Every profession has its challenges, and it’s no different for independent claims organizations. In our case, we deal with unfortunate and unwelcome events that can be difficult for both claimants and claims adjusters. Knowing that we can assist claimants in dealing with their losses (as per the provisions of their insurance policies) helps.
One of the biggest and probably best known challenges our industry faces is the unpredictable nature of catastrophes. Last year set a record for insured losses, but this year, at least to date, the situation is quite different. And the still-stuttering economy also is depressing claim volumes still further.
Claim activity will no doubt continue to spike due to natural and manmade catastrophes and follow the ups and downs of the economy. This has long been an accepted part of the claims industry, but it makes it harder to sustain financial results, particularly as the market changes, too. How do we, claims organizations and adjusters alike, take greater control of our destiny and develop businesses and careers that are weatherproof?
You can read more of Crawford CEO Jeffrey T. Bowman’s thoughts on this subject in the latest installment of “Independent Perspective,” his quarterly column in Claims Management magazine.