Anton Ossip

Last keynote of the morning is Peter Campbell speaking to Thomas Schäfer from Volkswagen. Last year EV was fast paced but they are seeing a slump this year following incentives changing but their long term planning remains wedded to EV. Feedback from the initial ID vehicles is that customers want the VW quality feel and whilst they may have initially thought EV needs to look completely different feedback suggests not. ID labelling is their EV differentiation at this stage to aid customers however from 2026 we are likely to see a move back towards more traditional naming conventions like Golf. In his 2 years in role he has looked to return to the ethos of Volkswagen Group being the people’s car. He gives the example of bringing buttons back to the steering wheel getting a positive reaction from customers. They have been reviewing all the activities that the driver undertakes and those with the highest volume will be moved back to easily accessible buttons rather than having to go via screens but this approach will be tailored for market requirements. Confident that they will still be selling cars in China in the next 25 years despite seeing market share reduce from 18% to single digits. He accepts that Chinese OEMs have become competitive in domestic market so naturally western OEM share has been impacted. Inevitable that Chinese OEMs will want to secure share in Europe as higher margin market. He doesn’t believe in tariffs as feels they negatively impact the market, he prefers an open market where everyone works to the same rules as it drives innovation that improves choices for consumers. VW have traditionally struggled in the US market apart from the Beetle, mainly because they took an approach of taking vehicles they believed US customers should want to drive rather than what they say they want. This has changed with the construction of a US plant to support delivery of vehicles that appeal to the local market but with just 3% market share plenty of opportunity to grow. Not worried by varying speeds of EV transition as global business that has innovation hubs that are focused on regional requirements. On autonomous the 2 key features customers are asking for is hands off on the motorway and parking assistance which are their focus especially in Europe. Level 4 is being tested but not a short term focus. What have they learnt from the software in their early EV models, it has led them to set up Carriad and factor software into car design at the start of the process rather than at the end. #futureofthecar2024 #financialtimes #automotive

5

2 Comments

Good news for motorists! The latest ABI report reveals a 2% drop in motor insurance premiums for Q2 2024, marking the first decrease in two years. While claims costs remain a challenge, the stabilisation is a positive sign for both insurers and customers. Mervyn Skeet, director of general insurance policy at the Association of British Insurers, said: “After a very challenging period for insurers and customers alike, we’re encouraged to see an easing of increases to motor insurance premiums as claims costs stabilise.” Read more about the encouraging developments here: https://lnkd.in/e3HKNQKS  #MotorInsuranceUK #CarInsurance #IndustryNews

1

💡Allianz UK Personal Broker is doubling down on distribution via brokers After a few years of major insurers pulling out of intermediated motor and home it's great to see more support for this space. Do they have the resource and capacity to service it? Yes is the answer: "in the broker channel, we‘ve got that agility" says Nicola George As for the rebrand from LV to Allianz (the response has been "great")... it seemed like an odd choice given the strength of the LV brand in the UK (it's the most trusted insurance brand in the UK)... but if brokers are responding well and most customers don't know who their insurer is anyway... fair enough. Full Insurance Age article here: https://lnkd.in/eurGa86B #insurance #insurtech #insurancebrokers

26

When buying a new car from the dealership, the price advertised in the marketing material almost never reflects the final price. You decide you want it, and then you walk into the office to finalise the contract. And then you find out that the advertised price is just for the “base model” But even then, some of the most basic necessities are then considered “extras”. So you decide what you need, based on your individual needs, and you agree on the final options and price. It was a little more than you thought it would be, but at least it does exactly what you need it to do. Happy Days right? But what if you didn’t know that what you were purchasing was just the base model? What if you didn’t know what “extra options” you need? Now what if the car sales person didn’t even know it was the just base model they were selling you? What if the car sales person didn’t know what “extra options” you needed for your individual circumstances. There would have been no discussion, and you would have left with something that didn’t fit your individual needs at all… I’ll leave it there. I think you’ve all got my point. #cyberinsurance #itsajungleoutyhere

10

6 Comments

Interesting bit of information from the Association of British Insurers (ABI) that just highlights some of the profitability challenges for home insurers. Some of the key bits for me: The total pay-outs amounted to £4.86 billion, with over half (£2.55 billion) directed towards home insurance claims. This is around a 10% increase from 2022, driven primarily by weather-related damages. ☔ The key trend from these figures is that adverse weather played a huge part in the rise in home claims, with the value of weather-related damage claims reaching £573 million. This is the highest on record and 36% greater than what was seen in 2022 (£421m). This rise was largely fuelled by the succession of storms that struck last autumn. This evidence, along with other reports, strongly suggests that the insurance market still has some distance to go in adjusting rates to achieve sustainable profitability. Moreover, this challenge is compounded by the increasing difficulty in predicting what constitutes a typical weather year. 🌦 #homeinsurance #associationofbritishinsurers #stormdamage

13

1 Comment

EXPLAINED Guide: Captive Insurance The Evolving Captive Landscape: The past four years have seen a revitalisation of captive utilisation. Captives are en vogue again but it has not always been the case this century...

