Motor – Page 51
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News‘Bad behaviours’ have crept back into credit hire sector – Kirsty McKno
With part two of the whiplash reforms coming back into focus, the former CHO chair says the credit hire industry has ‘gone backwards’ and that ‘Covid has exacerbated’ the sector’s problems
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NewsFraudsters cause spike in motor insurance claims during 2020
Product manager warns that insurance firms need to be ‘alive’ to changes in fraud and ‘understand what lessons can be learned’ moving forward
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FeaturesBriefing: FCA could be setting sector up to fail with four-month pricing implementation period
The FCA took its time crafting the foundations of its general insurance pricing review, however it expects insurance businesses to turn around rule changes on the double – surely it’s in nobody’s interest to rush such a pivotal market change?
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NewsAdditional injuries ‘coming back in vogue’ to avoid new whiplash protocol - Kennedys
The majority of market participants expect to see non-whiplash injuries and rehabilitation claims emerge in response to the whiplash reforms
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NewsFormer CHO chair launches credit hire company to turn sector ‘on its head’
Kirsty McKno says ‘it’s perfect timing’ for a new player to shake up the credit hire sector as currently, the market is ‘broken’ and ‘full of friction’
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Features‘Unintended consequences’ of whiplash reforms inevitable says MoJ
At Insurance Times’s first Fraud Charter event of the year - held virtually - delegates debated the ins and outs of the new whiplash portal
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NewsInsurers must change their approach to fraud post-whiplash reform - Kennedys
Despite the reforms’ intention of reducing fraud, law firm partner believes the threat of fraudulent claims will remain the same after 31 May
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NewsMotor insurance payouts fell by 6% in 2020 due to lockdown impact
But personal injury claim payouts rose to an average of £12,000 last year
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FeaturesBriefing: Will CMCs morph to adopt motor focus post-whiplash reforms?
This month’s Fraud Charter virtual roundtable unpicked how claims management companies could evolve following the implementation of the first part of the whiplash reforms in May – it appears there is still fertile ground here for the FCA to tend
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NewsZego becomes ‘first insurtech unicorn’ after raising $150m
The insurtech will use its latest funding to fast-track growth in commercial motor
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NewsDirect Line Group gunning to be the ‘insurance company of the future’
In a live video stream this morning with journalists, Direct Line Group’s chief executive Penny James said the insurer hopes to support customers across their entire insurance lifecycle via a fully digital ecosystem
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NewsEx-Aviva boss’s insurtech primed for first acquisition
The business aims to disrupt the motor insurance market
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News AnalysisAdmiral Group expects to be ‘less impacted’ by FCA’s fair pricing reform
The company’s chief financial officer further identified price comparison websites (PCWs) as an ‘important distribution channel for us’, while new group chief executive Milena Mondini de Focatiis celebrated the insurer’s premium refund initiative, describing it as ‘a bit unique in the market’
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NewsAdmiral Group improves profit before tax by 20% in 2020
The past year acted as a ‘litmus test’ for the business, said group chief executive, allowing the insurer to demonstrate ‘strong operational resilience and agility’
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NewsNew digital broker looks to wrap up lifestyle niche
The technology driven business plans to fill ‘a significant gap in personal lines etrading’ says founder
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News AnalysisReform ban on pre-medical offers could lead to arrangements that aren’t ‘in the spirit of the rules’
As the government confirms that pre-medical offers will not be allowed for whiplash injuries after 31 May, Insurance Times explores how insurers may seek to circumvent this
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NewsWhiplash reform regulation to come into force from 31 May
However, some industry commentators believe ‘we’re still only half-way there on whiplash’ and that ‘none of this actually helps anyone to work out how to set up and process a whiplash claim’
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NewsFormer Aviva chief exec to launch insurtech
The business plans to target the non-prime and standard segments of the UK motor insurance market
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NewsFour-month implementation period for FCA’s price walking remedies is a ‘joke’ – ABI
Despite potential implementation challenges, the trade association’s director general is ‘very hopeful’ that the proposed ‘road map’ with the FCA will solve the loyalty penalty ‘once and for all’
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NewsInsurer to access UBI market with My Policy investment
Nationally, mileage declined by 63% during 2020’s first lockdown, according to My Policy’s analysis
