Expertise in Subrogation is not just about technology but the innovation behind experienced human capital
As a business, VWi has spent the last 50 years in the subrogation space, with a deep understanding of the laws and regulations of managing subrogation cases. We are continuously working on our recruiting and finding people who are really enthusiastic about learning the nuances of subrogation. This development of the next generation of experts isn’t so easy for our clients as the people who founded the key processes are buried in a serious time crunch as they try to keep up with the day to day business. So how do you make this sector exciting for the next generation? More important, how do you share the knowledge in a meaningful way to develop the next wave of experts?
Lets start with what’s happening to the experts
A new term has emerged called, claims adjuster burnout. Cases are increasing, claims are getting more complex and the process has become increasing more complicated overtime. Add to this the growing demand of providing an excellent customer experience with a single point of contact, never ending phone calls and a full inbox. It takes an extreme professional with years of experience to manage the end-to-end process. Add to this the complication of age and experience of these industry veterans and you start to understand what will happen next in an industry desperate for the next generation of proficiency.
An evolving job market
The insurance industry has seen a major impact. As the number of claims per year starts to meet or exceed the number of premiums, the industry is thirsty for talent. In a study by the Jacobson Group and Ward Group, they found that from 2010-2015, the number of positions in the claims management area has increased year over year. As the need for more claims adjusters continues to climb, many companies are turning to temp labor, but that merely defers the problem with a lower cost solution, but seldom creates those long-term employees that are now don their way to retirement.
The need for claims adjusters continues to climb year over year.
Using innovation to engage the workforce
Challenging the incoming workforce to be innovative will be essential to keeping them engaged long term. Just as the advancement of technologies has improved our daily lives, innovation in the workplace will be key to keeping them interested and, more importantly, tap into the knowledge of the retiring experts.
As our own business grows, we work with our teams to identify those key employees that show promise in both managing the process and looking for creative ways to circumvent problems. By pulling them into conversations that focus on improving processes or identifying waste within the business, we help them grow to the next level. It also helps them see a path to a career that perhaps wasn’t previously on their radar.
Looking to the future
As the laws that govern the subrogation industry become more stringent, the future becomes more clear that competent people are necessary to foster long term growth and stability. Add to that an incoming workforce that is impulsive and fickle about their employment opportunities and you have a compounded problem. Conversely, VWi sees this as an opportunity to take the subrogation industry to a new level.
By engaging the technology minded Millennials to work with the experience of the Generation Xers and the leadership of the Baby Boomers, VWi is leveraging the key strengths of each generation of the workforce to find solutions that improves the claims management process, reduces risk and increases revenue.