11

Insurance doesn't payout❗ Really⁉️ Funny that, as L&G paid out an average of over £2.4m life insurance, income protection and critical illness claims a day in 2022 – an increase of 5% on the previous year. Total claims amounted to £883 million, up £85.76 million compared with claims paid in 2021. #LifeInsurance #Trusts #IncomeProtection #CriticalIllness #Protection #LifeCover #ProtectYourFamily #FinancialPlanning #Insurance #FinancialFreedom #TermLifeInsurance #WholeLifeInsurance #InsurancePolicy #FamilyProtection

1

Insurance doesn't payout❗ Really⁉️ Funny that, as L&G paid out an average of over £2.4m life insurance, income protection and critical illness claims a day in 2022 – an increase of 5% on the previous year. Total claims amounted to £883 million, up £85.76 million compared with claims paid in 2021. #LifeInsurance #Trusts #IncomeProtection #CriticalIllness #Protection #LifeCover #ProtectYourFamily #FinancialPlanning #Insurance #FinancialFreedom #TermLifeInsurance #WholeLifeInsurance #InsurancePolicy #FamilyProtection

1

🚧 Potholes: The Wallet-Draining, Tyre-Popping Menace We All Love to Hate! 🚧 Potholes are back with a vengeance on UK roads, and it’s not just our tyres feeling the pain – insurers are feeling it too! Allianz UK recently highlighted just how pricey these pothole claims have become. With vehicle breakdowns from potholes hitting a five-year high, it's safe to say we’re all on a rocky road! 😂💸 💥 Hard-hitting facts about these road craters: 💥 📈 Claim Chaos – Pothole-related insurance claims are climbing fast, meaning potential premium hikes for everyone. Potholes are costing drivers around £500 million in repairs each year – yikes! 💸 🚗 Damage Galore – From tyre blowouts to suspension damage, potholes bring a whole menu of expensive car troubles no one asked for! 😬 🛑 Safety First? – Potholes aren’t just annoying; they’re a real safety risk too, causing breakdowns and accidents up and down the country! How can we all (try to) dodge the pothole problem? 🛠️ 1️⃣ Fix those Roads – Roads that look like the surface of the moon? 🌕 Not ideal. Let's get some quality infrastructure investment in here! 2️⃣ Spot and Report – Spotted a pothole? Report it! Let’s make sure councils know we’re keeping an eye out. 👀 3️⃣ Better Road Maintenance – Regular inspections, quick repairs, and fewer nasty surprises on our commutes, please! 🚗💨 If only we could insure against annoyance, right? 😆 Until then, drivers, insurers, and councils need to team up to tackle this pothole pandemic! Who’s with me? #Konsileo #PotholeProblems #InsuranceMatters #RoadSafety

4

#Insurance is a sophisticated product with a wide range of factors going into the price you receive when you are shopping around for a new policy or receiving your renewal price. One of those factors is vehicle theft rates and unfortunately data from Office of National Statistics data shows that levels are at their highest since the 2000's. Nearly 130,000 vehicles were stolen between March 2023 - March 2024 and worryingly 3 out of 4 of those instances go unsolved. As my old boss Gus Park comments in the article "Unfortunately, the harsh reality is that every stolen car increases the cost of claims and pushes premiums up for everyone.” The #OEMs are constantly innovating and improving security but the thieves continue to adapt so it's not an issue that technology alone will solve. #cartheft #insurance #collaboration https://lnkd.in/ejQEFXKZ

5

2 Comments

Rising premiums to motor insurances has led the government to announce a new taskforce. Transport Secretary, Louise Haigh, will join the group made up of organisations representing consumers, the insurance industry and regulators. Its brief includes trying to determine the factors which have contributed to a reported 21 per cent increase in average premiums over the last two years. In the experience of Geraint Jones, the rising cost and difficulty in obtaining replacement parts for vehicles exacerbates is a key difficulty. The time taken and cost incurred in repairing vehicle damage is one thing but if it takes mechanics more cash and – on occasion – months to lay their hands on components, then the cost of claims is naturally going to be inflated. To the bill for any work involved can be added things like hire cars to keep policyholders mobile while they wait for their cars to be made road-worthy once again. Broadway Insurance Partners https://lnkd.in/ep5PXecV

13

🚚 Expanding Access Through takealot.com – A Game Changer for Kwemvelo Auto Parts At Kwemvelo Auto Parts , we’re constantly exploring ways to make our products more accessible and convenient for our customers. Partnering with takealot.com has allowed us to open a new avenue for reaching clients across South Africa, bringing reliable parts right to their doorstep with just a few clicks. What Our Takealot.com Integration Means for Our Clients: Convenient Shopping: Ordering essential vehicle parts has never been easier. Customers can now browse, order, and track their purchases directly through Takealot, getting the quality they trust without leaving their screens. Fast and Reliable Delivery: With Takealot’s well-established logistics network, we’re able to ensure faster, dependable delivery, getting parts to our customers when they need them most. Wider Reach: Being on Takealot allows us to expand our footprint beyond traditional markets, connecting with individuals and businesses across all regions of South Africa. We’re excited to keep growing and finding new ways to serve our clients better. This is only the beginning of how we’re using technology and partnerships to make sourcing auto parts more efficient and accessible. Have you used Takealot for business solutions, or is it on your radar? Let’s share insights on how it’s changing the way we reach customers! #KwemveloAutoParts #Takealot #Innovation #ECommerce #CustomerConvenience #Logistics #SouthAfrica

2

Yes - yet another article on African Insurance! 📫 Interestingly some of our largest engagement in marketing pieces has been on African Insurance, and I think the reason behind this is the genuine belief myself and the INSTANDA team have in the opportunity the African insurance landscape presents. A lot of fun writing this with Darlington and Bram #InsuranceInAfrica #InsurTech #DigitalTransformation #InsuranceTrends #InnovationInInsurance #Insurance

9

https://lnkd.in/eT3pzGG3 More and more young drivers are craving advice and guidance due to the cost increase of their first policy - we as a business, focus and passionately care about helping them through this process and ensuring they fully understand what they are buying… I think it’s more important than ever for young drivers to seek advice and fully understand the policy they are purchasing!

21

1 Comment