ‘tick-box’ approach to EDI is unacceptable

Insurers are increasing admin fees after ‘loyalty penalty’ ban

‘Major reset’ expected in motor personal injury two years on from whiplash reforms

Insurance Post Podcast: Making insurance more diverse and inclusive

‘Serious concerns’ about Ombudsman power to increase redress awards by 20% in two years

From people this week

Diary of an Insurer: Gallagher’s Holly Dawson

Trade Voice: ABI’s Hannah Gurga on keeping things clear and simple

BIA 2022 Award Winners video: Commercial Lines insurer of the Year Allianz’s Nick Hobbs

Q&A: Allianz Commercial’s Catherine Dixon

View from the top: QBE’s Emma Higgins on listening to what employees want

Pick of the Week

Admiral partners with Cambridge Mobile Telematics to launch Little Box Pod for UK drivers

Date announced: 13 March 

Deal value: N/A

Admiral has extended its partnership with Cambridge Mobile Telematics to launch Little Box Pod, a telematics offering that aims to lower insurance prices for drivers of all ages. The programme is available now for UK drivers on price comparison websites.

“We’ve built a fantastic range of products and services that deliver great value for our customers. Admiral Little Box Pod, built in partnership with Cambridge Mobile Telematics, is a fantastic addition to our offering,” said Paul Taylor, head of telematics at Admiral.

Safety driving tips

“I’m excited to see it help telematics policies become more interactive for our customers by sharing safety driving tips on the app, and helping more people save on their motor insurance with us.” 

The Pod works in unison with the Admiral app to give drivers feedback on each trip and provides a score that indicates their driving safety.

Drivers can follow their progress in the app and improve their score, which can reduce insurance premiums.

UBI and connected insurance are no longer just about young drivers in the UK; drivers of all ages are interested in the benefits of safe-driving programs like Little Box Pod.

David Morse

"With Little Box Pod, Admiral is taking advantage of changing market dynamics to provide even more value to its customers,” said David Morse, CMT’s chief customer officer.

"UBI and connected insurance are no longer just about young drivers in the UK; drivers of all ages are interested in the benefits of safe-driving programs like Little Box Pod. In fact, over 60% of UK drivers say they would join a UBI program if offered by their insurer."

To help make the program convenient for customers, the pods are sent in the post by Admiral, and customers can attach the device to their windscreen without needing professional installation, and then activate the program in Admiral's app. 

Deals of the Week

Generali UK chooses Supercede as its reinsurance technology provider following successful UK trial

Date announced: 16 March

Deal value: N/A

Generali UK has chosen to prepare and manage its reinsurance data with software provider Supercede, including data cleansing, preparation and validation. This partnership aims to speed up the process and reduce manual processing time.

Generali UK undertook a trial of the Supercede platform in autumn 2022, testing the software’s performance in preparing its January 2023 renewal data. The internal reinsurance team were able to reduce manual processing when preparing their submission data, using automation tools designed to standardise data into one consistent format.

We’ve built the Supercede platform to speed up the entire reinsurance process. Clear and accurate data is critical for any renewal, but even more so when working within a condensed time frame.

Jerad Leigh

Andy Parmenter, chief reinsurance officer, said: "There’s huge value in reducing manual processes when it comes to data cleansing, preparation and validation.

"It’s nice to have my team be able to work on other significant tasks without so much of their time taken up by spreadsheets.

"Supercede has given us a massive advantage in this regard. It will also allow our line of business heads to analyse their portfolios at a much more granular level."

Jerad Leigh, chief executive of Supercede, added: “The most recent renewal season highlighted the importance of good data. Renewals went out later than usual, which meant time really was of the essence.

"Every question a broker or an underwriter had about a cedent’s underlying data further delayed the process.

“We’ve built the Supercede platform to solve these problems and speed up the entire reinsurance process. Clear and accurate data is critical for any renewal, but even more so when working within a condensed time frame.”

Supercede has experienced rapid growth in the past quarter, and has more than 140 companies now represented on their platform, following the addition of the Generali Group UK.

Davies launches Forensic Accounting Services and makes senior appointment

Date announced: 13 March

Deal value: N/A

Davies announced the launch of a Forensic Accounting Service, led by the newly appointed head of forensic accountancy services, Edward Leighton.

Davies’s Forensic Accounting Services will work closely with its loss adjusting and claims third party administration teams, providing expertise on issues including business interruption, cyber and major and complex losses.

The new proposition will help drive efficiencies across the claims process, providing additional value for Davies’s insurance clients, who can offer their policyholders a quicker and more seamless claims journey.

Leighton brings more than 30 years’ experience in the industry, and will head up the new division, which will be based out of the Davies headquarters in London.

He will report to Russell Crewe, chief operating officer for property and niche claims.

