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.
At this year’s gathering, social inflation was a topic that came up many times. Partners are looking for resources to talk about how to manage social inflation thoughtfully and how to be practical yet strategic. Clients and potential customers sought out speakers on this topic as they looked for experts to help their teams develop strategies to implement. At Gallagher Bassett (GB), we have experts in this area and can arrange lunch-and-learn sessions, contribute to articles, sit on panels, and be consultative to partners looking to take the next step.
Another trending topic at the Mid-Year Meeting was the re-evaluation of pending legacy claims. Carriers and other owners of large books of pending claims are looking for efficient ways to outsource for the first time or move legacy claims from currently outsourced providers to more proactive claims resolution approaches. We know that the older a claim gets, the more costly it becomes. Companies should ask themselves: in the long run, is it more efficient — and can we deliver better outcomes — to find the right claims team to resolve more of these claims?
I also heard a lot of engaging discussions about an increase in transportation and trucking programs being developed that leverage telematics. Telematics, and the ability to build a program that analyzes multiple variables and data points, are now table stakes in the transportation space. Using this kind of data to create and provide loss prevention opportunities as well as defend potentially large or fraudulent claims is becoming increasingly critical.
The level of creativity in our industry continues to escalate with newly forming MGAs and programs. And, with that, the Program Administrators and fronting carriers are bringing TPAs into the development phase earlier than in the past. At GB, we view this as a smart and collaborative step, benefiting all partners involved. We are being asked for our input on how claims should be reported, handled, and analyzed, and this allows us to engage various internal experts and resources much earlier in the process than in the past. Our expertise is worked into the model of the new program and, therefore, implementation, speed, and delivery to market is enhanced. The overall result is better customer experience.
Other key topics that created thoughtful conversations at Target Markets this year included how businesses engage with specialists who can handle Cyber, Legal, Professional Liability, and other lines that require the services of GB Specialty. I heard discussions around alternative risk financing and use of captives, as well as how fronting carriers, including “hybrid front” opportunities, can help absorb or reinsure risk. Naturally, there were also conversations regarding how COVID impacted Workers’ Compensation, Construction and Commercial Auto claim frequency and severity, which GB has been benchmarking for clients and prospects.
Needless to say, the energy, expertise, and wide range of engaging topics made the Target Markets Mid-Year Meeting a “can’t miss” event yet again. It was rewarding to hear so many of our industry professionals focused on innovation, growth, and moving our marketplace forward.
Interested in learning more about the program market and how we’re innovating to meet the demands of the future? Connect with me today to find out how GB’s innovative service offering can deliver superior outcomes for your business.