Many industries are experiencing rapid and significant changes, so change is now the only certainty. The Reinsurance industry is not an exception. This is made worse by the current economic climate.
Broking houses and Reinsurance companies continue to use worldwide strategies to increase customer service and productivity. Due to stricter compliance, tighter controls have been implemented. Over the past 20 years, Risk Management and Audit have changed the underwriting process and the types of risks accepted. There has also been an effort to improve claims management, technical accounting and financial reporting.
The Impacts on P&C Claims Professionals
You might be frustrated or troubled as a Claims Handler in today’s P&C Market.
The stability of the industry and concerns about job security – the financial fragility potential of P&C insurers
More emphasis on productivity and claim volume than best practices and claim results
The number of skilled and knowledgeable claims professionals available for work
– A reduction in training budgets to support P&C Claims professionals
– Prioritizing investment profits over nurturing U/W potential profits
– Reserving that is based on unrealistic or optimistic management philosophies or management intervention
Increased reliance on computer programs for evaluating claims
This article was written to help you, the P&C Claims Community, thrive in the face of significant changes and increased pressures.
It is possible. It is possible. I have seen people whose lives are so entangled in their industry and its changes, and the impact it has on their perception of their situation, that they lose control and doubt their abilities. This can lead to stress and even ill-health in the worst cases.
Are you an antagonistic, confused, stressed, or clear, purposeful, and skillful? You choose!
It is true that you can work with these things with clarity and purpose. You also have the ability not to get into a stressful, confusing, or antagonistic relationship.
Many of the problems that make us anxious and increase the pressure on ourselves are not new to organizations. We often react to these things as if it were something new or wrong, and we treat them as something that shouldn’t be happening. Accepting that these pressures are a part of every industry is a huge help.
It doesn’t matter how it affects you, it isn’t personal. These things can be dealt with without having to deal with the negative emotions that can make working a stressful experience.
Reinsurance companies have a responsibility to provide a safe environment for their employees. This includes a comfortable work environment, a reasonable workload, a clear role and support (e.g training), and good interpersonal relationships. Many organizations make the error of using secondary and tertiary intervention, such as counseling, without considering how to use appropriate programs that help professionals harness and nurture the positive effects of pressure.
If you can control your reaction to change or an unjust situation, it almost feels like a catch all and empowers you.
You have the power to choose how you respond to changes or challenges. For example, you may choose to:
– Complain in the head
Complain to others
It is a constant worry.
Be resentful towards individuals and your company as a whole
All of the above
Your response is what gives power to any situation. You can choose to accept the situation or to disagree with it, such as a forced change in Claims Management. If there is no way to change it, you can accept it. It is exhausting to fight for something you can’t change.
This is not an easy task. For now, try it out and feel how it feels. It is possible to feel a sense of “letting go” You may feel more relaxed and able to make better decisions. You run the risk of getting unconsciously sucked into “What a terrible story this is turning into” scenarios, adding to your own chaos.
Make your decision
You have the option to choose this option at any time. This is your control. You will thrive as a P&C Claims specialist, regardless of the industry or work environment.
– Make critical claims and other decisions with clarity and purpose
Effectively manage relationships with clients, brokers, managers, peers & colleagues
Accept all challenges
Engage fully in meetings
Focus on your daily activities and be completely present
Be the calm presence in chaos
Operate without stress and worry
Maintain mental and physical health
Work with purpose, belief, and direction
Inspire others to do the exact same
As you move forward in your career within this industry, I hope this information inspires you.