When 2014 began, it brought with it increasing stress on claims professionals. Claims has always been one of the most important levers for high performance, so when economic, regulatory and consumer demands intensify—like what’s happening right now—the pressure’s on insurers to make a move in the battle for competitive advantage. Now’s not the time for claims professionals to wait and see where the chips land. Winning in claims will require a well-thought-out game plan.
I shared four priorities for insurers in a recent Property Casualty 360º article, but with the pressing need for claims to deliver value, these points are definitely worth repeating.
Let’s start by exploring the first two priorities for claims professionals in 2014:
- Think about the future. Indeed, new technologies have helped lower claims costs and increase customer satisfaction. But, with new technology comes new challenges, namely in implementation. While we can’t see into the future, we can prepare for it. Take the driverless car—this concept has the potential to turn, not just the claims function, but the entire automobile industry upside down. Tomorrow’s insurers will give serious consideration to the implications of disruptive technologies today.
- Think about the workforce. Many insurers have grown accustomed to doing more with less—that includes smaller workforces. While that credo might have served them well years back, many insurers will soon be faced with a stark reality. Too many companies rely on employees who are just five or 10 years from retirement, and as they begin to retire en masse, those insurers will be left trying to attract new claims professionals. And, this new group—well, it isn’t like the Baby Boomers of the past. This new generation of insurers has unique traits and characteristics, which require a whole new way of attracting, developing and retaining them. Some leading P&C insurers have established partnerships with colleges and universities to develop claims talent—proving the point that the time to start thinking about your workforce is now.
Join me next week when I conclude this series by exploring the two other priorities for claims professionals this year.
In the meantime, to learn more, read my recent article in Property Casualty 360º: