Posted by Andrew on January 30, 2020
Claims adjusters deal with the brunt of the customer’s ire during the claims process. While the hope is for a smooth claim and rapid resolution, this is not always possible. When dealing with multiple parties, adjusters are at the mercy of the client and any third parties. They cannot move forward with a claim until all involved individuals submit the necessary information. Unfortunately, this can result in angry clients as well as stressed out adjusters. Adjusters do not often receive the recognition they deserve. Not only do they help resolve claims, they also detect fraud, find ways to reduce claim costs, and more.
Insurers have other concerns to consider as well, such as the impending labor gap. In this year alone, a quarter of insurance professionals will retire. If insurers undervalue their adjusters, they may find themselves struggling in the near future. Adjusters already have a difficult job; they will not want to compound it with an unsympathetic employer. To avoid this outcome, insurers need to take the following measures to recruit and retain claims adjusters.
Nobody wants to perform a job that has no perceived impact, and claims adjusters are no exception. They want to perform tasks that engage their minds and provide tangible results. Some examples include improving claim efficiency or helping individuals affected by a claim. If an adjuster spends most of his or her day stamping and filing paperwork, they are unlikely to feel fulfilled by their work. Insurers that treat their adjusters like problem solvers instead of paper pushers will see improvements in claims costs, fraud detection, and customer service.
Many employers interpret the term work-life balance as a means for employees to goof off instead of buckling down and completing their work. However, that is a callous view of workplace morale. Adjusters can burn out if they do not mind their work-life balance. When this happens, their work and productivity suffer. Insurance providers need to make certain that their adjusters are getting adequate rest and downtime. Otherwise, they may begin making costly mistakes. Technology can help by taking on the most tedious jobs and allowing adjusters to focus on their most meaningful tasks.
The significant portion of impending insurance retirees puts an additional strain on the existing talent-experience gap. Insurance companies need to retain their current workforce in order to train the next generation of adjusters. In their final years of employment, adjusters will want predictable schedules and value-driven tasks. However, not just seasoned workers want a good work-life balance. Millennials also value work-life balance in addition to meaningful work. If insurance providers don’t address what rising and existing adjusters want from their job, they will struggle more than their competition to attract and retain talented adjusters.
Skilled adjusters are vital to an efficient claims management cycle. If your company is grappling with inefficiencies and angry customers, Actec can help. Our full cycle claim and incident reporting solutions can improve the claims process from first notice of loss (FNOL) to claims resolution. Contact us to learn more.