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LV= General Insurance appoints new salvage supplier to help fuel sustainability

LV= General Insurance (LV= GI) has entered into a new agreement with SYNETIQ, the UK’s leading vehicle salvage, dismantling and recycling specialist, which will see the insurer’s bodyshop network increase the number of green parts used to repair vehicles.

 

LV= General Insurance appoints new salvage supplier to help fuel sustainability p
Rafael Ben-Ari/Shutterstock.com

The deal is a major change for LV= GI and will help the insurer achieve its sustainability goals of reducing the environmental impact of its operations. LV= GI now powers its offices with 100% renewable electricity and is working to cut greenhouse gas emissions, paper and water use as well as become net zero.

Motor recycling in action

Vehicle components such as doors, lights, body panels, and major mechanical part are removed and recycled for other use by SYNETIQ.

Working with the salvage provider, LV=’s bodyshops will now have access to these parts through an online portal developed with Allianz, which will help significantly increase the availability of green parts for customers. In 2021, LV= kickstarted a pilot with SYNETIQ using over 500 green parts and cut CO2 use by over 19,500kg – the equivalent of charging more than two million smartphones.

Other sustainable activities include the recycling of catalytic converters and alloy wheels, collection of engine oil, brake fluid, and antifreeze for reuse, and transforming tyres into clean rubber crumb which can be used to make a hard-wearing surface for driveways and playgrounds.

Driving electric

In addition to having a strong track record in successfully recycling over 96% of vehicles which can be dismantled, the salvage provider also has experience in recycling electric vehicle (EV) batteries. With LV= GI being one of the largest insurers of electric cars in the UK, SYNETIQ’s expertise in this area provides an additional benefit to the new partnership.

LV= GI has recently committed to upskilling its bodyshop employees by supporting 30 new apprenticeships to learn new skills – which includes crucial training on handling EV batteries – and SYNETIQ’s experience with batteries will further help with their development. In addition, the salvage provider is creating a bespoke, dedicated, seven-acre electric car facility and investing in training in its own people.

Martin Milliner, Claims Director at LV= General Insurance comments: 

“Our new partnership will significantly help with our sustainability and environmental goals and ambitions, as we want to service all types of cars and have the availability of different green parts to support this. Accessing green parts in the supply chain hasn’t always been easy and this will benefit our bodyshops and our customers who want to choose these parts. It’s also great to see investment across the industry in electric vehicles and upskilling mechanics for the future, which will help us service the increasing number of EVs on Britain’s roads.”

Tom Rumboll, CEO of SYNETIQ, says: 

“We are delighted to have been awarded the LV= business after going through such a robust and well-executed tender process. We passionately believe SYNETIQ are the right integrated salvage partner for LV=, with our joint focus on customers and sustainability being key priorities. We look forward to seeing the relationship go from strength to strength.”

Source www.lv.com

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Owain Griffiths

Owain Griffiths

Head of Circular Economy at Volvo Cars

Owain joined Volvo Cars in June 2021 to lead Circular Economy in the Global Sustainability Team. The company has committed to being a circular business by 2040 and has financial, recycled content and CO2 based targets for 2025, all of which Owain is working across the company to make happen. Owain previously worked for circular economy consultancy Oakdene Hollins where he advised businesses on evidence led circular economy implementation. 

Turning into a circular business and the importance of vehicle reuse and recycling.

The presentation will cover the work Volvo Cars is doing to achieve 2025 but mainly focus on the transformational work towards 2040 and the business and value chain changes being considered. Attention will be paid to the way vehicles are being dealt with at the end of life and the complexities of closing material and component loops. Opportunities and challenges which Volvo Cars is facing will be presented including engagement with 3rd parties and increasing pressure from stakeholders.

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e2e Total Loss Vehicle Management [e2e] is the UK’s only salvage and automotive recycling network with nationwide, environmentally compliant sites delivering performance resilience and service reliability to the insurance and fleet markets.  The network’s online salvage auction www.salvagemarket.co.uk drives strong salvage resale values and faster sales.  e2e’s salvage clients have access to the network’s stocks of over 5 million quality graded, warranty assured reclaimed parts. 

The power of the network model means e2e has the ability to influence industry standards and is committed to continually raising the bar whilst redefining the role and perceived value of the salvage operator.  Network members adhere to robust service level agreements, against which they are audited, in order to ensure performance consistency and a market leading customer experience.  

The salvage and recycling operating environment is evolving rapidly, and e2e is anticipating, listening and responding to changing market needs.  Regulatory compliance, ESG, reclaimed parts, customer experience, EVs, new vehicle technologies, data and reputation risk are just some of many considerations linked to the procurement of salvage services.  e2e will drive further added value to clients and members through the adoption and application of emerging technologies, continuing to differentiate its proposition and position salvage services as a professional partnership. 

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