Adjusting to the Future of Claims

Great Insurance Jobs’ Cofounder Roger Lear is here to help you overcome obstacles to your career and job search. This month, he offers advice on how to adjust to the future.

Q. How can I rev up my claims career in 2020?

A. What an opportunity awaits anyone in the insurance industry who wants to grow their career. All you have to do is look at the current state of the insurance workforce. The Bureau of Labor Statistics cites unemployment at two percent. Over 150,000 insurance workers are currently 65 years or older. It is also predicted 400,000 insurance workers are retiring in the next couple of years. Combined with the aging workforce, the insurance industry is going through a technology revolution that will disrupt many jobs within it, including the claims sector. The industry is changing, and for anyone who wants to change with it, significant opportunities exist.

The challenge for those in the industry who want to maximize their career growth and financial situation is figuring out how your current company is investing in technology and if it is right for your future. For example, Geico is moving its outside auto adjusters to inside positions, which use third-party claims-adjusting technology that settles claims faster and more efficiently. If you have been handling claims as an outside adjuster for years and like meeting customers face to face to personally adjust claims, then you have to decide if this is a great career move for your future. If you move to another company in an outside role, how long will you have that job before some technology eliminates that position? The research you have to do will challenge you to find jobs that fit you and your work style amidst the technology revolution taking place in the industry.

Here are my top three suggestions to help rev up your claims career next year:

1. Research claims technology. If you are going to stay in claims, then understand how technology is going to affect your job and your future direction. To do this, you will have to research third-party companies that are developing technology and selling back to the industry. The terms to search are “insurtech” and “telematics.” Billions of dollars are being poured into these startups, and many jobs will be created. Companies like Claimable.com, Snapsheetclaims.com, and Ejusters.com are just a few. Study companies like these and understand what problems they are solving and what kinds of jobs will be created that would upgrade your career. Don’t forget about searching for and understanding how artificial intelligence and machine learning are beginning to make strides in claims products. You can’t advance your career if you don’t know how this will change the way claims are adjusted today.

2. Schedule a coffee with your company’s claims leader(s). To advance your career, show great interest in your craft. Wouldn’t it be great to have a phone call or coffee with a claims officer at your company so you can ask him questions about his thoughts on technology and what you can do to stay relevant? Many have a hard time requesting this meeting, but have no fear—that claims officer wants to talk with you, too. When the chat is complete, you will have a better understanding of where your career is going. Also, the claims officer will remember you, and this will undoubtedly help you as new jobs open.

3. Research your competitors. What types of new jobs are being created in the insurance industry? Has technology created any jobs that allow claims professionals to be considered for alternate kinds of roles within insurance companies, insurtech companies, or internal departments of corporations? For example, go to Tractable.ai and click on the “Career” tab. Even though this company is located overseas, it will give you a peek into its products, which consist of things like “AI estimating” and “AI photo capture,” and the jobs that are being created. You will be surprised at what you will learn.

Got a career question for Roger? Email him at Roger@GreatInsuranceJobs.com.