More than half of chief claims officers (54%) believe their most pressing concern is a need for technology innovations, a Towers Watson survey has revealed.
The professional services firm said new technology and insurance systems had a large role to play in addressing the main challenges faced by leading property and casualty insurers.
The top workforce challenges identified by two thirds of chief claims officers was said to be the attracting and developing of critical-skills workers – while 59% said maintaining employee morale was the next biggest issue. "Insurers are responding to this dynamic in a number of different ways, most notably by revising claim processes, modifying job functions and leveraging technology innovations, where feasible," said Brian Stoll, director, P&C practice, Towers Watson.
Respondents to the study claim they would gain a number of benefits from new technology innovations, which included the leveraging of automation in claim processes (68%) and improved execution of best practices using operational metrics (61%).
"Experienced and effective claim personnel are critical both to the organisation's financial success and franchise value to policy owners. This underlines the importance of providing market-competitive total rewards, ongoing development opportunities and a compelling value proposition to attract and keep the best performers," said John Gayley, director at Towers Watson.