UK Motor Insurance Market
406 views | +0 today
Follow
Your new post is loading...
Your new post is loading...
Rescooped by Lara Mellor from KIM
Scoop.it!

Quindell posts 2012 results

Quindell has announced its results for the year ended 31 December 2012 and Q1 2013.

 

YE2012 highlights:

 

- Revenues of £137.6m (2011: £13.7m) - of which, £107.5m attributed to its Services division (outsourcing) and the remaining £30.1m attributed to its Solutions division (software and consultancy). Gross sales, including legal services, of £171.9m

 

- Adjusted EBITDA of £52.2m (2011: £6.7m) - margin of 38% on revenues and 30% on gross sales

 

- Profit before tax of £41.2m (2011: £4.2m)

 

Q1 2013 highlights:

 

- Adjusted EBITDA "in excess of £25m" (Q1 2012: £5.5m; Q4 2012: £23.2m)

 

- Notes that EBITDA margin will revert towards long-term guidance levels (20%-25%) due to LASPO reforms. However, Quindell Legal Services (part of the Services division) pursues "a proactive approach toward litigation where appropriate and agree where possible to charge a percentage of damages on successful cases to the claimant then the margin difference post LASPO is minimal"

 

- Group continues to have a 100% success rate in converting pilots to full relationships

 

- Believes it is now a clear market leader for European claims technology by a "substantial margin" - in late 2012, research and consultancy firm Celent said Quindell and Guidewire had brought on board more European claims clients over the last two years than other competitors, acquiring 23% of new deals, followed by SAP at 15% and Accenture at 5%. The report also confirmed that Quindell had 15% market share

 

See the full announcement here: http://www.quindell.com/images/downloads/2013/2013_preliminary_announcement.pdf


Via KIM GCD
Lara Mellor's insight:

Interesting that Quindell Legal Services appear to be utilising a model where they will charge their successful Claimants a percentage of damages "where possible".  Other large Claimant firms have already come out to say that they would not want to work in such a way at this stage, and will be looking to maximise efficiencies to avoid such a step.  Freedom of choice for the Claimant may see Quindell Legal Services lose client base.  

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

Car insurance: Drive down the cost by switching providers - Mirror.co.uk

Car insurance: Drive down the cost by switching providers - Mirror.co.uk | UK Motor Insurance Market | Scoop.it
Car insurance: Drive down the cost by switching providers
Mirror.co.uk
March is one of the busiest months for car insurance renewals.
Lara Mellor's insight:

The inevitable challenge facing insurers is still customer retention, however it needs to go much deeper than price.  Insurers need to look at their current book of business in a much more granular way to target profitability.  However, the claims experience is still an area where customers are won and lost - and an opportunity for insurers to showcase their individual strengths while minimising weaknesses in their processes and supply chain.   

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

Just how law-abiding are British road users? | The Next Gear

Just how law-abiding are British road users? | The Next Gear | UK Motor Insurance Market | Scoop.it

Data compiled by motor insurance specialist Quote Me Today has exposed the extent to which British drivers are prepared to break the rules of the road. 

Lara Mellor's insight:

Some interesting stats here for those of us involved in risk management and insurance.  

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

What a week for motor insurers - Magazine - MySlipcase

Lara Mellor's insight:

A brief update on the latest developments in the UK Motor Insurance market, 

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

What a week for motor insurers - Magazine - MySlipcase

Lara Mellor's insight:

My own views on the upcoming ban on referral fees, and reduction in "Portal" costs.  The £80 per policy saving looks to be well off target if insurers are basing this on costs savings alone.   

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

Forthcoming Changes to the Civil Procedure Rules 06 Mar 2013 - News from Forbes Solicitors

Forthcoming Changes to the Civil Procedure Rules 06 Mar 2013 - News from Forbes Solicitors | UK Motor Insurance Market | Scoop.it
Stay informed with Forbes Solicitors News: Forthcoming Changes to the Civil Procedure Rules 06 Mar 2013 - Forbes Solicitors are in Preston, Manchester, Blackburn, Accrington, Chorley and Leeds
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

This is Money: Watch out for £50 motor renewal fee

This is Money has noted that some insurance providers are issuing loyal customers with renewal fees of more than £50. Examples include:

 

- Hastings Direct now hits motor insurance customers with a £20 charge for renewing their policies. Last year, it levied just £5

 

- AutoDirect, owned by Ageas, has been charging up to £52 as an 'administration fee’ (AutoDirect says

 

- 1st Central charges £50 (1st Central says it is clear about this fee and that it is included in the total cost)


Via KIM GCD
Lara Mellor's insight:

On the flip side, at least the customer is aware of the cost of renewal, which otherwise would just form part of the annual premium.  Maybe if customers were given an idea of what their premium is likely to be utilised for in more granular detail, such as 44% on third party injury claims, the public would be more empowered to understand the current drivers for change in the motor insurance market.  

more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

NHS pilots ambulance telematics system

The North East Ambulance NHS Foundation Trust has teamed up with QBE's motor risk management team to pilot a telematics system.

 

The trial will last for six months and involve 1,500 drivers.

