Kennedys IQ

Thank you to all who joined this week’s session, where Ian Davies, Angela Crisall, Vicky Garner, and Chris Stubbs shared valuable insights in OIC claims trends and the implications of recent changes. Key takeaways: 1️⃣ OIC tariff updates • A 15% inflationary uplift is on the horizon for tariffs, calculated using CPI instead of RPI – a shift aligned with broader government practices. • The top 2 year tariff remains just below the small claims track limit. 2️⃣ Claims dynamics • Potential shifts in claimant behaviour, with potential increases in supplementary psychological diagnoses and reports. • Movement between OIC and MoJ portals remains a critical area to watch as data matures, leading to potentially longer lifecycles for claims and more layered settlements. 3️⃣ What’s next? • New regulations won’t come into force until 2025, consultations still ongoing. • The impact on claims lifecycle, settlement behaviours, and tariff application will continue to evolve. As the industry adapts to these changes, Kennedys and Kennedys IQ are here to guide insurers through the data and provide actionable strategies. Missed the session? Here’s a link to the recording: https://lnkd.in/egw9pfuj   #Insurance #MoJ #OIC #KennedysIQ #OICTrends #whiplash #tariff #portalclaims #claimsportal

Are you paying more than you should? With UK motor insurers paying out £2.9 billion in Q2 2024 alone - an 18% rise from last year’s £2.5 billion - indemnity spend has never been a more pressing issue. Rising indemnity spend and PSLA valuations often lead to overcompensation, largely due to double-counting of injury impact. By integrating historic claims data, JC Guidelines, and RPI trends, Quantum helps reduce the likelihood of overvaluation and excessive indemnity payouts. Curious how Quantum's modelling can support smarter claims management and help your team navigate rising costs? Reach out to our team: https://lnkd.in/eUDg5N3F #MotorClaims #MotorInsurance #PSLA #JCG #Insurance #KennedysIQ #ClaimsTech #Insurtech #Innovation

Did you know that in 2023, UK motor insurers paid out £1.14 in claims for every £1 received in premiums? The ratio is projected to remain unprofitable in 2025 despite rising premiums. With Quantum, you can drive down these costs by adjusting claim strategies and preventing overcompensation in PSLA claims. Contact us to learn how Quantum can reduce the impact of double counting and leverage historic data to keep claims in check: https://lnkd.in/eUDg5N3F #JCG #MotorInsurance #KennedysIQ #Insurtech #Claims #MotorClaims

Read from our experts as they explore the rapidly changing landscape of AI regulation in the UK and EU. First published by the Financier Worldwide Magazine, this article explores the implications for businesses and AI innovation. Richard W. Karim Derrick Deborah Newberry Joe Cunningham #KennedysIQ #AI #Insurtech #Legaltech #ArtificialIntelligence #Innovation

In our latest motor claims webinar, Ian Davies and Chris Stubbs explored key trends in the motor injury claims landscape and the impact of anticipated tariff adjustments. Here's some of the key takeaways: • Predictions on tariff release dates showed strong consensus for changes after year-end signalling a possible shift in claims strategies. • Our data revealed a drop in injury claims volumes and an extended timeframe for medical reports, underscoring evolving operational challenges between medical examinations and report uploads. • The need for updated reserves and effective claims management to adapt to anticipated changes. For those who missed it, watch the full recording here: https://lnkd.in/e5DzAcs5 You could also reach out with questions to either Ian or Chris about these trends and what they could mean to your claims approach. #KennedysIQ #MotorClaims #InsuranceInsights #ClaimsManagement Kennedys

Six years ago, our journey in Kerala began with a small but ambitious team, and today, we celebrate the 6th anniversary of our Kerala office. The team in Kerala has grown into a powerhouse fuelling our growth and innovation. We are incredibly proud of all the accomplishments and look forward to continuing to build on this momentum. #ThrowbackThursday #Innovation #KennedysIQ #Insurtech Kennedys

Join us for Kennedys' upcoming Motor Webinar Wednesday. Ian Davies and Chris Stubbs will share their insights into OIC claim trends, with a focus on lifecycles, medical report delays and the split between the OIC and MoJ portal. 🗓️ Date: October 30, 2024 🕛 Time: 12:30 PM - 1:00 PM GMT Register today to secure your spot: https://lnkd.in/e7AUKjDf

Wonderful week representing Kennedys and Kennedys IQ at the Stevens Institute of Technology across the water from Wall Street for two conferences: The IEEE conf on Computational Intelligence for Engineering and Economics (CIFEr) where Xi (Lisa) L. and I presented our Reserving paper along with our great friends and colleagues at The University of Manchester professors Jian-bo Yang and Dong-Ling Xu. Saw brilliant key notes from Andrei Kirilenko and Shanker Ramamurthy. And then immediately afterwards at the two day CRAFT CENTER fintech conference where Kennedys are industry members amongst US financial institutions. Great to present our language model coverage analysis work with Neil Mody and to spend time with the brilliant researchers, members and Craft team. #fintech #ai #insurtech #quantum Neil Mody Kumar Bhaskaran Paul Lashmet Manisha Singh Johan Bryssinck Thomas Ferguson, PhD Oshani Seneviratne Steve Yang Richard W. Kumar Bhaskaran

We are excited to share that Kennedys IQ is partnering with the Women Empowerment and Human Resource Development Centre in Thiruvananthapuram for their initiative "Empowering tribal youth and women through Anganwadis." Together, our goal is to impact 1500 youth and women across 150 Anganwadis in tribal areas. Our focus areas include digital literacy, community engagement and mentorship. Kennedys Rhian Gait-Parker Bill McLaughlin Richard W. Karim Derrick Michelle Blythe Paulina Nabažaité Renju VM JAYAKUMAR R GTech - Group of Technology companies Technopark Trivandrum KeralaIT #Empowerment #CommunityDevelopment #makeadifference #givingback #innovation

Rhian Gait-Parker and Bill McLaughlin from our leadership team, had a fantastic visit to Kerala, where they connected closely with our people. Their focus was on supporting and empowering our people through one-on-one meetings, featuring engaging technical sessions that helped sharpen skills and enhance knowledge-sharing across the team. And, of course, the bonding activities, like the cricket match, strengthened our team spirit, creating even deeper connections. Special thanks to Tony Joseph, and the rest of the team, for always making us feel welcomed and looked after. We’re excited about what’s next for our team as we continue to grow together! #kerala #kennedysiq #techoparkcriquet Kennedys #innovation