During its annual conference in Orlando in March, CLM will honor Arrowpoint Capital’s Chief Claims Officer Julie Fortune with its Lifetime Achievement Award. This award recognizes distinguished industry professionals who have made a lasting impact on the industry. In a recent chat with Fortune, she discusses some of her proudest achievements, her vision of the industry moving forward, and the career advice she would give to colleagues young and old.
Is there a career achievement that stands out for you?
First, let me say that I am honored to receive this award from the CLM. Joining this exclusive club is quite the honor, as past recipients are some of the industry’s most accomplished leaders.
When it comes to my career achievements, I’m most proud of establishing the first insurance industry comprehensive litigation management program in 1993 for Liberty Mutual. The Legal Expense Management Initiative, as it was known in the industry, included litigation management guidelines and a rollout of a task-based billing project designed to develop accurate data about legal costs in order to devise flat-fee arrangements. Legal fee auditing was also part of the program.
After the program was initiated at Liberty Mutual, other insurance companies and large corporations followed suit with similar initiatives.
What about your CLM work?
The launch of the Litigation Management Institute (LMI) in 2011, for which I was one of four chancellors, stands out. LMI took years to develop, but I believe the early work effort laid the foundation for what has become one of the premier programs the CLM offers. LMI was designed to provide a comprehensive understanding of the business of litigation management, and I think we achieved that.
Looking forward, What will the industry look like in 10 years?
Technology will be at the forefront—be it robotics, drones, autonomous vehicles, or other such Internet-of-Things devices. More companies will incorporate integrated insurance into their products, thus bypassing the traditional insurance model. Worker injuries may be caused by wayward robots or drones. Allied medical professionals, such as physician assistants or nurse practitioners, will treat injured workers via telemedicine. These professionals may also play a role in the claims establishment post-treatment through the utilization of technology. In addition, they could serve as risk support professionals for insurance customers. Finally, I think the traditional claims professional will morph into a technology engineer with data-driven knowledge and expertise. However, when all is said and done, there will still be a need for the current claims and legal professional profile for many years to come, as I expect there to be an abundance of legacy claims stemming out of insurance companies from today.
What advice would you give to industry veterans? What about new hires?
Never turn down the job that no one else wants. I have had many opportunities throughout my career to take advantage of jobs that may not have looked attractive to other people. Many of those jobs became the stepping stones to the next, bigger job.
As for those new to our industry, I would suggest they get to know as many people in the industry outside of their companies as possible. If you are passionate about a topic, search out experts who can help you grow your knowledge and expertise. There are many people in the CLM who would take the time to help a new claims person find others with the same passions and introduce them.