 

Over time, savings are expected to be realised in terms of lower fuel consumption, diminished maintenance costs and a decrease in claims


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Aviva must change its target audience to make telematics work, says Datamonitor

Datamonitor has criticised Aviva's recently-launched telematics smartphone app, which offers savings on car insurance for those paying more than £400 in premiums. This is much lower than the £700 threshold quoted by other insurers to achieve a saving. However, Datamonitor believes the app should cater to a broader range of people (as the financial benefits for those aged 30 or over are reportedly minimal). Its conclusions have been informed by its 2012 General Insurance Survey.


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Co-op doubling female motorist discount through Young Driver telematics scheme

In anticipation of the incoming EU gender directive, the Co-op is offering to double the discount female motorists can get through its Young Driver telematics scheme to 20%. Co-op research states that 65% of 18-24 year-olds are concerned that their insurance premiums will go up as a result of the directive. The Co-operative's Head of Motor Insurance, Grant Mitchell, said: "We know that young people are worried about what the Gender Directive means for their premium so we've increased the discount that safe drivers can achieve to help them avoid any significant increase to the cost of their insurance".


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Insure The Box creates in-house telematics platform

Insure The Box has become the first UK insurer to create its own in-house telematics platform. The platform will allow the company to cut third party provider costs and is expected to result in "significant" savings, according to CEO Mike Brockman.

 

The plan - called 'Big Telematics' - includes the launch of an in-house designed telematics box. However, Insure The Box will maintain ties with Octo, who will continue to supply some of its telematics boxes.


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Cobra: Telematics will cut crash for cash fraud

The crash data recorded by telematics black boxes will give insurers a better understanding of accidents and therefore reduce motor cash for crash fraud, Cobra said.

Cobra UK managing director, Andrew Smith, said: "[Telematics] could reduce premiums across the board, discourage fraudulent claims and ultimately protect responsible drivers from being targeted by those who deliberately cause accidents".


Via KIM GCD
Lara Mellor's insight:

It remains to be seen how telematics will be able to prove whether the incident was deliberately induced or not.  Interesting developments but not a game changer - yet at least. 

more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Reaction to private car insurance market's referral to Competition Commission is largely positive

Positive:


- ABI (Association of British Insurers): "Regulation of all players in the market to tackle excessive costs is needed, and we look forward to working with the Competition Commission to bring much needed reforms to the market that will, in turn, result in lower car insurance premiums for consumers."


- MASS (Motor Accident Solicitors Society): “It’s an important and vital step in addressing a complicated sector that isn’t working efficiently or effectively. There is still much that needs to be done and it is essential that the whole industry continues to work together and with the government to clean up the system.”


- Aviva: "We believe today's announcement by the OFT is an important and welcome step in bringing the necessary reform to the motor insurance market to strip out excessive costs in connection with credit hire, repair and non-fault personal injury claims that have driven claims costs and motor premiums skywards."


- FOIL (Forum of Insurance Lawyers): It is "extremely important", specifically to the supply or acquisition of private motor insurance and related goods or services in the UK in its investigation.


Negative:


- CHO (Credit Hire Organisation): "We continue to have serious concerns as to the long-term impact it may have on the motoring consumer and their right to mobility after an accident that was not their fault...If the CC concludes that the at-fault driver's insurer should have control over the not-at fault driver's claim, motoring consumers could find themselves in a lose-lose situation."


Via KIM GCD
Lara Mellor's insight:

In light of the recent implosion of Drive Assist, and while no suitor appears to have come forward to rescue that vehicle, is the credit hire market really sustainable in the UK?

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

New road traffic offence: causing serious injury by dangerous driving – fleet operators beware!

New road traffic offence: causing serious injury by dangerous driving – fleet operators beware! | UK Motor Insurance Market | Scoop.it
A new driving offence of causing serious injury by dangerous driving came into force on 3 December 2012.
Lara Mellor's insight:

Fleet operators need to have embedded these changes within their risk management, and considered wider funding of criminal defence for their drivers.  Otherwise, civil claims previously able to be defended may succeed

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

L&G to re-enter motor insurance market - Post Online

L&G to re-enter motor insurance market - Post Online | UK Motor Insurance Market | Scoop.it
Post Online L&G to re-enter motor insurance market Post Online However, Mark Holweger, director for broker, intermediary and affinity for L&G's general insurance business, said the result was "on target" adding that all of the GI segments were...
Lara Mellor's insight:

This is an interesting, and some might say bold, move by Legal and General.  It is also a positive one, with a major risk carrier identifying the potential for profitability within the motor insuance sector.  

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

Can Motor Insurers deliver premium reductions? - Magazine - MySlipcase

Lara Mellor's insight:

The challenge to reduce private motor insurance premiums is now on.  The Government will require reductions now that they have ushered in a new era post Jackson.  This article attempts to show what potential savings there are from the new costs rules, as well as showing that there is quite some way to go to remove the cost of exaggerated and fraudulent claims from private car premiums.  

