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Contact UsThe 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
Partnering with a TPA that already has access to industry-leading technology, talent and an insightful view of regulatory requirements can unlock opportunities your business may otherwise not have been able to realise. When it comes to traditional insurance carriers with on-going/live portfolios, there is more pressure to prioritise the deployment of capital and fuel innovation, … Continued
There is no denying that increasing compliance pressures and numerous (and often frequent) regulatory changes can be some of the biggest challenges faced by the insurance industry. A successful risk and compliance-focused culture and framework, however, can require years of development and numerous resources. Ongoing maintenance is essential; as is ensuring the appointment of a … Continued
Though the response varies in approach and severity for every industry and location, the insurance industry hosted the eyes of the globe as the one to watch – if any industry ought to know how to manage a crisis event, it was insurance. Knowing the need for compassion and care for what their carriers and … Continued
Most insurers have two answers to this question: legacy infrastructure is hamstringing their best intentions and it’s difficult to fund rapid technological innovation. So, how can insurers overcome this? 1. Define what data matters to you In a world of increasingly available information and content, there are plenty of data points insurers can pull on … Continued
1. Unexpected changes to severity and claim frequency Just as the insurer industry adjusted to the spike in workers’ compensation and casualty claims from the COVID-19 pandemic, we started to see changes in the severity of auto, travel, and business interruption claims. As a worrying trend in high-speed, high-impact crashes coincided with economic downturns and … Continued
Why? Because of the prevalence of full time employees who have reported they have experienced symptoms of a mental health condition at work. This means the vast majority of your team has likely come to work experiencing signs and symptoms such as feeling sad or down, confused thinking, reduced ability to concentrate, excessive fears or … Continued
While many underwriters and actuaries are expected to have a crystal ball to help them review new and existing business, we share our advice on critical items to consider. Unfortunately, no such crystal ball exists, but there are a few simple processes we can all follow to make best practice underwriting decisions. 1. A customer-centric … Continued
But the implementation of such insurtech platforms is hamstrung if organisations don’t have the right people and right experience on hand. It should come as no surprise that automated systems and artificial intelligence (AI) are increasingly taking over the workforce. From self-service grocery checkouts to smartbot chat integrations that tempt shoppers with additional items or … Continued
To make matters worse, the inability to source a COVID-19 safe jury and adjust court processes to meet virtual demands has meant the wait for a jury ticket is ever-increasing. Carriers can take back control of this process by engaging in strategic litigation and settlement processes, with our team of experts sharing their top tips. … Continued
As many knowledgeable professionals plan to retire out of the industry, we expect the industry might see up to a 40% shortfall of suitable talent. So, why is this shortfall growing? Simply put, insurance is not trendy or attractive to new recruits. Carriers are unable to draw in new, motivated and ambitious talent who are … Continued
While those of us in the insurance industry believe this isn’t true, we still have significant work ahead of us to overcome this perception and offer trusted, well-received and comprehended policies. The recent Financial Conduct Authority (FCA) case in the United Kingdom brought this issue to light again, with the Court’s comments making it clear … Continued
Based in Singapore, Mr Wong will lead Gallagher Bassett’s expansion of risk and claims solutions across the region and the deployment of tailored client solutions to its existing global, regional and Asia-Pacific clientele. “We are witnessing a rapidly changing world, from market hardening, rising cost of risk, distribution and underwriting, and shifts to employment and … Continued
As we all moved online to claim, assess, and manage our internal and external stakeholders, insurtech providers rapidly shifted to take advantage of our newfound digital dependence. We believe this rapid acceleration has meant insurtech is close to the inevitable saturation limit that comes with major technology adoption. Just like cars, televisions, and computers now … Continued
However, those who have fallen behind and failed to change may be exposed to even more challenges as some regions shift to a hybrid home/office environment. In regions such as Australia and New Zealand, where COVID-19 case numbers are relatively low, many workplaces are returning to an office environment. However, this path has not been … Continued
With talent pools vanishing and quality personnel seeking long-term employment, Gallagher Bassett’s Stacey Williams – Chief Client Officer, Australia – explains how carriers can overcome these challenges to deliver better claims outcomes and talent retention. Over the many years Gallagher Bassett has provided claims management, we’ve learnt a few things about how to handle the … Continued
