In his own words, Chris Hampshire “fell” into insurance initially, but it didn’t take him long to discover all the ways our industry helps keep the world moving.
Q: Chris, how would you summarize your career journey so far?
CH: I’ve served in a variety of roles over my time in the insurance industry, including at a global insurance carrier, a regional insurance brokerage, and a global third-party claims administrator. It was this last role that lit the spark for me on how TPAs can help carriers leverage all the opportunity the future holds and was why I leapt at the opportunity to help GB’s then newly formed Carrier Practice launch, just over six years ago. Like many of us in the insurance industry would attest to, it’s been a challenging and rewarding journey, and I’ve been very fortunate to make lots of friends along the way. In my role as Vice President – Sales, Carrier Practice at GB, I work with our partner carriers to identify solutions to the challenges and opportunities they’re facing. I work with our experienced team to deliver services that give carriers the confidence that their largest expense item—claim payments—is managed well, so they can focus on other areas of operations. Through this work, we help carriers grow faster and more efficiently.
Q: Tell us about the CPCU. What does it mean to have this designation?
CH: The CPCU designation has long been considered the “gold standard” in the industry, with many believing it to be the equivalent of a master’s degree in insurance. While I went through the process of studying for each CPCU examination, I learned a great deal about segments of insurance I hadn’t previously been exposed to before and was able to rapidly expand my skill set. Once I completed my designation, I became a member of the Philadelphia CPCU Society Chapter, which gave me the opportunity to utilize my leadership skills and responsibilities over a number of years before serving as the Philadelphia Chapter President for two years. This experience taught me so much about people management, how to transform concepts into reality, and how to pivot quickly when challenges arise. It truly has shaped how I manage my current professional role at GB.
Q: You’ve recently been elected Global President of the CPCU Society. What does this mean for GB and your clients?
CH: The CPCU Society has over 15,000 active members, so being elected President to serve our members and our industry is a tremendous honor and responsibility. It’s believed that I’ll be the first President from the TPA sector in the Society’s more than 75-year history. This is a great opportunity for TPAs to be recognized for the influence we have on the carrier industry and how we can enable carriers to better serve policyholders. I know I’ll see and learn a lot about our industry over the next year that will not only broaden my worldview but, in turn, allow me to serve my clients and GB better. The industry is not “out of the woods” yet when it comes to our historical challenges, and I’m looking forward to helping our members shape solutions to these trends.
Q: What trends are shaping the future of the insurance industry?
CH: Our industry is experiencing change right now at a more rapid pace than ever before, with two critical areas shaping it: technology and talent. The pandemic has accelerated teleworking, the demand for IT technology to help reach all areas of the marketplace has increased exponentially, and the race to bring on new talent has gotten more challenging over the last 18 months. By the end of this decade, I do expect that we will see more information process and analysis being done by computers. This will allow insurance professionals to focus on creative problem-solving and other higher impact activities, making real change for policyholders and carriers. This is where the war for talent will continue, with our industry needing to shake off the negative preconceived notions of our work.
Historically, the insurance industry has not done a great job of telling the story of how we help people and companies recover after a loss and just how rewarding a career in our industry can be. As more senior professionals begin to retire in what’s being called the “Silver Tsunami,” the whole industry needs to address the ageing demographic and ensure they’re offering compelling enough employee propositions to draw in new talent. My expectation is that, as the industry changes, more new and high caliber professionals will be drawn to it, and we all will provide a higher level of service to our clients in the years ahead.
We will also face increased expectations around our ability to be truly diverse and inclusive. This is a critical skill that we all need to enhance across the industry to ensure we attract talent that feel met and heard in their roles.
As part of my work with the CPCU Society, I host a fortnightly 30-minute podcast called IN The Know: The CPCU Society Unscripted, where we’ve been fortunate to interview industry leaders and future leaders on a variety of topics. We’ve made a point of coordinating episodes with several experts on diversity, equity, and inclusion to share their views on how we can lift our industry up.
Q: How can GB help carriers address these challenges?
CH: Our dedicated Carrier Practice is the reason I came to GB and why we are uniquely positioned to provide industry-leading partnered solutions for carriers. Our team members are industry experts, with most of our claims professionals working for a carrier prior to joining us. We give claims professionals unique career path options that help keep our team members engaged, ensuring they’re able to pursue their professional goals and hone their skills in a tailored and inclusive environment. We have also invested heavily in cutting-edge data analytics to ensure we can help carriers make better business decisions about their technology infrastructure transformation. Our suite of technology platforms enables us to deploy the right infrastructure, at the right moment, to a file, so the right outcome eventuates.
To connect with Chris Hampshire and find out how he can help your business shape a stronger future, reach out today.