Gallagher Bassett’s UK chief executive, Simon Pemberton, and chief client officer, John Fearn, assess the challenges being faced in the insurance industry today and how to best combat them
As global trends continue to reshape the UK, insurers face an unpredictable climate - one where old challenges are amplified. Ongoing uncertainties impact resilience, business productivity, growth and expansion.
Here is Gallagher Bassett’s advice on how best to tackle macroeconomic fluctuations that are impacting the insurance sector.
Addressing increasing expectations of insureds and keeping pace with industry demands
As client demands rise, mismanagement can occur, contributing to internal frustrations, a strain on resources, decreased productivity and a lack of transparency that radiates into customer dissatisfaction.
There is significant value in engaging a strategic claims management partner that is well versed in the insurer marketplace and can help these firms to increase their productivity, streamline operations, bolster staff satisfaction and also improve customers’ experience in these turbulent times.
Utilising a partnered claims solution will leverage the efficiency of proprietary systems, people and processes to deliver a consistent, beneficial experience, with the third party’s claims management team feeling like a natural extension of the insurer’s team.
Covering brand bases with responsive and reliable customer service
The level of service and expertise clients receive reflects the performance and reputation of the insurer, which is why it is important to align with a third party administrator (TPA) that has the industry know-how to identify and rectify issues before they arise.
Claims management professionals understand that the claims experience is the fulfilment of insurers’ promise to their insureds. Therefore, these experts will seamlessly exhibit the culture, values and standards of the insurer’s organisation in their work.
Commissioning a specialist team to handle segments of the claims process can reduce risk, while also offering a flexible and cost effective way to respond to peak and valley periods of demand.
Accessing top talent exactly when you need it
People are an organisation’s strength - all businesses need the best talent to drive the best outcomes for their clients.
This is not just about attracting top talent, but also developing and retaining talent the business already has for fulfilling careers in claims management.
Prioritising people development so they become cross-functional experts with deep technical expertise across all lines will give insurers the know-how to deliver superior claims management outcomes.
Centralise and manage data impacting the total cost of risk
Establishing and maintaining the IT infrastructure supporting a business is an expensive and time-consuming investment.
While technology can accelerate the claims lifecycle by providing real-time data and streamlined operational efficiencies, partnering with a TPA can provide strategic insight behind this data, helping insurers to successfully leverage superior outcomes.
The right partner will personalise their use of innovative technology and analytics to fit insurers’ needs and the demands of insureds.
All insights produced by analytic and decision support tools should be delivered with efficiency to ensure that relevant trend-based opportunities can be capitalised on.