Leighton said: “I am looking forward to this opportunity to develop and lead the new Forensic Accounting division. Combined with our existing claims TPA and loss adjusting services, our expertise will allow us to provide accurate and timely financial evidence to secure rapid and enhanced claims resolutions for clients.”

Crewe added: “Our new Forensic Accounting Services is an important addition to our growing Claims Solutions platform, and I’m delighted that Edward has joined our specialist team."

Axa Partners home emergency customers to benefit from an end-to-end digital journey

Date announced: 14 March

Deal value: N/A

Axa Partners have upgraded its Home Manager tool as part of its long-term strategy to innovate customer-facing digital assets.

Customers can now benefit from a fully automated digital claims experience, which includes claim registration through to validation and deployment to their home emergency network.

Home Manager Case Opening was first launched in 2022 in response to changes in customer behaviour and the demand to digitally register claims. It has now been upgraded to fully integrate with e-Care, Axa Partners’ claims management system.

The upgrade provides customers with an end-to-end digital journey without the need for any human intervention.

HMCO enables us to deliver a smooth and enhanced customer experience. We want our customers to feel reassured that making their lives easier is our priority.

Beth Buckland

Once a customer has registered their claim, they receive a confirmation SMS and then receive regular updates about their claim, with the ability to upload incident photos and track progress of their claim and appointment slot, allowing them to manage their entire home emergency claim digitally.

Beth Buckland, operations director at Axa Partners, said: "Home Manager Case Opening is a big step forward in the digital transformation and innovation of Axa Partners.

"We recognised and responded to our customers' need for end-to-end digitalisation, providing a tool that enhances the overall claims journey and experience.

"The tool has been upgraded to give customers peace of mind that their needs are being met during what can often be stressful situations, offering the customer the choice to register their claim online or by speaking to an agent.

"We have witnessed a change in how customers want to track and register their claims. HMCO enables us to deliver a smooth and enhanced customer experience. We want our customers to feel reassured that making their lives easier is our priority."

Castleacre acquires Merritt Insurance

Date announced: 14 March

Deal value: N/A

Castleacre, a private client insurance brokers, acquired Merritt Insurance Services. Former founding director of Merritt Insurance, Jonathan Merritt, will work alongside the Castleacre team for the next two years as client policies are transferred over.

Both Castleacre and Merritt are independent insurance brokers with a focus on complex insurance requirements. In addition to property, fine art and specialist car cover, Castleacre provides life and private health insurance, and trustee and executor insurance. 

We attribute our growth to a deliberate focus on personalised, traditional service, the accessibility our clients have to us, our team of brokers and advisors, and our willingness to solve difficult problems.

Guy Everington

Castleacre director Guy Everington said: "Over the past 10 years, the number of private clients we look after has consistently grown in the UK and Europe. 

"We attribute our growth to a deliberate focus on personalised, traditional service, the accessibility our clients have to us, our team of brokers and advisors, and our willingness to solve difficult problems.

"Our team has grown to accommodate this expansion, and now is an ideal time to acquire a broker business that shares a similar ethos to us." 

Jonathan Merritt added: "We know Castleacre Insurance well by reputation. Merritt and Castleacre focus on strong client relationships.

"We are confident that our clients will be well looked after by Castleacre, and I am looking forward to working with their team over the next two years to ensure a smooth transition."

Marco Capital transacts UK Motor Loss Portfolio Transfer with Markel

Date announced: 20 March

Deal value: N/A

Marco Capital Holdings has announced a Loss Portfolio Transfer transaction regarding a portfolio of UK Motor insurance claims. Marco will provide a cover of up to £200m in claims reserves.

This transaction significantly reduces our exposure from discontinued lines of business, allowing us to successfully grow our ongoing business.

Andy Davies

Marco’s Syndicate 1254 will provide cover to reinsured business stemming from Markel. The portfolio comprises claims settled via periodic payment order, and those that are currently open and may settle as either a lump sum award or PPO.

Simon Minshall, Marco founder and chief executive, said: "Marco is pleased to be working with Markel in simplifying its legacy commitments.

"We are delighted to have been able to assist Markel in achieving its strategic objectives with regards to this portfolio."

Andy Davies, Markel International chief financial officer, added: "This transaction significantly reduces our exposure from discontinued lines of business, allowing us to successfully grow our ongoing business."

And finally...

• IS2, an independent digital trading and distribution platform for the schemes market, hired Joe Sultana as its commercial director.

• The Financial Conduct Authority appointed Therese Chambers and Steve Smart as joint executive directors of Enforcement and Market Oversight.

• Howden appointed Andy Cox as head of energy transition, effective immediately.

• McGill and Partners made Grange Turner a partner in its treaty reinsurance team.

• Tokio Marine HCC International bolsters its UK Trade Credit division with the hire of two senior risk underwriters: Karen Crowley and Arwel Roberts.