Insurance claims executives must deal with a multitude of issues on a daily basis such as managing large numbers of claims, balancing policy payments
for losses against the company bottom
line; helping adjusters apply policies to
specific losses; and hiring and training the
next generation of claims professionals.
They are in a unique position to see trends
in the claims industry, the impact of legislation on the insurance industry and
identify new risks that are causing claims.
Claims magazine recently interviewed
claims executives to get their assessment
of the industry, what concerns them the
most, how the industry can mitigate some
of these risks, how they are addressing
the talent gap and the opportunities they
see in the future for insurers. Basically,
we wanted to know what keeps them up
at night or at the very least, creates some
concerns for the future.
The executives represented carriers
and organizations in allied industries that
support the claims industry.
•Jennifer Peck, director, claims
relationship management, Aon
•Bill Skapof, head of global corporate & commercial insurance, North
•Constance Woods, Esq., vice president — legal, American Southern
•Kevin Hilyard, vice president,
commercial & farmowner claims,
•Jack Hipp, vice president, North
America claims, Allianz Global
Corporate & Specialty
•Stephen Perrella, executive vice
president, chief claims officer, U.S.,
• Bob Fisher, partner, Clyde & Co.
• Catherine Lyle, claims lead, Coalition
•Margaret Murphy, claims director,
•Rob Howard, chief claims officer,
• Angela MacPhee, partner, Baker Tilly
We asked the executives to identify the
top three risks currently facing claims
executives and insurers. Among the risks
they see impacting the industry are the
talent gap, increasing cyber risks, storms
escalating in number and severity, and
the implementation of new technology.
Peck: The shortage of talent that our
industry faces is significant. It is most
evident in the challenges to fill highly
technical or niche expertise roles such
as marine general adjusters or prop-
erty claims adjusters who can resolve
large, complex losses. An investment in
training and apprenticing new talent for
these roles does not have an immedi-
ate return, making it difficult to justify
despite it being a necessity.
Cyber risk and the impact it has on
our industry are key concerns for claim
executives, insurers as well as our in-sureds/clients. An event is often difficult
to detect and can be catastrophic. Policy
wording is not yet fully fit for purpose,
and insurers are hesitant to set precedent.
In the U.S., as we have seen in other
parts of the world, there is a degree of political uncertainty and unrest that will directly impact the insurance industry. This
not only includes decisions regarding
insurance propositions brought before
the U.S. Congress, but also uncertainty in
the market influencing investment strategies. As an industry, volatility of any sort
creates challenges for us.
Woods: Finding and attracting claims
talent and retaining claims talent. On BI
liability claims, managing what seems to
be the ever-increasing medical build-ups
In the next three years, trends suggest
that self-service features and Artificial
Intelligence (AI)… will be absolutely
necessary to meet the needs of customers in
an evolving and heavily digitized industry.