In 2024, loss adjusters will prioritize surge event handling, new technology, and personnel, according to Michael Alwyn, president of Sedgwick Canada.
Extreme weather devastated Canada in 2024, making surge events a primary concern for loss adjusters. Insureds need speedier reimbursements.
“Our clients want to be as prepared as possible,” Alwyn told Insurance Business, adding that Canada is witnessing more regional catastrophes. “Quality control and effective data can support the need for speed and efficiency,” the author writes.
According to Alwyn, effective data, particularly data that is available in real-time, is going to be really important.
Live data and quick feedback can help claim professionals satisfy client expectations and assure customer satisfaction in this competitive market. It helps guide choices, provide greater transparency, and speed up the claims process, according to Alwyn. “Furthermore, this has the potential to boost efficiency in areas like automated auditing, real-time monitoring, and risk-based analyses, as well as in spotting new trends and improving results.”
Also expected to play a significant role this year are comprehensive catastrophe preparation plans, which aid in avoiding chaos in the aftermath of a loss.
The flexibility to plan with extra desktop and field capacity to handle peak situations, provide specific expertise, and scale resource scalability will be a critical concern for many, according to Alwyn. Climate resilience, thorough disaster planning, recovery plans, and claims procedures are more critical than ever before due to the increasingly unpredictable pattern of severe weather events around the world.
“As we face the events of this year, tools like AI and other new technologies will help Sedgwick and our industry stay responsive and resilient.”
Another industry hit hard by the talent gap is loss adjustment
In 2024, talent will remain a challenge, with cyber and extreme weather concerns also playing a role. Alwyn predicts that corporate executives will need to be more inventive and innovative to recruit and retain personnel.
Since insurance companies will always need to do more to entice top talent, Alwyn thinks tech-savvy solutions, particularly AI’s ability to boost new hires’ confidence and professional aptitude, are the way to go.
“Generative AI has the potential to radically alter work dynamics, interpersonal interactions, and cognitive processes; consequently, it will be critical to address its integration as part of training an expert workforce,” he stated.
To recruit young people to the field, insurance companies can leverage the industry’s reputation for being overly traditional and not conducive to new ideas.
On the other hand, this necessitates a method for a corporation to prioritize the AI’s informational and developmental benefits while avoiding pitfalls.
It will be critical to foster trust, ensure safety, and eradicate bias as AI’s use cases proliferate across industries and ethical concerns persist. Alwyn suggests revising legislation and practices to enhance data security and prevent fraud.
Alwyn thinks that mentorship programs and company-provided courses can be even more effective than technology in facilitating complex learning.
Alwyn explained that Sedgwick’s apprentice and mentoring programs pair junior adjusters with senior adjusters for periods of 1-3 years, facilitating the transfer of knowledge and the development of key skills.
The corporation established Sedgwick University to offer training courses in various areas of competence.
