Listening and learning from others is crucial to improving oneself in all endeavors. This is especially true when handling property insurance claims where the claims techniques change with technical changes, new laws and claims management values that vary greatly between property insurance companies. In preparation for my forthcoming presentation of the Windstorm Network Conference, Why can we not just agree? Different views on the modern claims process between policyholders and representatives of the insurance industry I spoke last week with three experienced claims settlers about our panel presentation, which will take place on January 26, 2022, at Windstorm Conference 2022.
Topics we will discuss are important and will include:
- How computerization and artificial intelligence affect claims management
- Delay in damages
- Insurance fraud
- How claims managers work to ensure effective claims and fair proceedings, Pro 1
- The need for changes in laws and regulations regarding property insurance and claims management
- What public agents and policyholders' lawyers slow Claims payments
- What are common claims? problems with restoration contractors
These are "elephants in t. he room" topics that many just want to hear from their point of view. Facing the reality of how one's role and actions can be improved and not already perfect is difficult for many to grasp. But facing reality and what it means about future plans and actions is often more difficult than pretending. My hope is that our audience will be better in whatever role they play in the insurance claims industry from this panel presentation. This is not going to be a boring lecture by a lawyer talking to insurance adjusters about the law. Nor will there be a debate looking for a winner or trying to embarrass anyone or any entity, which seems to be the goal at some other conferences.
My fellow panelists are
Doug Branham  Doug Branham is the founder and CEO of Colonial Claims. Doug has been in the P&C and Flood adjustment industry for over 40 years. He has worked and monitored over 500,000 flood losses through more than 130 hurricanes and tropical storms. He also has extensive experience in Wind, Wildfire and General Liability claims and other major damage events such as the Exxon Valdez oil spill.
In 1982, Doug founded Colonial Claims and has since grown the company by focusing on personal customer service. , accuracy and efficiency through technology. Since then, Colonial Claims has handled over $ 46 billion in damages from single and multiple disaster missions.
James L. Kelly, Jr.
James L. Kelly, Jr. ("Jim") was Vice President and Chief Coverage Director of Chubb North American Claims in Wilmington, Delaware. While working at Chubb, he was responsible for handling major commercial and personal real estate disputes involving Chubb affiliates. He also provided coverage and adjustment advice on high exposure claims involving commercial property and marine insurance. Mr. Kelly also served as Assistant General Counsel in the Corporate Litigation Department at ACE USA. Prior to joining ACE in 2009, Jim worked as Managing Counsel for the First Party Property Coverage Unit in the Legal Department of Travelers Insurance Company from 2001-2008. His unit provided coverage advice to property claims adjusters on a variety of issues and handled first-party property litigation on a global level. Jim also served as a class action lawyer for non-contractual claims in the tort law department at St. Paul Fire & Marine Insurance Company for eight years. Mr. Kelly came to St. Paul 1993 after practicing law in the Washington D.C. metropolitan area for 10 years and concentrating on insurance defense and litigation litigation. He is hired to practice law in Maryland and Washington DC. Mr. Kelly is a graduate of LaSalle University (BA), Philadelphia and the Catholic University of America (JD), Washington, DC. Jim retired in June 2021 and now lives in Bethany Beach, Delaware.
Scott Smith is the head of P&C Operations at Colonial Claims. Scott holds a B.S. in political science and has over 30 years of experience in property claims that include both carriers and independent claims settlement. Scott has held both field adjustment and management roles during his career for the past 17 years as Senior Claims Manager with only two independent companies.
Scott has a passion for claims and believes he helps the policyholder with their claims while interpreting the insurance correctly is crucial for the settlement of all claims. Scott attributes his early success to the training he received as a new staff adjuster and now as a manager oversees a new adjustment training program, teaches with recorded modules and conducts virtual training with adjusters on a regular basis. Scott is convinced that all adaptation begins with the policy and the basic understanding, so every training session includes the policy foundations.
Regarding artificial intelligence and the role that technology will play in the field of insurance claims, I came across a McKinsey and Company article showing a significant change in claims handling. It listed some experts with quotes about these:
Alex Singla: I think there will be automatic payments. So before you even file a claim, the insurer will have a perspective on what the incident was, what the damages were. And you'll get a check – or not even a check, a direct deposit – right when the incident occurs. The customer often does not need to talk to anyone. It will be much, much more self-service oriented.
Michael Müssig: We will also have many new digital channels, which will have a much smoother, much faster process for the consumer. He or she will have much more transparency. He or she will always know, "What is the status of my claim?" He or she can always contact the insurer whenever he or she wants, in whatever way and channel he or she wants.
Another important part is prevention. I think it will be a big focus over the next five to ten years for insurance because it's obviously the best claim that does not occur at all. So it will be a big focus, and it will change. We will have sensors that will in principle notify the consumer before the water leak occurs.
Although all of this can happen, each of the claims handlers discussed with me the need for the "human touch." One of the discussions we had was the opportunity for the insurance claims community to attract and train new claims settlers. This is a real problem in the insurance claims industry. McKinsey & Company briefly addressed the issue on its website:
Elizabeth Larrea Tamayo: I think one of the more fundamental changes in the claims organization will actually be the role of claims manager. There are three stages, in my opinion, in that role development. The first is what I call the "firefighter", the second step is the trainer and the third step is the integrator. I think many organizations are on that journey. But those who will truly succeed in fulfilling the ambition of the 2030 mission will be those who can make that transition from firefighter to integrator over the next five years or so. In order to provide a better customer experience, a human touch, they will be able to integrate technology into their non-daily but almost minute-to-minute interactions. And it's not an easy thing to develop, so I think there's a challenge that can feel a little counterintuitive: that in a more technological age, the human element will become even more important.
Michael Müssig: I think the next critical step is that the insurance companies are starting to think about their HR strategy and their personnel strategy, and it is not just the HR thing. If it is important for my business, I as CCO [chief claims officer] must have a view on it. HR is my business partner to help me get there, but I basically need to weigh in and have a clear strategy for which people I need. And it's a combination of recruiting and building skills internally.
Deniz Cultu: For many of the new generation of employees, it's really about working somewhere where they can help others – where there is a purpose to what they do – Important . It can offer insurance careers. You are helping people in their greatest need.
Set up plans to join professionals at the Windstorm Conference in Orlando on January 24-27. Here is the event link: https://www.eventscribe.net/2022/WIND/
Thought For The Day
Live as if you were going to die tomorrow. Learn to Live Forever.