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Claims Newsletter Tuesday 2nd May 2023

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Claims News

First4InjuryClaims, a law firm launched to help victims of road traffic accidents in the wake of the whiplash reforms, is settling cases more than three months faster than the market average. The law firm, which handles almost equal volumes of tariff only and mixed injury claims, is currently resolving cases on average over 100 days faster than the 238-day average settlement time those using the UK government’s Official Injury Claim (OIC) portal face. (Mark Dugdale, 27/4/2023, Claims Mag, 'First4InjuryClaims celebrates faster settlements and £2m compensation milestone')

​LexisNexis Risk Solutions has launched a new suite of geospatial intelligence datasets for the UK and Ireland insurance market to address weather-related challenges associated with basements, trees and windstorms. The new geospatial intelligence datasets from the data, advanced analytics and technology provider help identify customers at most risk from imminent or future basement flooding, as well as tree- and wind-related storm damage and subsidence. (Mark Dugdale, 26/4/2023, Claims Mag, 'LexisNexis Risk Solutions releases basement, tree and windstorm datasets')

​Flood Re has produced a targeted training video to drive a deeper understanding of the Build Back Better scheme within insurance companies, managing general agents, brokers and throughout the claims supply chain. The short video details the 11 core principles that drive the scheme, which enables insurers to offer householders the chance to install property flood resilience measures up to the value of £10,000 when repairing their properties after a flood. (Mark Dugdale, 25/4/2023, Claims Mag, 'Flood Re launches training video to support Build Back Better')

RSA Insurance has struck a new two-year partnership with Gloucestershire Wildlife Trust (GWT) to provide natural flood management solutions to flood-affected areas in the UK. The new partnership will see RSA work with GWT on an extensive programme to help reduce flood risk across Cheltenham and Gloucester, which the insurer identified as two areas that have some of the most acute flood risk using 20 years of data examining river, coastal and surface water flooding. (Mark Dugdale, 24/4/2023, Claims Mag, 'RSA partners with Gloucestershire Wildlife Trust to build flood resilience')

Clyde & Co and AXA UK have secured a finding of fundamental dishonesty against a man who claimed a minor car accident left him unable to work and requiring costly surgery, but later posted photos of himself online swinging from a zipwire while on holiday in Mexico. Ferenc Kirinovits, who tried to claim £22,000 for his injuries and lost income, also posted photos of himself hanging upside down from a rope and riding a quad bike.(Mark Dugdale, 21/4/2023, Claims Mag, 'Clyde & Co and AXA succeed in challenging £22k insurance claim')

NFU Mutual is working with FRISS to protect its policyholders against fraud. The partnership also aims to automate many of the mutual insurer’s manual processes. FRISS, a software provider for property and casualty insurers, is tasked with bringing enhanced efficiency to NFU Mutual’s processes, while also delivering improved fraud protection and boosting customer service. (Mark Dugdale, 19/4/2023, Claims Mag, 'NFU Mutual selects FRISS to enhance fraud protection')

​General Insurance company LV= and law firm Clyde & Co have secured a ruling of fundamental dishonesty against a woman who attempted to claim more than £250,000 for injuries resulting from a vehicle collision. A judge at Cardiff County Court found last month that Claire Thomas fraudulently exaggerated her symptoms, which included soft tissue injuries, migraines and psychological problems, following a car accident in 2016. (Mark Dugdale, 5/4/2023, Claims Mag, 'LV= and Clyde & Co win dismissal of £250k claim')

The British Insurance Brokers’ Association (BIBA) has launched a new computer scheme to help protect computer hardware and portable equipment. Provided by HSB, the new scheme offers comprehensive cover for computer-related risks. The policy is split into four sections, providing commercial customers with the flexibility to choose the level of cover they need. (Mark Dugdale, 4/4/2023, Claims Mag, 'BIBA launches computer insurance scheme with HSB')

In further news...The British Insurance Brokers’ Association has announced a new partnership with Lloyd’s. Steve White, BIBA CEO said: “BIBA, many of our members and Lloyd’s have always worked closely together and we are now pleased to be welcoming Lloyd’s on board as an official BIBA partner. We will continue to work with Lloyd’s on issues relevant to both the Lloyd’s market and wider cross-industry issues to benefit all members.” (CIR Reporter, 13/4/2023, CIR, 'Lloyd's becomes BIBA partner')

