It’s time to crack open the artisan gin at festival organisers’ offices this week, as the government-backed Festival Re scheme gets the green light. Other moments of celebration include more deals in the broker sector, plus a brilliant idea for settling bicycle claims that could transform insurance risk data over time.
Let’s get into it.
START: FESTIVAL RE
We had Flood Re, then the TV and film production scheme during 2020 and now the big one, yes kids, Glasto 2022 is back on! BIBA and LIIBA have both welcomed the government announcement on festival and live gig event cancellation insurance. On a serious note, this opens the door for insurance brokers to sell cover to the myriad catering outfits, logistics firms, sound, lighting and all the other suppliers who actually make these events happen.
The scheme is pencilled-in until September 2022, but IE reckons it will never end, just like Covid, so enjoy the new normal and hopefully this will extend to the wider hospitality sector including weddings.
RUN: BROKER DEALS KEEP ON ROLLIN’
Aston Lark continued on their acquisition trail this week, buying up Plester Group, which specialises in Commercial and Motor Trade. Meanwhile US-based NFP made a move on Dublin-based Aiken Insurance.
As technology evolves it looks likely that consolidation will carry on across the broker sector and those who remain independent will need a strong brand to set themselves apart from the pack.
GROW: CROSS-REFERENCING DATA WILL SET PRICING ONE DAY
A stroke of genius from Bikmo, the bicycle insurance specialist this week, in shape of a tie-up with What Three Words, (WTW) the location mapping app. When you make a claim for a damaged/stolen bike, you’ll be able to use the WTW apps to help speed-up settlement. That’s great, but let’s widen this idea to motor, home…and more.
IE can see a time when a quote for car cover can prompt an automated search via WTW for ALL claims in that 3m X 3m block, plus the adjacent 30 blocks. So brokers and insurers can get a truly granular understanding of all the risks logged in that particular area. Not just a postcode, which can cover say 10 houses.
That is a game-changer, seriously.
WHAT NEXT: WILL THE INJURY PORTAL JUST PUSH CLAIMS ELSEWHERE?
Your IE editor received some interesting feedback from a specialist company looking at fraud this week, and they reported more complex claims, involving mental health, PTSD and other issues, were being made now, rather than the whiplash claims of old.
Apparently that UK MoJ portal is quite tricky to navigate, and many claimants are deciding to retain solicitors who can pursue other types of claim. We have no hard evidence for this trend, but it is also interesting that this week Call Brian was launched.
Call Brian you ask, who the heck is Brian and didn’t they cover his Life of Brian in detail some years ago? Well, this Brian is a claims service, aimed at taking away the admin burden from drivers – or passengers – who wish to make a sub 5K PI claim, via the Portal.
As the press release notes, many are put off by the 64-page guide on the MoJ portal, so Call Brian offers a service that reduces all that box-ticking time, and acts on the claimant’s behalf. It is a trend that IE expects to see more of when the news gets around about the MoJ Portal’s many IT glitches, data breaches and downtime incidents.
Wait, you think a government website will run perfectly for all of time?
OK then, until next week, over and out.