Survey: Retaining Talent a Top Priority for 76% of Claims Officers

Friday, August 21, 2015 | 0

A survey of U.S. property and casualty insurer claims officers shows that 76% say attracting and retaining top talent is their primary business challenge, Towers Watson said Thursday.

"As analytics and new technologies become more central to effective claim operations, traditional talent needs will broaden to reflect new priorities,” stated Frank Ramsay, Towers Watson's North American claim practice lead. "Claim supervisors who understand how to leverage analytics and utilize consumer-friendly technologies will generate greater value for their claim departments. The ones who grasp both technology and talent will be best equipped for managing claim adjudication.”

Towers Watson said 72% of claim officers cited effective implementation of data capture, metrics and analytics as a priority, while 66% said they were concerned about expense management as a pressing business issue.

"Survey participants indicated they’re clearly aware claim data capture and technology infrastructure are significant approaches to achieving better claim results and customer service; in fact, 44% ranked these two areas the first- or second-most important means to achieve these outcomes," Ramsay said.

According to Towers Watson, 83% of respondents said they expect to address their industry challenges by employing better metrics and analytics, and 69% expect a renewed focus on proactive claim handling and effective supervision.

Despite recognizing that claim analytics offers a sizable opportunity, insurers ranked it the least significant of five choices when considering future enhancements to claim organizations in achieving better claim outcomes and customer service.

The survey was the 10th installment of Towers Watson’s P&C Claim Officer Survey, with 29 claims officers participating from March 31 to May 6.