A crisis can force individuals to look at a problem from a new perspective, providing fresh solutions and opportunities. (Photo: ALM Archives)
Consider that the word for 'crisis' in Chinese comprises two Chinese characters expressing the concepts of 'danger' and 'opportunity.' This is especially appropriate today as insurance carriers and claims professionals navigate new unknown concerns in the wake of the COVID-19 pandemic.
Financial markets are certainly in crisis from the stock market's steep decline, and for many Americans, this is becoming a personal crisis as the hospitality and service areas shed jobs because of quarantines across the country.
For the most part, adjusters and insurance professionals are familiar with seasonal downturns and surges. Catastrophic events such as hurricanes, hailstorms, ice and floods bring additional losses, and with them, a crunch for talent. Conversely, we see lulls based on good weather, economic downturns (when fewer people travel, there are fewer auto accidents) and other cycles.
The claims environment post-COVID19 is uncharted territory as the industry grapples with entirely new coverage questions. However, here are some quick thoughts from the perspective of a 20-year claims veteran.
Consider these five factors as we navigate the COVID-19 crisis.
|1. Check your pending claims
Many adjusters I've been in touch with — both carrier and TPA — are working remotely from home but are seeing a downturn in new losses. Now more than ever, many claimants may seek to conclude aging cases, which can give them a settlement at a time when they need it the most.
This is a win-win for both parties, as adjusters have a window of opportunity to give these more complicated cases a thorough review and claimants can reach the resolution that helps provide some financial peace of mind. Many of these issues can be handled by email, and with the post office still operating, business shutdowns elsewhere have not hampered the ability to settle most claims.
|2. Pursue continuing education
Another complaint from many adjusters is the staggering amount of CE credits needed, usually around their birthday or even worse — during CAT season! Use this time to do those one-hour online courses, sign up for vendor webinars and maybe even learn Xactimate or XactAnalysis. Knock out those 12-24 hours early on this year — you had to do it anyway!
|3. Consider starting an AIC, AIM or CPCU program
Similar to #2, many adjusters may use the opportunity to sharpen their skills with additional designations in their field. Large caseloads can frustrate even the most dedicated adjuster when trying to add certifications to their skill set. Now is a unique opportunity for many to finally pursue that designation that not only adds to their resume but brings an additional level of excellence to any organization for which they are working.
|4. Check files for subrogation and auditing
Downturns are excellent times to look for subrogation opportunities. Be sure to look at all of your open files for any possible contributing parties and follow up on the notices sent on existing ones. Auditing files can be done more easily at times like this, allowing management to see if quality handling standards are consistent across adjusters. Bring in TPA or specialty adjusting firms to help move the more stubborn cases if needed. Follow up on those letters and make an extra call or two on outstanding exposures.
|5. Notice what works and what doesn't
One of the benefits of remote work is the fact that the patterns in place now will be useful in the future. People will still need to take vacations, have babies or take extended time off. Take this opportunity to see which coworkers work naturally well together. What methods work best? Does your company do better with formal emails or is there an already well-oiled machine in place via texting or Telegram when adjusters are covering one another and keeping up morale? Do you see that Gayle and Sally cover well together and seem to have their own pacing in place? Watch what works and discard what doesn't. Already existing options developed from experience will make the transition much smoother the next time around.
These are just a few observations that will hopefully inspire ideas of how to best utilize this time. Unique opportunities require creative solutions — good luck on finding yours!
Autumn-Skye Port, CPCU, AIC is the branch manager for Peter J. Crosa & Co. in Atlanta, Georgia. Email her at [email protected].
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