​Aviva paid more than 50,000 individual protection claims last year. The insurer paid out more than £1b to cover the claims, across life insurance, critical illness, income protection and other individual protection policies, according to recently released figures. Last year was the third consecutive year that claims payments exceeded £1b, with the insurer achieving a paid rate of 98.3% across all individual protection policies. (Mark Dugdale, 3/4/2023, Claims Mag, 'Aviva reveals income protection claim figures')

More than a fifth (22%) of global business leaders believe that energy transition risk is the top environmental concern, according to a report published by Beazley. The concern is greatest amongst businesses in the UK, with 27% of boardroom leaders identifying energy transition as the number one risk. Beazley's Risk and Resilience Series Spotlight On: Environmental Risks is based on a survey of 2,000 senior business leaders across the US, UK, Canada and Singapore. (CIR Reporter, 28/4/2023, CIR, 'Energy transition number one climate risk - Beazley')

Kroll has launched an end-to-end commercial property valuation platform. The Commercial Property Valuation Platform aims to provide users with fast, cost-effective and reliable valuations on property data, at scale. Kroll’s property valuation algorithm identifies disparities in value, helping users proactively remedy overinsurance and underinsurance. Users of the platform can also slice and dice the data and portfolio analysis by multiple variables, including geographic areas, occupancy types and valuation sizes, providing a visualisation of the risks and opportunities. (CIR Reporter, 27/4/2023, CIR, 'Kroll launches commercial property valuation platform')

Specialist MGA, Nimbla, has launched a policy designed to protect businesses against the risk of non-payment. Nimbla Sync pulls data from a number of sources including Wiserfunding – an end-to-end credit lifecycle platform. Using algorithms and real-time market trends, a score is then given to each invoice – giving SMEs a clear picture of the likelihood of whether individual invoices will be paid on-time or are likely to default. The tool then insures SMEs against non-payment. (CIR Reporter, 24/4/2023, CIR, 'Nimbla Sync launches')

The Financial Conduct Authority has proposed new rights and protections for leaseholders, in an effort to improve the transparency of the multi-occupancy leasehold buildings insurance market. Under the proposals, leaseholders would be defined as customers of buildings insurance, with the changes explicitly requiring insurance providers to act in leaseholder’s best interests and bar firms from recommending a policy based on commission or remuneration. (Deborah Ritchie, 21/4/2023, CIR, 'FCA outlines plans to reform leasehold insurance for multi-occupancy buildings')

Some 68% of organisations have experienced a known cyber attack within the last 12 months, with 16% of those estimating the financial damage to be at least £40,000. 40% of the breached organisations incurred unplanned expenses and 10% suffered other serious consequences, such as loss of competitive edge, decreased sales or customer churn. This is among the findings of the annual global Hybrid Security Trends Report from Netwrix, which is based on research carried out amongst 1,610 IT professionals from 106 countries via an online questionnaire in February 2023. (CIR Reporter, 19/4/2023, CIR, '68pc of firms suffered a cyber attack in past year - survey')

Allianz Trade is expanding its Excess of Loss capability in Germany, Singapore, Spain and Brazil. As insolvencies rebound and as a result of a slowdown of economic activity at a global scale, Allianz Trade expects companies to need increasing support and protection against potential large and unexpected losses in 2023. (CIR Reporter, 18/4/2023, CIR, 'Allianz Trade expands XoL reach')

Zurich Insurance Group is supporting its suppliers in their efforts to decarbonise operations. Using a range of climate training materials and carbon footprint measurement tools, the insurer's suppliers can create a unique blueprint of the practical steps they can take on their own journeys to net-zero operations. “This initiative demonstrates Zurich’s commitment to emissions reduction throughout the value chain and illustrates how we use our expertise and resources to support others to transition to the net-zero economy,” said Linda Freiner, Group Head of Sustainability. (CIR Reporter, 12/4/2023, CIR, 'Zurich supports suppliers with net-zero transition')

