INTERVIEW
Recent cases during pilots of autonomous vehicles show... accidents will continue to occur
Q A
What are the biggest challenges/opportunities in the current marketplace?
We only see opportunities. Any further changes in buying behaviour or the legal environment just mean the more agile insurers succeed. We are set up to adapt rapidly to the challenges. For an organisation like Hastings, our only challenge is maintaining that agility and retaining and recruiting more high calibre colleagues.
Q A
How could telematics and autonomous technology impact insurance claims?
Autonomous technology is already built into our pricing structures as we see the impacts it has on vehicle safety and reducing accident frequency. In the longer term, even with full vehicle autonomy, accidents will still happen and the current sophisticated, and most importantly, efficient motor insurers will still be the best placed organisations to deal with vehicle insurance and the accidents that occur. Recent cases during pilots of autonomous vehicles show those accidents will continue to occur. Telematics already provides an enhanced ability to assess the real driving behaviour and helps educate motorists to improve road safety. The data is also extremely valuable in detecting fraud and assessing liability.
Q A
What is on the horizon for Hastings in the near future?
We continue to invest in our colleagues so that they do the right thing for customers. We believe this will help us succeed more than anything. We will also continue to invest in data analytics and enrichment for pricing. Above all, we intend to hang on to the agility that has been key to our success as we grow.
With the ever evolving common law landscape, the contentious nature of credit hire will further erode the impact and importance of an unregulated GTA
Michael Lee Michael Lee is managing director at Hastings Direct (âHastingsâ) and oversees the companyâs claims; telematics and award winning counter fraud departments. Before joining Hastings, Michael spent nearly a decade with Provident Insurance Plc working in marketing, product development, underwriting and claims management. A qualified chartered insurer, Michael left Provident to help establish a new insurance group. Michael co-founded Southern Rock Holdings Ltd (SRHL) in Gibraltar and moved to Gibraltar as managing director of Southern Rock Insurance Company Ltd (SRICL) and from there developed the products and infrastructure of this new underwriter. The business grew quickly, following the successful development of eBike, eCar, eVan brands, and partnerships with Aviva and ASDA. Michael then began building a UK based insurance services company to insource all SRICLâs requirements. Eldon Insurance Services Ltd (EISL) was launched in April 2008 and Michael returned to the UK as managing director of Eldon to focus on this key venture for the group before joining Hastings in 2011 as part of the senior leadership team preparing the Company ahead of its planned IPO, which resulted in the private equity deal with Goldman Sachs in 2013. Michael originates from Newcastle-upon-Tyne and divides his time between his work in Bexhill-on-Sea and his family in Huddersfield.
May 2016
Accident Management & Credit Hire Supplement 13