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Contact UsAt Gallagher Bassett, we are committed to investing in technology to enhance claims management outcomes. From using drones to evaluate damage in difficult-to-reach situations to providing our loss adjusters with the latest technology for enhancing on-site assessments, our focus remains on investing in innovation to support our people and clients. Over the past 12 … Continued
The insurance landscape presents unique challenges, but at a time when some insurers are feeling the pressure to optimise operations and grow, there is one often overlooked opportunity to unlock growth. For insurers looking to make the most of their assets, legacy claims portfolios hold significant untapped potential. While there are numerous advantages to closing … Continued
As we pass the one-year anniversaries of the catastrophic floods in Auckland and the impact of Cyclone Gabrielle, it is important to reflect on the unprecedented challenges presented by these different natural disasters. The combined impact of these events has left an indelible mark, with the total cost of damages surpassing any weather event recorded … Continued
In a recent conversation, Steven Walsh, Chief Client Officer and Tim Allan, Operations Manager – Project Management and Loss Adjusting, explore how Gallagher Bassett claims professionals contribute a unique level of understanding and experience to the field of loss adjusting. They also delve into the technological advances that not only differentiate Gallagher Bassett but also … Continued
The shift in the New Zealand business landscape, marked by the bold legislative step taken in 2021 to mandate ESG reporting for some large financial market participants, saw a prioritising and necessary re-evaluation of business practices. This greater focus on ESG has resulted in some impressive initiatives and practices for businesses holistically, and insurers have … Continued
Technological innovation continues to support the industry to refine operations and facilitate smarter decision-making. Yet, to harness the full potential of these advancements, underwriting agencies must discern which tools and features align with their unique business needs. In this article, we explore the expanding role of technology for risk mitigation and share insights into the … Continued
To remain competitive in group life and health, insurers are taking pragmatic approaches to navigating this complex book of business. Committed to delivering quality coverage and service, insurers are working with strategic partners to drive new product offerings, as well as operational excellence and a fully compliant governance program. With expert insights in refining your … Continued
As technology and innovation continue to shape customer interactions, it’s easy to get swept away by the latest trends and tools. Yet, amidst all the advancements, the foundation of exceptional customer service lies in revisiting the brilliant basics at every stage of innovation. For insurers navigating the complexities of risk management and coverage, ensuring that … Continued
With the end of the year in sight, insurers are already gearing up for the challenges and opportunities that lie ahead in 2024. This year has proven to be a turbulent one, marked by inflationary pressures and severe weather events, resulting in a number of challenges for the industry. From executive directors to customers, the … Continued
In the dynamic insurance landscape, the transformative power of digital innovation is no longer a mystery. As businesses embrace technology to reshape their operations, the key lies in identifying the right tools that align with your business goals. In this article, we delve into the essential criteria for effective claims management technologies and provide insights … Continued
This year has marked a turbulent journey for New Zealand, as it grapples with severe weather events, inflationary pressures, and now the unfolding recession. These factors have cascaded to impact not only customers who have been affected by these events, but also the insurer’s team of internal and external providers that has been vested with … Continued
The New Zealand Underwriting Agencies Council (NZUAC) was first established in February 2020 and has been dedicated to supporting underwriters and facilitating consolidated representation within the insurance marketplace. Gallagher Bassett has a longstanding global partnership with UAC and as we mark three and a half years since its creation in New Zealand, our Chief Client … Continued
Attracting and retaining top talent has become increasingly difficult in this fiercely competitive landscape. Understanding the complexities of the talent crunch and knowing how to offer effective solutions to help navigate this difficult time will be the key to building a resilient workforce and ultimately, coming out on top. Read on as we set out … Continued
The insurance landscape is rapidly evolving as technological advancements drive operational performance improvements for those who adopt them. Recent years have seen emerging technologies revolutionise ways of working amongst businesses, allowing insurers to streamline claims processes, make better decisions more consistently, and ultimately deliver superior outcomes. Joe Powell, Senior Vice President – Gallagher Bassett North … Continued
In today’s inflation-filled world, cost containment is a top priority for insurance companies. The high costs of claims, increasing regulatory requirements, and rising competition have put pressure on insurers to find ways to reduce expenses and improve efficiency. Working with the right partner, enhancing the speed of reinstatement, and managing pricing strategies are three key … Continued
The insurance industry plays a critical role in our economy by providing financial protection and risk management for individuals and businesses. However, the industry also faces many challenges, from managing the supply chain to setting expectations and meeting customer needs. Kelly Spratt has joined Gallagher Bassett (GB) New Zealand as the new National Supply Chain … Continued
