From record-breaking floods to significant snowfall, UK insurers have weathered a lot already, and with winter on the way there is not much light in sight.
With the next catastrophic event possibly around the corner, it’s critical insurers have an adequate, flexible and effective team on their side to manage claimant demands.
The surge season ahead of us is unlikely to be an easy one, with issues surrounding talent retention and recruitment, and claimant demands and needs skyrocketing, there is a perfect storm brewing. Add in an evolving climate and legislative changes, and insurers certainly have their work cut out for them this winter.
At GB, we’ve been closely monitoring these trends to make sure we can support insurers and claimants through this challenging time. It’s clear that property and motor claims will spike in coming months, with business interruption following closely. Resolution of these claims will likely be delayed due to supply chain disruptions and sheer volume, causing a flow on effect for claimant satisfaction and insurer’s reputations. But, it’s not all storm and gloom for insurers, with two key actions you can take now to be prepared:
1. Test your catastrophe plan
A plan is only as good as the day it gets put to the test, but once disaster strikes it can be too late to make any required changes if a plan doesn’t work. This often leads to teams making spontaneous, uninformed decisions that can have far-reaching ramifications. It’s critical that your business’s catastrophe plan has been tested, evaluated and adapted to meet what risks you and your policy holders are likely to face. This test must include a thorough review and understanding of your Supply Chain’s CAT plans and this not just be a paper-based exercise – test and verify through discussion and site visits if required.
2. Evaluate your resourcing
It’s been a challenging year for talent acquisition and retention, but even if your team is adequately resourced, the ongoing pressure of the pandemic means many may be struggling with physical and mental burnout. Make sure your business has an up-to-date measurement of the cultural pulse, and can identify where particular teams may need additional support during surge season. This doesn’t necessarily mean you need to go out and try to recruit in this tough market, but you might need to consider how partnerships, technology and other supports could help you alleviate some of the pressure.
Whether it’s testing your catastrophe plan, managing claimant communications and assessments, resolving files or providing data insights on how your book is performing – partnering with a TPA like Gallagher Bassett can see you access a range of Catastrophic Claims solutions to bolster your existing capability.
Our solutions are supported by dedicated, experienced claims professionals who have chosen to make managing claims their career. With technical experts, claims adjusters and team leaders on our team, whenever your business needs to pivot you can trust that we have a support for you. We have a dedicated team of Surge specialists who can work with you to review your plans and those of your suppliers and a dedicated team of cross-class claims specialists who work predominantly in the surge space and understand the pressures and nuances involved.
If you’re looking for a way through surge season, GB can support you by:
- Enhancing your catastrophic planning
- Assist in reducing claim backlogs from past events
- Manage first notification of loss, further information requests or claims reviews
- Help insurers maintain a fixed headcount to more effectively control costs
- Control claims costs and leakage
- Deliver excellent customer service
- Rapidly scale to respond to your claimant’s needs.
Connect with me today to find out how we can help.
