Failing to adapt will negate talent according to claims experts

Published: November 4, 2019

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Insurance companies and brokers are entering an era where competition for talent will become aggressive. As a large part of the workforce reach retirement age, the race is on to attract young talent into the industry. According to leading claims professionals, there are other concerns facing the market.

Meeting the expectations of policyholders and adapting to changing claims patterns are equally important factors in the future of the claims market.

“When I think about service delivery … my concern is meeting the client’s expectations from a technology perspective,” AXA XL’s Glen Hopkinson said at the Canadian Independent Adjusters’ Association Claims Summit recently.

Claims professionals are often adept at soft skills, according to Hopkinson, but the industry is not adapting quickly enough to changes. For example, policyholders are still receiving claims by cheque despite seismic changes in online transactions.

“In order to gain that, you have to leverage technology….In order to leverage technology, we have to face change management, because we struggle with having to compete with speed and yet not compromise [the] quality [of claims-handling].”

Fellow panelist Becky Cameron of Aon said even if a company has the best people, not adapting to changes in the industry will be hugely damaging.

“No matter how many training programs or mentoring programs we set up, our ability as organizations to consistently deliver those models is a challenge the industry must face,” she said.