The evolution of the insurance industry has fostered a recent recalibration of customer expectations. Once again, insurers are propelled into another phase of adapting to changing customer needs. While many insurers implement a robust customer-first strategy, the recurring challenge associated with a client base with ever-evolving ways of thinking places insurers in a constant state … Continued
The start to 2023 was a rocky one for New Zealand, as two catastrophic events hit within weeks. Cyclone Gabrielle and extreme flooding impacted tens of thousands of homes and businesses. Nation-wide, the multi-disaster weather catastrophe left insurers with a near insurmountable number of claims, as the community sought immediate relief. The unpredictable nature of … Continued
The insurance industry has entered the next stage of the digital transformation and with technology trends tipped to be one of the biggest topics in 2023, it’s important to know what this means for insurers. GB’s international expert and Operational Excellence Program Director, Paula Creedy, sat down to offer insights into all thing’s insurance – … Continued
The world has experienced significant changes since 2020, many of which will be permanent. The insurance industry has certainly felt these changes and will need to transform in order to adapt to today’s new world in what will be the great reset. There has never been a better time to re-evaluate and reshape your business … Continued
At the end of 2022, we surveyed our readers and asked questions about top industry challenges, biggest opportunities, and areas where they wanted to learn more. The results of the survey show some key themes and priorities for Gallagher Bassett in 2023. Steven Walsh, Chief Client Officer – Gallagher Bassett New Zealand, sat down to … Continued
The lead into the festive season can be a demanding time for both employers and employees, as many prepare to close for Christmas and New Year. For insurers, the act of balancing an increased volume of claims, tight deadlines, disjointed staff availability, and other seasonal business complications is a potentially stressful mix that can quickly … Continued
The travel industry is expected to return to pre-pandemic levels in 2023. Airline prices may have increased but after two years of itchy feet, millions are planning to fly regardless of the cost. The travel and tourism industry’s GDP will reach $8.35 trillion this year and is expected to hit $9.6 trillion in 2023. We … Continued
The EQCover residential building cap and associated premium (levy) changed from 1 October 2022, with the maximum amount of cover available for new or renewing residential home policies increasing from $150,000 + GST to $300,000 + GST. This is known as the EQCover building cap. The building cap increase means EQCover will provide cover up … Continued
Last month, we celebrated five years since Gallagher Bassett Australia’s official commencement as global provider of risk and claims management services for Insurance and Care (icare) HBCF in NSW. In partnership with icare, we’ve been providing superior claims assessment, management and payment services on all HBCF claims. Since our partnership began, we’ve been delivering the … Continued
Since the start of the pandemic, companies all over the world have had to deal with many hurdles, and one of the biggest we face today is inflation. For the first time in at least a decade, inflation has become the number one short-term consideration around the world. No one knows how long the current … Continued
On paper, the concept of ‘quiet quitting’ is reasonable in that subscribers will still execute their paid responsibilities. But the more people pull back, which is exacerbated when people feel disempowered by their employers, are executing tasks outside their skill set or interests, or during prolonged periods of pressure in an under-resourced team, the more … Continued
As we head into summer, it is less a question of if we will encounter a severe weather event, but when. It is therefore imperative for insurers to be preparing now for this eventuality. The surge season ahead of us is unlikely to be an easy one, compounded by existing challenges related to talent retention … Continued
Loss Development factors are variables influencing the difference between an insurer’s initial estimate of the value of a loss and the actual value of the loss as the claim closes and payment is made. There are an infinite number of factors influencing loss development. Three prominent factors are: Inflation in the consumer price index during … Continued
The Underwriting Agencies Council (UAC), which has represented the interests of underwriting agencies in Australia for many years, recently expanded to New Zealand. As a long-time member and supporter, Gallagher Bassett sat down with New Zealand UAC’s Executive Director, Nigel Edmiston, to discuss his views on the future of the industry and how New Zealand … Continued
The recent and ongoing spate of weather events and storms in New Zealand has led to a corresponding surge in insurance claims, far in excess of the anticipated BAU claims volumes that insurance carriers would not have anticipated for the whole of the year, let alone at this stage. This brings the challenges of how … Continued
We understand that insurers have been on their toes for years, trying to stay ahead of the ongoing and increasing challenges, from new technologies to changes in legislation. We’re constantly seeing the environmental impact of natural disasters on our industry with risk-based premiums, changes in cover options, effects of climate change and natural disasters posing … Continued