It’s critical carriers understand the true cost of claims, so they retain customers, lower expenses, and make processes fit for purpose. heading We now operate in a highly competitive market with only a few, very narrow, differentiators between insurers: claims handling, reputation, and process. We know the claim department and its services are the heartbeat … Continued
This phenomenon is casting a heavy influence on many outcomes and costs across the global carrier industry and has no easy solution. While the factors that contribute to Social Inflation (SI) are certainly not new, the true impact of the SI cycle is not well understood by many in the industry. So, let’s start at … Continued
The Supreme Court of the United Kingdom recently ruled in favour of policyholders required to close as a result of government lockdowns, with costly and wide-reaching ramifications likely for the carrier industry. We knew early in the pandemic that the fallout of COVID-19 would cause considerable change in claims trends and risk exposure in the … Continued
“Mother nature doesn’t care about COVID”, said Winsbury. “It’s never ending, and it never stops.” “We’ve seen a variety of insurable events – catastrophes, weather events, travel interruptions, volcanic eruptions, fuel contamination events, recessions, even the collapse of major insurers. “And we’re seeing rising insurance costs due to the ever-increasing footprint of us as humans. … Continued
In November, our Chief Executive Officer- North America, Mike Hessling, led the latest webinar in our Opportunities and Outcomes series, ‘Innovate to Meet Evolving Customer Expectations and Deliver Improved Outcomes.’ Along with our Carrier Practice Leadership team, he shared his thoughts on how carriers can improve the client experience while taking control of the total … Continued
Scott Newland, General Manager – Government and Long-Tail Claims, has worked through many of these severe weather events and shared his top tips for carriers. Q) What do we typically see during a La Niña or El Niño event? Scott Newland (SN) Typically for an El Niño we see an increased risk for widespread, damaging … Continued
Here are our top tips for performing in a challenging, changing and virtual insurance landscape. Put a face to the name Virtual does not have to mean you lose the chance to connect with your team and customers. Many workplace cultures were shaken by the rapid shift to working from home and both new starters … Continued
One of the bigger challenges in legacy system infrastructure is that it is often crafted to solve a specific set of parameters relevant – and restricted – to a moment in time. The result of this often means a lack of support as the businesses evolves away from the requirements the package was initially developed … Continued
Mr Hessling is North America’s Chief Executive Officer for the global provider of risk and claims management services after being appointed to the role in February this year from Chief Client Officer, and has been a driving force behind the company’s burgeoning Carrier Practice, focused on the unique needs of serving carrier clients with outsourced … Continued
So, how will this fast-tracked movement towards digitization impact the industry? Here are three key trends we expect to see expand into 2021: 1.Increased Transparency Given the way technology has led to mass innovation across a variety of industries, it’s now giving providers a chance to specialise and provide more tailored niche service solutions. As … Continued
While there have been many major events across the decades, there has never been a year like 2020 – with a major bushfire season, storm events and now a global pandemic. The buzz word of 2020 is unprecedented, yet this sentiment holds true. This year every business has been racing to adapt to the latest … Continued
The Health Hurdle Operating a commercial enterprise in the midst of a global health pandemic has forced businesses to closely consider their practical health operations from guidelines to strictly enforced rules. This comes into play in managing our own workplaces – offsetting risk and reward with a greater emphasis on the role of our people … Continued
Over the course of the study, the top 20 per cent of insurers generated an annual average profit of $764 million, compared to just $26 million for the middle 60 per cent. After four years of observing the haves and the have nots, the McKinsey team identified five key ‘moves’ for insurance carriers wanting to … Continued
Increased business outcomes and competitive advantage The customer experience can have a direct impact on your bottom line, with unhappy customers increasing administrative burden and ultimately ‘voting with their feet’ by departing in search of another provider. With the resourcing capacity for everything from introducing new products to managing a surge in claims, third-party administrator … Continued
Earlier this year, we had the opportunity to put questions to the global leaders of Gallagher Bassett, capturing their thoughts on the challenges – and tactical solutions – facing the insurance industry. Our panel consists of: Pete Diskin – Chief Client Officer, United Kingdom Jon Winsbury – Executive Vice President, Gb International, Australia Michael Hessling, … Continued