If you could give the gifts of greater industry-wide funding to any one claims function, what would it be?
By Phil Gusman
“This is an easy one for me—recruitment and training. Our industry is losing more claims people due to retirement and there aren’t enough young people to take their places. We need to figure out how to attract and train younger professionals to join our industry.”
Jim Abbot,Executive Vice President, Provencher & Company LLC. CLM Fellow since 2009.
“The gifts of funding and industry support for predictive analytics would help insurers spot fraud earlier in the claims cycle, assign claims more effectively based on claim type and a claims professional’s experience, identify subrogation opportunities, and improve accuracy in calculating loss reserves.”
Michael C. Brink, Attorney, Tucker Ellis LLP. CLM Member since 2014.
“The business case for predictive analytics is very strong. Not only should it greatly improve the policyholder’s experience, but also there are internal benefits such as associate engagement and retention. The efficiencies gained through no- or low-touch claims would allow claims professionals the time to focus on more challenging claims.”
Dave McNutt, Senior Vice President, Head of Claims, American Modern. CLM Fellow since 2014.
“My gift would be education on the biopsychosocial treatment model—not just the impact of the whole person on returning to function, or the tools available within that treatment paradigm, but how to implement it. We must reverse our failure to recognize the psychosocial aspect of an injured worker.”
Mark Pew, Senior Vice President, PRIUM. CLM Fellow since 2011.
Percent of workforce expected to be comprised of millennials by 2020.
Source: The Jacobson Group
Year in which George L. Engel proposes the biopsychosocial model in an article published in Science titled, “The Need for a New Medical Model: A Challenge for Biomedicine.”
Percent of insurers using predictive modeling for the purposes of fraud detection in 2016.
Source: SAS, Coalition Against Insurance Fraud
Percent of millennials who have insurance on their career wish lists, behind arts & entertainment (40%), education (36%), technology (36%), and health care (31%).
Source: The Hartford
Percent of commercial lines insurers that plan to use predictive modeling for claims triage over the next two years.
Source: Willis Towers Watson