The COVID-19 pandemic has brought unprecedented changes to business operations and industry standards. Many have turned to partner sourcing as an essential strategy for improving operational efficiencies, developing talent, and unlocking growth potential to stay afloat. As these changes continue to influence trends that sweep the globe, business operations, both locally in New Zealand … Continued
Third Party Claims Administrators (TPAs) help insurers, government, corporations, and self-insured companies reduce their Total Cost of Risk (TCOR) and secure better outcomes for all involved. Commissioning a specialist team to handle your claims management process can reduce risk and offer a flexible and cost-effective way to respond to a backlog of claims due to … Continued
From adapting to remote working, and the frequent lockdowns of the recent past, complying with evolving Government health regulations, and managing complex mental health issues, we’ve had to redefine what it means to ‘come to work.’ Despite the challenges this market poses for insurers, it also presents a tremendous opportunity to modernise the way businesses … Continued
In New Zealand, the inability to travel has also caused us to rely on more virtual options as we work from our own city. There’s no doubt mediation can be an effective tool for settling claims. However, until recently, online mediation was often discounted in the belief that discourse via video conference was not as … Continued
2021 was a year shaped by a challenging talent crunch, agile and evolving workforce, and cyber threats – with many organisations feeling the flow on effect on their growth and development. So, how do we wrap up the year that was and ensure 2022 is stronger? Here are the three trends we believe will shape … Continued
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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. In my decades of working in insurance in New Zealand, I’ve never seen such a challenging surge season ahead of us. It’s unfortunately been quite the perfect storm, with … Continued
While it was common practice for products to only differ on features and functions, we have seen a clear need for the market to also consider factors such as ease of use, configuration and mobile accessibility. Craig Furness (CF) – Managing Director – Gallagher Bassett New Zealand and Steven Walsh (SW) – Chief Client Officer, Gallagher Bassett New Zealand discuss what insurers should consider when choosing … Continued
As we head into a new season, property insurers must ready themselves for a spike in complex claims that require highly skilled and experienced loss adjusters and claims managers to manage the volatility of claim surges. We know from decades of experience managing these surge events that this spike will likely see a similar rise in operating costs … Continued
As we begin to make our way through recovery, its critical for insurers to address how they can shape an improvement in retention, participation and employment within their own organisations. Starting to address these challenging trends must start at home, as we’ve seen this trend really impact insurers over the past 18 months. Our team has shared three … Continued
Gabrielle Cook, National People and Culture Manager – Gallagher Bassett, talks to how insurers can leverage the talent in their business through use of technology. Everyone in the industry knows that bringing a claim to resolution often relies on timely access to medical care, and for more complex or contentious claims, the court systems. This … Continued
Jon Stambaugh, Senior Vice President – Carrier Practice North America, and Jennifer Cogbill, Vice President of GBCare Advisor Team North America, explore this trend and what it means for insurers. Q: How did the rise of telehealth happen in 2020? Jon: At GB, we saw a 15% increase in telehealth-related medical bills in the first … Continued
Through partnering these two factors, insurers can accelerate the claims lifecycle and see a return on their investment. The many factors that influence a claim’s lifecycle – such as severity, complexity, likelihood for litigation – can be effectively predicted by analytic tools that can then feed into a claim professional’s informed judgement on a file. … Continued
John White, Gallagher Bassett Partnerships Manager, covered a variety of topics and audience questions with Kyle and has recapped his key takeaways below. One of the many wise words Kyle shared with our audience that has really resonated with me was his identification of the critical component that will shape each and every one … Continued
The ‘war for talent’ has become less a battle as it is an ever-present siege to be endured – and as such, calls for longer-term strategies to attract and retain top talent. For an industry focused on mitigating risk, it can be humbling to consider that the one thing positioned to introduce the most risk … Continued
As a reader of Insurer Insights, you get a preview of what Kyle and John will discuss. Make sure you register today to get access to the live webinar on September 7 at 1pm (AEST). John White (JW): Kyle, what do you see as the biggest future challenges facing Australian companies? Kyle Loades (KL): Companies … Continued
In particular, those who are struck by the regular smaller-scale events across the country will benefit from quicker response times and a streamlined service. Gallagher Bassett New Zealand CEO Craig Furness said the model will increase data efficiency and eliminate double handling. “Home insurance policy holders will be able to deal exclusively with their insurer, … Continued
From reducing risk by leveraging specialist expertise, to enhancing profitability during surge periods by having additional people power where and when it’s needed, outsourcing presents a powerful tool. For Steven Walsh, Gallagher Bassett New Zealand’s Chief Client Officer, reliably unlocking the full value of partnered claims solutions calls for creating a unique relationship that respects … Continued
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