Sophisticated analysis compensates for part of the lack of talent in the injury management profession.
Experienced adjusters left their jobs even before the covid-19 pandemic, a trend that has accelerated as injury professionals – like many in other professions – have decided to make career changes, says Adam Wesson, Reading, Massachusetts-based claims manager at Verisk Analytics Inc. : ISO Claims Partners.
“One of the ways to overcome that is by leveraging data,” Wesson said. Predictive analytics is more important than ever to handle claims when experienced handlers are scarce and claims costs are rising, he said.
“Using objective data helps prevent claims from falling between the cracks,”; he said. Inexperienced adjusters may not identify the potential severity of a claim that a model would warn them to address, said Mr. Wesson.
Skip Brechtel, executive vice president and chief information officer at Cannon Cochran Management Services Inc. in Metairie, Louisiana, said its analytics tools help train new hires. “It can help to identify early on whether they have problems reserving or analyzing a claim. It has been very beneficial from that perspective,” he says.
“It will be part of the training for younger adjusters,” said Mr. Brechtel. “They may have missed something, and artificial intelligence captured it. It helps build that knowledge and make them a better adjuster.”