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In this week’s issue, we ask whether the tide is turning for the big fish, as Ageas promotes teamwork and info-sharing with its household panel review.
Ageas travelled to sites across the country to present to claims firms before requesting suggestions on improvements to claims processes. The insurer subsequently dropped Cunningham Lindsey, Crawford, Davies, LAS and GAB Robins from panels for both itself and the acquired Groupama business, although most will continue to work for Ageas on commercial and/or subsidence claims.
Also in the news, Lloyd’s chief executive Inga Beale urges the market to make progress in developing and retaining talent; fresh discussions between government and industry trade bodies have paved the way for a potential reprieve for small businesses and leasehold properties excluded from Flood Re; brokers have warned that the propensity for small to medium‑sized enterprises to purchase policies online threatens to exacerbate high levels of underinsurance among micro companies; and fears that unrest could spread as a result of the Isis Iraq insurgency are set to push rates up.
RSA’s head of claims assurance Mike Curley and Bennetts’ managing director Vince Chaney are in the C-Suite; Curley looks at whiplash, arguing the industry must go all out to discourage dishonest claims, while Chaney claims a strategic approach to social media can drive major bottom-line growth. Meanwhile, John Hurrell, chief executive of the Association of Insurance and Risk Managers, says the recent Airmic conference highlighted the need to promote co-operation to push innovation. And Simpson and Marwick associate David Pollok reports from North of the Border where civil litigation in Scotland is currently going through significant change.
Post recently hosted a roundtable discussion, in association with Octo Telematics, in which industry representatives discussed how telematics and the data it collects can transform insurers’ offerings. Katie Marriner reports from the event.
Rachael Adams meets Tungsten Corporation chief executive Edmund Truell. The well-travelled CEO speaks his mind about the insurance industry – and, according to him, it’s not all a bed of roses. We also have a Q&A with Michael Butt, chairman of Axis and co-chair of the The Geneva Association’s extreme events and climate risk working group, as 67 insurance and reinsurance chief executives sign the association’s Climate Risk Statement.
We turn our Spotlight on credit hire, first asking whether technological advances and regulatory changes are the answer to the insurance industry's problems with credit hire; and Stuart Sandell, head of UK insurance division at ERAC suggests today’s motor insurance market has developed into a customer-focused delivery on the promise of uninterrupted mobility.
Our countdown to the 20th British Insurance Awards continues, with Post speaking to claims experts at firms that have experienced wins over the years to find out how the sector has changed.
Finally, we investigate automation. A recent study has placed underwriters near the top of a list of jobs most at risk of being phased out in favour of automated systems. But how real is the prospect of underwriters being replaced by machines, and should it be welcomed or feared?
Enjoy the read!
- Lloyd’s struck by £2bn loss from nat cats
- Insurance leaders pledge to pass on personal injury reform savings
- Gosden retires as Higos chairman two months into role
- Zurich appoints former RSA boss Robinson as chief underwriting officer
- Video: Insurers and claimant lawyers react to whiplash reform
- Government to unveil discount rate reform
- Claimant lawyers accuse government of ‘washing its hands’ of injured people