Claims management firms are stepping up their game in the insurance industry. Traditionally, these companies reacted to claims as they came in. Now, they are taking a more proactive approach to help clients prevent risks before they happen. This shift comes as global risks become more complicated and interconnected.
Mike Hessling, CEO of Gallagher Bassett in North America, sees this change picking up speed. He mentioned that the company is expanding its focus to include areas like risk prevention and protection. They are looking for ways to help clients avoid loss altogether.
Andrew Bart, CEO of Crawford International Operations, agrees with this new direction. His company is investing in innovation and flexibility to manage the growing challenges in claims. Bart highlighted their use of artificial intelligence to improve their services and efficiency.
One notable trend in the claims industry is the rise of pre-loss services. These services help clients identify and mitigate potential risks before they occur. Gallagher Bassett is particularly focusing on this area, especially in industries like construction. They are known for their expertise in workers’ compensation and liability but are now branching out into healthcare, marine, and cyber liability.
Hessling explained that they have dedicated teams working in the construction sector, providing on-site safety management. They also have specialists to deal with unique challenges, such as specific labor laws and construction defects.
For Bart, being prepared is crucial. He quoted an old saying: "Fail to prepare, prepare to fail." He emphasized that while businesses cannot predict every possible issue, they can develop strategies to be ready for various scenarios. He noted that lessons learned during the COVID-19 pandemic highlighted the importance of preparation, as many businesses struggled with unexpected challenges.
Both Gallagher Bassett and Crawford are investing in advanced technologies to enhance their claims processes. Gallagher Bassett is rolling out a tool called GB Navigator, which aims to streamline the claims process and reduce administrative work. This tool can summarize extensive claim notes to highlight the most important information.
Crawford has also launched an insurtech platform called Turvi, which uses AI to help adjusters interpret complex insurance policies and make quicker, more accurate decisions. Both Hessling and Bart stressed that technology is there to support human workers, not replace them. They believe that the personal touch remains vital in the claims process.
As the claims management industry evolves, both leaders emphasize their commitment to helping clients during difficult times. Bart pointed out that their work brings certainty to people’s lives when they need it most. Hessling echoed this sentiment, stating that they help protect clients’ brands and finances during challenging situations.
In summary, the claims management landscape is shifting towards a more proactive approach. Firms are embracing new technologies and strategies to enhance resilience and support clients in preventing losses. The focus is no longer just on processing claims but on being a reliable partner in risk management.