MacPhee: Despite best intentions, it’s
difficult to capture institutional knowledge, and succession planning is often
difficult to execute. But there are ways to
lessen the blow. The most important solution is to implement robust career training, giving ample time to prepare before
seasoned professionals retire.
Howard: As the old adage goes, “If you
fail to prepare, you are preparing to fail.”
A detailed succession plan is critical.
So is capturing the knowledge and experience of your departing seasoned
leaders. Sometimes the hardest part of a
plan is moving beyond discussions and
transforming ideas into actions; create a
meaningful plan for knowledge transfer
and be deadline driven in executing the
plan. Organizations should also be flexible in customizing succession plans for
individuals based on their development
gaps, and provide opportunities for individuals to practice thinking and reacting
at the next level they must rise to, allowing them to grow.
Tied to the conversation of offsetting the impact of losing experienced
claims professionals, insurers must be
creative and think outside the box in
considering how to engage retiring, or
already retired, employees once they
leave the company.
Hipp: This has been a major concern of
the industry for some time. Today, the
concern is different than it was maybe
10 years ago. Then, the key challenge was
how best to attract new talent to supplement an aging industry workforce. Now,
the key question is how to secure talent
that can immediately contribute to a
much more digitalized world where traditional entry level work may be more
automated, providing less basic learning
opportunities in an increasingly complex
A changing future
Change in the insurance industry is a
given — new risks, new technology,
changing expectations, policy updates
and artificial intelligence and autono-
mous cars are just some of the factors that
will affect insurance coverage and claims
processing. Our experts identified several
areas where they think the industry will
see the greatest amount of change in the
next several years.
Peck: Continued focus on diversity and
efforts to better diversify in our workplaces will lead to further innovation by
engaging different perspectives. It is a
challenge that the insurance claims industry is acutely aware of but has not yet
fully evolved to. We need to work harder
on the ongoing execution of real diversity
initiatives to effect change.
Technology continues to be the trend
that affects every industry and, through
various Insur Tech efforts, influences ours
as well. Automation of claims processes
such as claim intake and triage expedite
the identification of fast track claims
where payments can automatically be issued, or assignment to the right technical
adjuster is system-driven. As a result, the
life cycle of non-complex claims continues to become shortened.
Skapof: The speed and pace at which the
industry operates will change drastically,
as we continue to rely on technology.
Artificial intelligence, for example, will
transform the claims process. Drone and
imaging technology will enable us to assess damage more quickly. Finally, the introduction of new apps will enable us to
file and settle claims more quickly.
Perrella: A number of emerging areas — including, for example, coverage
for cyber, additive manufacturing and
autonomous vehicles — could change
long-established legal norms. However,
the extent and impact that this change
could have on the claims industry is difficult to predict at this time.
Howard: In the next three years, trends
suggest that self-service features and
Artificial Intelligence (AI) in the claims
industry will be absolutely necessary to
meet the needs of customers in an evolving and heavily digitized industry. The
claims profession, at its core, is about
delivering consistent, easy-to-do-busi-ness-with service, and technology will
For more insights on what claims executives are seeing in the industry,
join us at the America's Claims Executive event in Las Vegas, June 24-26.