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New Year's Resolutions for the Insurance Industry

CLM Fellows and Members share their thoughts on our industry

January 12, 2022 Photo

What should be the insurance industry’s New Year’s resolutions for 2022?

“The insurance industry’s New Year’s resolution for 2022 should be the two C’s: communication and connection. The pandemic has shown us the importance of communicating often and with transparency with our colleagues and our clients/customers. That is how we retain our relationships and boost morale. We’ve proven that we can deliver excellence while working through challenging times. How we continue to thrive as an industry is by leading with compassion and empathy. We are in the business of helping people.”

Yvonne Hill-Planter, Director – Claims & Client Services, Sedgwick. CLM Fellow since 2013.

“If the pandemic has taught us all anything, it is that we can provide great customer service regardless of whether or not we are in a brick-and-mortar office. In 2022, our industry should embrace this change and consider flexible work arrangements so that we hang on to our tried-and-true employees as well as scoop up fresh new talent!”

Laura Paton, Partner, Copeland, Stair, Kingma & Lovell, LLP. CLM Member since 2015.

“To embrace change, both in how we treat our teams and how we manage claims. The world is a completely different place than it was in March 2020, and a failure to adapt to the multiple changes that these unprecedented times have caused, both internally and externally, could have substantial consequences. Meeting these changes with forward thinking will be critical for a successful 2022.”

Bharat Varadachari, Attorney, HeplerBroom LLC. CLM Member since 2011.

“A pledge to develop a plan to retain talented claims professionals. The industry lacks capacity as older professionals continue to leave the workforce and the newer ones have, for the most part, not committed to claims as a career. We should provide them with a defined, attainable path to ensure we have an ample talent pool for years to come.”

Vic Marmo, Assistant Vice President, Global Claims, Marriott Vacations Worldwide Corporation. CLM Fellow since 2009.

 80%

Percent of millennials who report having limited knowledge and understanding of the employment opportunities available within the insurance industry.

Source: The Institutes

400,000

Number of employees expected to retire from the insurance industry workforce within the next several years.

Source: U.S. Bureau of Labor Statistics

15%

Percent of consumers who faced challenges with their insurers who identify lack of digital capabilities as the topmost challenge while interacting with insurers.

Source: PwC

 

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About The Authors
Fran Clark

Fran Clark is SME Manager at CLM.  fran.clark@TheCLM.org

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