Charles Taylor Adjusting has announced a new associateship with INCOK Loss and Average Adjusters in Korea. INCOK Loss and Average Adjusters provides a range of non-marine survey/ adjustment and risk assessment services. Stephen Hope, Director, Natural Resources, Charles Taylor Adjusting said: “The Charles Taylor global associate network is built on close working relationships with highly experienced specialist adjusting businesses that have deep knowledge of local markets. Adding INCOK Loss and Average Adjusters in Korea to our global network further strengthens our Adjusting’s service lines in north Asia.” (CIR Reporter, 11/4/2023, CIR, 'Charles Taylor extends Korea footprint')

Digilog UK are delighted to have deployed their Digital intelligent Voice Analysis (DiVA) technology with QuestGates Ltd, the UK’s largest independently owned loss adjusting company. Both Digilog and QuestGates are aligned in the philosophy to provide claims related solutions in areas where the highest levels of customer service alongside technical expertise are paramount. Operating throughout the UK and Ireland, QuestGates are also the UK and Ireland’s partner of vrs Adjusters, with access to the highest quality loss adjusting expertise in over 300 offices across 140 countries worldwide. (Digilog UK, April 2023, LinkedIn)

Mergers and Acquisitions

Verisk (Nasdaq: VRSK), a leading global data analytics and technology provider, has acquired Krug Sachverständigen GmbH, a Germany-based motor claims solutions provider. The acquisition expands Verisk’s claims and casualty offerings across Europe. Founded in 1982, SV Krug has established an industry-leading position in the German insurance market through highly digitalised solutions that help insurers and car manufacturers achieve better and faster customer service, leading to sustainable reductions in costs. SV Krug streamlines motor claims with digital solutions that enable insurers to quickly obtain claim photos and information from policyholders, analyze those claims and deliver payments to policyholders. (Verisk, 26/4/2023, Verisk, 'Verisk Acquires German InsurTech SV Krug, Expands European Motor Solutions')


McLarens has introduced a senior management board for the UK and Ireland, bringing in its foremost practitioners from across operational and business management lines following a rapid increase in the claims services provider’s turnover and headcount. The expanded management board includes senior representation from the finance, human resources, and legal departments, with Liz Tubb, Tushar Nimbalkar and Emma Youatt all joining. From the existing executive leadership team, McLarens has promoted Steven Wallace to the expanded role of Managing Director for Europe, the Middle East and Africa. David Gillan is now in charge of UK loss adjusting operations, Kieran Gallagher has taken over the reporting line from the organisation’s expanding adjacencies and emerging practices, and Neil Baldwin is overseeing commercial development. Toby Knight has also been appointed to a new role of Property Practices Director to oversee McLarens’s commercial property, private clients and estates, and real estate practices. Finally, David Walker has retired from his role as Executive Director and moved into a global consultancy position with McLarens. (Mark Dugdale, 20/4/2023, Claims Mag, 'McLarens unveils new UK and Ireland senior management board')

​Sedgwick has appointed Jonathan Mockridge as Head of its UK environmental adjusting practice. Mockridge joins Sedgwick from a UK specialist loss adjusting and claims handling company, bringing more than 25 years of insurance industry experience to the organisation. (Mark Dugdale, 18/4/2023, Claims Mag, 'Sedgwick hires head of environmental adjusting in the UK')

Verisk has appointed Chris Sawford to the role of Managing Director of claims for the UK. Sawford, who joined Verisk in 2018 after it acquired his claims management solutions provider Validus-IVC, will take the lead on strategic initiatives that help insurers boost automation, increase efficiency and contain costs. (Mark Dugdale, 14/4/2023, Claims Mag, 'Verisk appoints managing director of claims in the UK')

​RSA Insurance has appointed Gary Mason to the role of COO Delivery Director. In this role, Mason, who has significant insurance IT experience gained from his time at IBM, Allianz and more recently Aviva, will lead technology upgrades to the insurer’s operating and claims capabilities. (Mark Dugdale, 11/4/2023, Claims Mag, 'RSA appoints new exec to oversee operating and claims tech transformation')

All information provided in this Market Digest has been gathered from Claims Mag, CIR and LinkedIn.