The business of claims: Past, present and future risks
AXA XL’s Jim DiVirglio reflects on how the pandemic affected claims organizations and shares the trends he’s seeing in the insurance industry.
By its very nature, the insurance industry is risk-averse, focusing on preventing and mitigating damage following a covered event. It is also sometimes slow to react to changes in the global economy; however, how insurers and brokers responded during the pandemic illustrates that the industry is far more adaptable and flexible than many realize.
The rise in the adoption of insurance technology allowed insurers to pivot quickly to a remote environment, enabling them to sell insurance, made filing and investigating claims easier for adjusters and policyholders, and expedited the payment process — all critical factors in providing exceptional service to customers.
In this edition of Insurance Speak, Jim DiVirglio, Americas chief claim officer for AXA XL, shares what he sees in the industry, how the claims process and the types of claims received during the pandemic changed, and identifies the factors affecting the industry in the future.
DiVirglio says that some of the major challenges the industry had to address with the onset of the pandemic included changing the way their teams worked, how they used technology and serviced their customers. “We had to figure out how to work remotely. Our big concern was how do we maintain the connection with our policyholders and teams?”
Their choice to have frequent check-ins with their teams resulted in the claims teams feeling connected and supported, which translated into high net promoter scores for customer service. The increased use of technology was also vital in keeping the teams connected.
The company made some other adjustments during the pandemic too. “We used new partners and local talent out of necessity,” he added. “Virtual became the new norm, and our experience has been favorable for less complex claims, so we will embrace this option going forward.”
For more on this conversation, listen to the podcast above or subscribe to Insurance Speak on Spotify, Apple Music or Libsyn.
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