North AmericaUSA

Webinar Recap: Surge Response – Harness Your Bench Strength and Improve Service Outcomes

“Mother nature doesn’t care about COVID”, said Winsbury. “It’s never ending, and it never stops.”

“We’ve seen a variety of insurable events – catastrophes, weather events, travel interruptions, volcanic eruptions, fuel contamination events, recessions, even the collapse of major insurers.”

“And we’re seeing rising insurance costs due to the ever-increasing footprint of us as humans.”

“I’m not going to make a comment about climate change. But what is clear is that the nations that primarily consume insurance have grown in economic wealth and size – size of their population, and their footprint on the environment. More infrastructure and more investments mean people are living in areas where natural disasters occur – in infrastructure that didn’t exist 20 years ago.”

Disasters are going to happen, and now more than ever people are finding themselves in the path of nature’s wrath – and it’s up to the insurance industry to be ready. Having the right people with the right training ready is critical for protecting your business and your customers – as is approaching every surge event with a growth mindset.

For example, as OHS requirements have grown over the last decade to help people stay safe, it’s creating a ‘knock-on’ effect. Access to damaged properties is delayed, which delays damage assessment, and impacts cost.

“Keeping those first responders safe is absolutely important, but that increase in time and cost is something you need to be mindful of in managing claims. The earlier you can get to the claim, the earlier you can assess and the earlier you can settle, and that’s one claim off your decks.”

For Gallagher Bassett, that means exploring drone technology and new ways to expedite assessments – while still keeping people safe.

Drawing on more than 30 years’ experience working across countless catastrophes, Winsbury shared a detailed roadmap for staying above water in (and ahead of) your next high-pressure surge event:

Planning – is your business prepared?

  • Team hours and flexibility – are you appropriately resourced for a surge – or do you have a mitigation in place like a third-party administrator? Do those surge teams have the right training and the right level of empathy to support your customers – and your business?
  • Talk to your customers – in the COVID climate, people are tuning out, so you’ll need to work a little harder for customers to hear your warnings about emergency preparedness. But pre-event communications are critical, and never a waste of time. Always take the opportunity when talking to your customers to check-in – is their level and type of coverage appropriate? It’s not always about selling your latest package, but about listening to ensure their package is the best fit.
  • Capability – understand your team, and your technology. Make assessments of your people and their capability to support your business and your customers – audit their empathy, skill, and knowledge. Understand if they have the expertise, experience, and the right stance to cope in a high-pressure environment. Equally, appointing battle-tested leaders with experience in a surge response ahead of time will pay off in the long-term.

Manage the moment

  • Manage expectations – communicate early and often.
  • Stay close to the supply chain – keep communication open and cultivate relationships with suppliers to keep the supply chain flowing, right down to availability of materials for reparations.
  • Stay ahead of bottle necks – they can happen anywhere so keep your eyes open and train all levels of your team to do the same.

Be pragmatic, not expedient

Winsbury said, “there’s a tendency in the surge environment to become expedient in decision making, which can lead to trouble down the road. There’s a difference between being pragmatic to get things done and being expedient to get things done.”

While it’s important to be agile, in high-pressure moments it’s critical to stick to what you know works for the business. Streamlining procedures is possible, but don’t go against proven processes.

Capture the learnings:

  • Capture live, dynamic learning – It’s critical to take note of learnings throughout the surge process. Make sure your team knows where to catalog actions that worked, or didn’t work, well.
  • Don’t let the issues control you – learning from mistakes is the best way to ensure those issues don’t control how your business is perceived, or responds, in the future.
  • Make time for the future – if you don’t start preparing for a better future now, your business could face more challenges in the long-term.

 

If you’re ready to prepare your business before the next high-pressure surge, you can watch a replay of the webinar here.

jon winsbury

Jon Winsbury

More Posts

Insights

How To Gain a Competitive Edge in Today’s Market

The insurance industry has long been regarded as a stable and reliable sector, but it is not immune to the challenges of today’s fast-changing business landscape. Mutual and mid-market carriers are facing a confluence of factors that are impacting their bottom lines, including rising business costs, complex claimant needs, and the mounting impacts of inflation. As a result, many mutuals and mid-markets may be feeling stuck and struggling to get ahead. However, for those seeking to move forward, leaning on a strategic partner could be the answer to unlocking the tools and expertise needed to address these challenges.

Read more
Insights

GB’s Key Takeaways from the TMPAA Mid-Year Meeting

The Target Markets Program Administrators Association (TMPAA) Mid-Year Meeting took place on May 1–3, and our Gallagher Bassett Carrier Practice team took full advantage of the ample networking and educational panels while discussing opportunities to collaborate and prosper in the program business space.

Read more
Insights

Five Ways GB’s Award-Winning Luminos RMIS Suite Supports Carriers to Achieve Superior Outcomes

Carriers are constantly seeking new ways to improve their claims outcomes, and Gallagher Bassett’s (GB) award-winning Luminos platform has emerged as a critical tool in achieving this goal. Recently named the top RMIS platform for its sixth consecutive year in the 2023 Redhand RMIS Report, GB’s Luminos RMIS suite offers comprehensive risk management capabilities and cutting-edge digital features that have helped carriers achieve superior claims results.

Read more
Insights

Expert Insights: Top Insights and Takeaways from RIMS 2023

In the evolving world of risk, embracing connection, discussion, and insight is the gateway to preparing for what lies ahead and setting a foundation for future success. The array of thought leadership sessions, educational seminars, DE&I discussions, and state-of-the-art solutions at RIMS has certainly empowered risk professionals to bring innovation to the heart of their operations. Our team at Gallagher Bassett (GB) shares the top insights we will be taking back to our desks.

Read more

Keep your finger on the pulse of the latest industry news and insights.

Sign up to our monthly newsletter today.

Hi there!

Want to drop us a line?  You can get in touch by filling out the form below and we’ll get back to you as soon as possible!