The insurance industry has experienced tremendous change in the past few years. From rapid digital transformation to changing workplace dynamics, rising loss costs, and deteriorating loss ratios, there have been plenty of challenges and opportunities.
No place is that more apparent than in claims organizations. Eight out of ten claims executives concede their organizations are missing opportunities for innovation, and two-thirds admit they aren’t prepared for future developments. Meanwhile, the great resignation is complicating a changing claims workforce, where 25,000 job openings are expected each year for the next decade.
The need to innovate has never been more critical. For more than 50 years, Verisk has been a trusted innovation partner, and we continue to power advancements to push the industry forward.
That’s why I’m honored and excited to step into the role of president of Claims Solutions at Verisk. I have long held the belief that claims is the product in insurance. The claims function is the ultimate customer-facing unit, and properly managing it is imperative to an insurance carrier’s success.
At Verisk, we’re committed to helping you manage your claims organization more efficiently and effectively by delivering more holistic solutions that focus on process automation, technology, and advanced analytics. These tools have the end goal of augmenting your team’s capabilities to help them make faster, better-informed decisions to reduce costs and provide exceptional customer experiences. In fact, studies show that automation can potentially free up 30 percent of capacity and improve the customer experience, while AI technology can reduce operational expenses in insurance by 40 percent by 2030.
Delivering value through innovative solutions first requires listening to our customers. In nearly 25 years in the industry, I have always operated with a customer-centric ethos. My team and I are committed to exploring ways to further support our clients and the industry as a whole.
As the claims landscape evolves and new challenges arise, it’s essential to adapt to remain competitive. Rest assured that Verisk is here to equip our customers on their innovation journey. We already have a rock-solid foundation in claims across our teams, businesses, and geographies. I’m looking forward to building on that foundation by delivering greater value to all our customers across the insurance claims ecosystem.