More than three-quarters of chief claims officers at insurance companies said that workforce issues are the biggest challenges they face in running a smooth operation, according to a Towers Watson survey of 41 executives.
Technology is cited as a way to meet many of these challenges, including automation of some processes and improving adherence to best practices. Still, leveraging technological innovations overall was tied for second place among top challenges.
"Many companies are taking actions identified by their QA reviews to revise their claim processes, modify job functions and leverage technology innovations when feasible," Towers Watson wrote. "Technology innovations can help support revised claim processes and deliver the operational metrics to drive improved execution of best practices."
Towers Watson described the claims workforce overall as "transient and aging," and says that the need to attract and retain top professionals also offers opportunities for technology.
“Experienced and effective claim personnel are critical both to the organization’s financial success and franchise value to policy owners. This underlines the importance of providing market-competitive total rewards, ongoing development opportunities and a compelling value proposition to attract and keep the best performers,” said John Gayley, director and North American Insurance Industry leader for Executive Compensation, Towers Watson, in a statement.