“Flight risk” is a term that resonates more with bail bondsmen than with claim managers. Nevertheless, flight risk imperils claim operations nowadays. The real assets of insurance companies and claim departments walk out the door at the end of each work day.
Often, those assets are not returning. They are retiring or leaving the business. Insurance claim executives rightly worry about an imminent “brain drain” in claims. A recent Towers Perrin survey of property and casualty claim officers revealed that 82 percent feel that attracting and retaining talent is the top priority for success in the claim industry (“Recruitment a Priority for Claim Officers: Survey,” Business Insurance, 3/24/08).
What are we to do? Interestingly, Towers Perrin urges insurers to embrace new technology, although it does not exactly specify the nature of this “new technology” or how better hardware or software can stem the incipient brain drain among seasoned claim professionals. Pardon the skepticism here. Towers Perrin cites high-level concerns about an exodus of claim expertise. So the solution is … new technology?
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