In my previous post, I talked about the importance of a digitally-enabled claims workforce for improved decision-making on the front lines and for a truly customer-centric business. Next we’ll talk about three capabilities insurers need to pursue as they re-examine their workforce.
The traditional claims function of today runs a large, fixed-cost, commoditized and task-oriented workforce—one that is not likely to be sustainable in an increasingly competitive, digitized and customer-led market. Yet, in a recent CII skills survey, nearly 60 percent of respondents suggested that a gap existed between their current capabilities and the technical capabilities they urgently need.
How to bridge that skills gap is a question insurers should be asking themselves. If they don’t, they risk falling behind their competitors and inviting heightened regulatory scrutiny.
One way to tackle the problem is to completely rethink the role of the claims workforce.
Insurers need to build a smaller, but highly capable, agile and technology savvy team of claims professionals who can:
- Solve problems, create solutions and make decisions, adjusting the loss for a customer at the least cost to the insurer.
- Provide differentiated customer service by applying critical judgment at all stages of the claims process.
- Drive innovation and enable continuous bottom-up change by being agile and flexible to business and customer requirements.
In an increasingly digital business environment, reinventing the claims workforce with an entirely different mix of skills will be the key to gaining a competitive advantage.
In my next post, I’ll examine how insurers can take a more strategic view of the claims workforce.
To learn more, read our latest thinking on Claims Workforce.