The past few weeks have seen adverse weather hit the UK, and floods pose unique challenges, demanding insurers tailor response plans specifically for these scenarios. As the UK continues to face adverse and extreme weather conditions, there emerges a crucial opportunity for insurers to glean valuable lessons and refine their response plans. We know that those with a robust storm surge support plan will be the ones to come out ahead when the next event hits.
Our expert team is monitoring the current situation to prepare for any situation. Here, we bring you five expert tips to prepare insurers to navigate the challenges that may lie ahead. From the recruitment of seasoned claims professionals capable of handling the complexities of CAT events, to a focus on efficient processes, each step is crucial for thriving in the aftermath of flood events.
- Evaluate your team expertise
Assess the ratio of truly qualified claims professionals to standard adjusters in your team. It’s crucial to have experienced individuals capable of handling complex exposures such as wind, water, fire, and general catastrophe losses. Building a team with the right expertise is paramount for surviving surge events and positively impacting your bottom line. Consider outsourcing to a third-party claims management partner to bolster your team with experienced claims professionals, mitigating challenges in talent acquisition and retention.
- Establish efficient processes and transparent communication
Conduct a comprehensive review of your plans and processes to ensure efficiency and effectiveness. Regular testing, evaluation, and adaptation of these plans are crucial for identifying any weaknesses or areas for improvement. Additionally, assess your claims management technology to ensure it can handle the increased workload. Consider upgrading your technology or partnering with a claims partner that provides access to advanced data analytics programs and technology. Employ robust data analytics to fine-tune and optimise the claims management process, especially one at scale. However, while technology is a valuable tool, human contact, especially in the aftermath of a disaster such as the floods when empathetic, transparent and supportive communication is key, remains crucial for customer satisfaction.
- Learn from experience
Develop a tried and tested surge plan with a list of vetted experts and vendors. Continuously refine the plan based on years of experience and adjust it to meet evolving demands and claimant expectations. Ensure that your surge plan is supported by predictive data analytics, enabling you to proactively respond to changing demands during surge seasons.
- Confirm a dedicated management team
Make sure you have retained a dedicated catastrophe or crisis management team, who has proven capability across technical expertise, scalability and the rapid deployment of operational teams. These factors are critical to whether your business sinks or swims during, and after, a surge event. Pre-event training needs to be supported by a highly experienced team of catastrophe claim experts, with the ability to outsource and scale your business at short notice. This focus should mitigate additional pressure on your business by providing the following:
- Pre trained Event resources
- Deployment of designated Event call centre response
- Establishment of dedicated Claims response teams
- Management of portfolio specific tranches
- Invest in Technology and Expert Guidance
Collaborate with experienced partners, like Gallagher Bassett, to guide your company through and beyond surge season. Leverage advanced technology and data analytics programs to handle increased claims efficiently. Investing in the right tools and partnering with a TPA can ensure that your resources are well-equipped to meet the demands of surge seasons.
The Gallagher Bassett Technical team is on hand to assist when CAT events hit, from our Frontline Teams to our Adjusting and Property Repair Teams, the Gallagher Bassett Technical team has the expert solutions to support you and your customers, including:
- Field Loss Adjusting – a team of technical, experienced loss adjusters on hand to help those affected.
- Property Repair Network – experienced, project managed property reinstatement team ready to fast track repair solutions where they’re needed most.
- Burst Resourcing – expert claims handlers supplementing surge capacity as and when needed.
Here at Gallagher Bassett, our team are dedicated and experienced claims professionals who have chosen to make managing claims their career. We have a team of surge specialists ready to work with you to review your plans, resources and support you in delivering superior customer service. With technical experts, claims adjusters and team leaders, whenever your business pivots, you can trust that we have the support for you. Learn more about how our GB carrier practice team can help you by exploring our CAT surge response services.