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

High Court clarification on cross border cases - Trethowans LLP - Southampton and Salisbury

In the case of Wall v Mutuelle de Poitiers Assurances 2013 the High court has provided some useful clarification for those dealing with or involved in cross border cases.
Lara Mellor's insight:

Interesting issues here, and could have a serious impact on quantum in cross border claims.

more...
No comment yet.
Scooped by Lara Mellor
Scoop.it!

Whiplash claims consultation – will the small claims track limit increase?

Whiplash claims consultation – will the small claims track limit increase? | UK Motor Insurance Market | Scoop.it
The Ministry of Justice has published its much anticipated consultation on reducing the number and costs of whiplash claims.
more...
No comment yet.
Rescooped by Lara Mellor from IoT Business News
Scoop.it!

Vodafone and Towers Watson launch telematics usage-based insurance service as first customer signs up | M2M WORLD NEWS | Machine to Machine News

Vodafone and Towers Watson launch telematics usage-based insurance service as first customer signs up | M2M WORLD NEWS | Machine to Machine News | UK Motor Insurance Market | Scoop.it

Vodafone and Towers Watson, the global professional services company, are moving forward with a strategic alliance to fast-track the development and introduction of telematics usage-based insurance offerings for motor insurance companies operating outside of North America.


Via IoT Business News
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Consumer Intelligence: Telematics is about the customer, not the insurer

Consumer Intelligence chief executive, Ian Hughes, has revealed consumer likes and dislikes surrounding telematics.

 

According to the research, consumers would like telematics data to report problems to their garage, find out about energy saving options, record data in an accident and track a vehicle's location.


However, those surveyed said they would not like the box to "drive for them" (Google's driverless car technology, made legal in California, begs to differ), the possibility for employers to obtain data on how they drive or being tracked by the police should they break the driving code.

 

Data security issues were of the most concern. Consumers would rather the police own the data than insurers. Such concerns may be overshadowed by the fact that >2/5 of those surveyed were not interested in telematics.

 


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Hastings Direct reveals telematics trial details

Hastings Direct has given more information on its trial of a telematics insurance proposition, SMARTmiles. The scheme is aimed at young or inexperienced drivers, and will give any driver that stays under 10k miles a year the option of basing their motor premium on their driving behaviour. Hastings Direct will install a telematics black box as part of the scheme.

 

To encourage drivers to sign up, Hastings Direct is offering drivers discounts of up to 36% when they start using SMARTmiles. Hastings Direct head of product development, Ben Tomasetti, said: “Since the trial started, more than 87% of our SMARTmiles customers have already achieved either good or excellent score and are on track save money at renewal".


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Sheilas' Wheels Broker launches telematics offering

Sheilas’ Wheels Broker has launched a telematics offering called Model Driver. Customers who sign up get a telematics box fitted in their car. CDL software will recalculate the customers’ premiums to reflect changes in their driving standards.

 

Sheilas’ Wheels Broker managing director, Jon Morrell, said: “Since the implementation of the EU gender-neutral [directive], prices are not what they should be for women given their proven superiority in terms of safety and responsibility behind the wheel. Therefore, by adopting telematics we can continue to offer the best possible deals for our female customers".


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Vodafone and Towers Watson team up for telematics

Vodafone and Towers Watson have collaborated to launch a telematics service for motor insurers. Available to companies outside of North America, the initiative combines Vodafone Vehicle Connect, the company’s telematics technology, with Towers Watson’s DriveAbility programme. AIG Europe has signed up to run a pilot. The majority of solutions are expected to be made available to customers on a self-install basis, including options for insurers to offer ‘try before you buy’ applications on smartphones.


Via KIM GCD
more...
No comment yet.
Rescooped by Lara Mellor from KIM
Scoop.it!

Towers Watson publishes its 2012 UK motor insurance industry report

Towers Watson has released its 2012 UK motor insurance industry report 'A Blind Corner?', which is available on iSource under the 'Private Cars Report' section. The report analyses the motor market and insurers' performances, the impact of telematics and the gender ruling, as well as fraud and personal injury. Highlights include:

- As has been widely reported, the UK motor market achieve a COR of ~106% in 2011 (2010: ~120%) - the improvement stems mainly from private motor where COR fell from ~124% in 2010 to ~106% in 2011

- The most densely populated locations in England (e.g. North West), in terms of claims management companies (CMCs), experienced the greatest increase in motor rates in the three years to June 2012 - there is also positive correlation between the location of CMCs and fraudulent activity

- According to a Towers Watson survey, consumers are most interested in telematics to achieve a saving and to track their vehicle if stolen - Towers Watson believes it can only be a mass market offering if granular (second-by-second data or better) is robust as 'trigger events', such as harsh braking, offer limited insight
Via KIM GCD
Lara Mellor's insight:

Nothing breakthrough in here but positive movement in the private car ratios, however are these green shoots towards profitability sustainable?  Will insurers have to find more and more elegant solutions to mitigating their indemnity spend to drive profitability, now that the income they have derived from referral fees is unavailable to them.  We at MRSL and Claimed are still providing services and strategy to mitigate our clients spend on third party injury claims.  Contact me at lara.mellor@claimedsolutions.co.uk for further information. 

more...
No comment yet.