Modern Insurance Magazine Issue 65

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Helping businesses make better decisions “The Digilog Solution is a key tool for us as it enables us to ‘fast track’ many truthful customers whilst we can have more detailed discussions with those where the technology detects high risk.” Machine Learning Artificial Intelligence to analyse and validate risk in a Telephone or Video conversation. Right Choice <strong>Insurance</strong> Brokers Our unique software enables the fast & accurate validation of genuine customers whilst identifying key risk issues associated with a claim, application or dispute, irrespective of the customers past, profile or geographic location. Find out more: Email: enquiries@digiloguk.com / Call: +44 208 087 2724 www.digiloguk.com / https://www.linkedin.com/company/digilog-uk-ltd
ASSOCIATIONS ASSEMBLE Sue Brown Title: Chair Association: Motor Accident Solicitors Society (MASS) The Ineffective ‘Inflationary Buffer’ In effect, the current MoJ three-year review of the tariff of damages for RTA claims was constructed solely to consider an inflation-only increase. Rejecting this approach, we have long believed that the tariff of damages is fundamentally and deeply flawed from its conception to implementation, and cannot be extricated from the impacts of the wider reforms. Since we have to work within the Civil Liability Act, the tariff is far too low and detrimentally impacts a potential claimant’s ability to engage legal advice. The tariff should be uplifted beyond a CPI increase to better reflect equivalent judicial awards for the same injuries suffered outside of a motor accident. Rather than using CPI, RPI is a more representative measurement of the impact of price increases on consumers, as it reflects a wider range of real-life price increases. Of course, no public expenditure is involved. The compensation is paid entirely through the insurance system, covered by compulsory motor insurance premiums paid by consumers. The three-year ‘inflationary buffer’ has proven to be ineffective, highly damaging, and no longer viable as a process in an uncertain world. Insurers can increase their premiums to account for economic factors and other circumstances, yet injured consumers cannot. The fundamental principles of access to justice and equality of arms have been damaged by the tariff and wider reforms. Whether by design, the current tariff levels make deductions from client damages difficult or unworkable, ensuring that fewer lawyers are able to support litigants. Whilst we shall continue to call for a fundamental review of the operation and impacts of the reforms, the Act should be amended at the earliest opportunity with the introduction of an annual review, one which better reflects inflationary increases. Dr Matthew Connell Title: Director, Policy and Public Affairs Association: Chartered <strong>Insurance</strong> Institute (CII) Innovation in the Cyber Market Cyber is a risk that the insurance market cannot cover completely, but this doesn’t mean that it can’t still be ambitious and innovative. Businesses and brokers often state that organisations are wary of cyber insurance because they are worried that a policy will exclude the most important risks. Of course, we know that some exclusions are necessary: insurers cannot write a blank cheque to cover a future cyber war fought by nation states. However, insurance professionals can still make progress on several fronts. For example, brokers do not have to restrict their advice to insurance products. Some brokers are taking time to talk about uninsurable risks with their clients – including ways in which they can mitigate those risks – before they talk about anything else. By doing this, they can show the value of holistic advice beyond recommending a product. They can also demonstrate what is covered and not covered by traditional insurance policies without having to recite a long list of exclusions. Equally, insurers can talk about the uninsurable risks of cyber with policymakers. As we saw with the COVID-19 pandemic, governments are on the hook for systemic risks that affect the whole economy. Even if they haven’t signed a contract that is enforceable in the courts, governments have a duty of care to society that can be enforced through the court of public opinion. Insurers can work with policymakers to quantify the risks that they are likely to be on the hook for. If the Government is willing to take on those extreme tail risks formally (as it has done with terrorism), a market for insurance cyber risks can thrive. Innovation is possible for the cyber market, provided the issues are framed by insurance professionals in the right way, at the right time, to the right people. MODERN INSURANCE | 37
Page 1 and 2: ISSUE 65 ISSN 2515-3803 I SPY CYBER
Page 3 and 4: WELCOME Welcome to Issue 65 of Mode
Page 5 and 6: 8 12 14 17 29 38 44 49 51 53 55 Ins
Page 7 and 8: EUROPCAR NEW BRAND BLOCK Color grad
Page 9 and 10: Risk sentiment Hiscox Cyber Readine
Page 11 and 12: Page 07 Impacts of a cyber attack (
Page 13 and 14: Q Ken - what’s the appeal for hac
Page 15 and 16: INTERVIEWS that there aren’t some
Page 17 and 18: EDITORIAL BOARD A Varied Approach t
Page 19 and 20: Consumer Duty Defines the Role EDIT
Page 21 and 22: EDITORIAL BOARD The Vizion Standard
Page 23 and 24: EDITORIAL BOARD Embedding Consumer
Page 25: EDITORIAL BOARD Data Security at ED
Page 28 and 29: BOOKED IT. PACKED IT. WE’RE OFF.
Page 30 and 31: EMPOWERING THE FUTURE OF REPAIR Tec
Page 32 and 33: Straightforward insurance technolog
Page 35: ASSOCIATIONS ASSEMBLE Fleur Thomas
Page 39 and 40: COUNTER FRAUD ACTIVITY: UK VS. US T
Page 41 and 42: THE DISTINCT LANDSCAPES OF INSURANC
Page 43 and 44: Jonathan Drake IMPROVING AGILITY, M
Page 45: Keeping insurers fully in the loop
Page 49 and 50: Friction Is the Key to Customer Suc
Page 51 and 52: Put the Sugarin First FEATURES As I
Page 53 and 54: A Total Loss Could Be An Electric G
Page 55: FEATURES THE EVOLVING RISK OF CYBER
Page 58 and 59: A new approach to repair management
Page 60 and 61: Modern Insurance Magazine’s notor
Page 62 and 63: Results INSURER OF THE YEAR WINNER
Page 64 and 65: “The team at Modern Insurance Mag
Page 66 and 67: INSUR. TECH. TALK
Page 68 and 69: INSURTECH Google Cloud QMonica, mor
Page 70 and 71: INSURTECH Capgemini AXA XL QCaitlin
Page 73 and 74: INSURTECH Munich Re Dikla, what are
Page 75 and 76: INSURTECH Q Is AI a friend, foe, or
Page 77: INSURTECH QWhat are some of the mos
Page 80 and 81: INSURTECH Welcoming… Percayso Inf
Page 83: INSURTECH Strategic Priority: Opera
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INSURTECH The Fastest Fish in the O
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Modern Insurance Magazine Issue 65

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