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:

As surge events and matters of business interruption are increasing, let’s examine how the Asia Pacific region responds to these events and learn how a similar approach can be best applied no matter where you are.

For the insurance industry, the financial implications of the last 12 – 18 months have been a litmus test: from the HIH scheme collapse, to those insurers and third-party administrators (TPAs) better resourced to ride the waves after making sound investment in predictions that ultimately paid off. This year more than ever we’re seeing the importance of having the right resources, systems, and infrastructure to support rapid ramp up (and down) to meet market needs.

While the insurance industry remains one of the most resilient in the current climate, there is a critical skills gap. A shortage in suitable applicants with relevant experience and specialized knowledge – vital for effective insurance practice – has left many organizations without sufficient human capital.

Here are Gallagher Bassett’s Senior Vice President, Carrier Practice, Joseph Berrios, insights into the importance of empathy in the claims process, and how carriers can balance kindness against cost for long-term gain.

Strategic utilization of data continues to be at the forefront of underwriting and claims leadership’s minds, leveraging data analytics to differentiate products and services while also streamlining operations. 

Having access to the right tools is essential for measuring success when expanding into new industries, geographies, or lines of coverage to leverage real-time data and improve business decisions.

It was clear from my conversations that we’ve got many talented professionals in our space and we’re focused on building strategic solutions. This notion was supported by the energy and collaboration felt each day, as well as the record attendance we saw. The conference attendees were excited about being back in person and having the ability to share innovative ideas.

RISE is a group with a vision to build a platform where young insurance professionals are recognized for their accomplishments in the industry, can learn about new industry technologies and practices, and are encouraged to engage with industry mentors and peers. Their stated purpose is to educate the younger generations on the benefits of joining the insurance industry and to help bridge the talent gap by creating a space for young professionals to network, learn, and grow.

Gallagher Bassett’s (GB) Internship and Mentor Programs have been key components in helping our organization, and specifically the Carrier Practice, develop talent and build an innovative culture that ensures our workplace is one where people want to be, as well as providing great exposure and developing future leaders.

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.

It is no secret that the summer months bring a surge in claims. From motor vehicle claims while road-tripping to avoidable injuries from those “you only live once” moments, claimants naturally increase their own risks.