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Contact UsFounded by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF), the Australian Insurance Industry Awards unite and celebrate all sectors of the Australian insurance landscape and recognise providers for their commitment to their customers, community and employees. So what tipped the nomination in our favour? Alongside our ability to create customised programs, … Continued
We’re living in a world where the only constant is change. To many insurers, the continuous need to pivot, meet new challenges and adapt to industry trends can be overwhelming and leaves them feeling three steps behind. At Gallagher Bassett, we have our finger on the pulse, so you don’t have to. Recently we sat … Continued
You need only talk to someone who has had emergency surgery or someone who’s home was hit by a natural disaster to know that insurance is a necessity. Although today, in a world impacted by the rising cost of living, many Australians are choosing to forgo their insurance policy, overlooking the long-term value in favour … Continued
Gentle Bear is GB’s symbol for caring, compassion and charity, and in 15 years, Gentle Bear has become a calming force around the world. Born through a collaboration between GB and the South Australia Police Department, Gentle Bear’s mission is to provide emotional support to a child in the immediate aftermath of a distressing situation, … Continued
HRD’s Employer of Choice awards takes into account work-life balance, career opportunities, flexibility, meaningful work and remuneration when assessing the award submissions. These aspects and more are the core facets of human resources, as defined by HRD, which are joined by new challenges born of the pandemic that top employers must consistently deliver upon to … Continued
Gallagher Bassett has been observing and overcoming talent sourcing and retention challenges for the past decade – and when the dynamic around talent sourcing and retention shifted last year, we were prepared. As a third-party administrator, we recognise exceptional claims management is at the core of our business and that our strongest asset is our … Continued
Outsourcing your claims management service is a tried and tested solution to many of the industry’s biggest challenges. From a gap in market knowledge to accessing top talent, outsourcing streamlines the technical focus to Claims experts, and the resourcing and management of staff, ensuring your business can adapt to market changes with ease and focus … Continued
As we continue to face the wrath of natural disasters and catastrophic events, insurers must prepare themselves for the impending surge in claims which are often complex, volatile and can take months to resolve. Off the back of Queensland’s recent floods, insurers have already seen a surge in business interruption claims with many businesses forced … Continued
John White, Partnership Manager at Gallagher Bassett Australia discusses Gallagher Bassett’s unparalleled experience and approach to supporting insurers with complex claims portfolios. Q: GB has a proven track record of reducing the average cost of liability claims for clients. Can you tell us the approach GB takes to reduce average claims costs? John White (JW): … Continued
To avoid shortcuts, many across the industry are welcoming the advancement of intelligent claims technology and data-driven tools solutions. Despite insurers’ delayed adoption of new technologies, for those wishing to see accelerated claim lifecycles and get ahead, combining the power of technology and innovation with human insight may just be the winning formula. Together, predictive … Continued
Light is now on the horizon for the industry at large, as most insurers anticipate an accelerating economic recovery and additional technology investments in 2022. To capitalise on the opportunities at play, underwriting agencies will need to be nimbler, work faster and make customer service their top priority in the new year. Read on for … Continued
Gallagher Bassett’s Partnership Manager, John White, reflects on the volatility of the past 18 months and shares his key learnings to help insurers forge a strong path forward. “Even before the pandemic, the insurance industry was ripe for disruption. With changing legislation and new players entering the market, the pandemic acted as a catalyst for … Continued
From changing legislation to industry operations, sourcing the right partner for your business has never been a more essential strategy for improving operational efficiencies, developing talent, and unlocking growth potential. One thing that is for certain, is that trends, both local and global, will continue to reshape business operations across every corner of the … Continued
To help employers address this challenge, we’ve developed a tailored Health and Wellbeing Hub, which empowers businesses and employees to take charge of their mental and physical health. This platform helps your employees make time for proactive and preventative care to support them to bring their best selves to, and from, the office. Recognising that … Continued
The transition to a remote workplace against a backdrop of new and evolving financial, political, regulatory, technological and climate-related risks will create a ‘sink or swim’ scenario for organisations and a flow-on effect on their employee engagement and performance. Employers who can ‘swim’ will create high-performing workplaces, resilient employees and safe work environments. Read on … Continued
While corporate travel is expected to have a slower return to normal than leisure, conferences, trade shows and meetings are starting to permeate calendars and schedules. There is only one thing left to plan: what happens when your employees find themselves in a cross-wind between restored liberty and the ever-changing border regulations? Read on to … Continued
We know for every day sooner an employee can return to the office, at least $578 in direct costs is saved. It is in everyone’s best interest if the injured worker’s workplace supports them to overcome injury – whether it physical or psychological – and return to work in a timely, safe and sustainable manner. … Continued
There’s no doubt mediation can be an effective tool for settling claims. However, until recently, online mediation was often discounted in the belief that discourse via video conference was not as effective as a face-to-face discussion. Although that may be true in some respects, the current environment has proven that online mediation can also work … Continued
Third Party Claims Administrators (TPAs) help insurers, Government, corporations, and self-insured companies reduce their Total Cost of Risk (TCOR) and secure better outcomes for all involved. Commissioning a specialist team to handle your claims management process can reduce risk and offer a flexible and cost-effective way to respond to a backlog of claims due to reduced … Continued
From adapting to remote working and the frequent lockdowns of the recent past, complying with evolving State and Federal Government health regulations, and managing complex mental health issues, we’ve had to redefine what it means to ‘come to work.’ Despite the challenges this market poses for insurers, it also presents a tremendous opportunity to modernise … Continued
2021 was a year shaped by a challenging talent crunch, agile and evolving workforce, and cyber threats – with many organisations feeling the flow on effect on their growth and development. So, how do we wrap up the year that was and ensure 2022 is stronger? Here are the three trends we believe will shape … Continued
When the pandemic hit, we knew it would be immediately felt by insurers and that an innovative response was needed to alleviate these pressures. John White, Partnership Manager – Gallagher Bassett, said the award recognised how our team treats innovation as a core competency. “When the pandemic hit, we knew insurers could face an increase … Continued
With the next catastrophic event possibly around the corner, it’s critical insurers have an adequate, flexible and effective team on their side to manage claimant demands. The surge season ahead of us unlikely to be an easy one, with issues surrounding talent retention and recruitment, and claimant demands and needs skyrocketing, there is a perfect … Continued
As we begin to make our way through recovery, its critical for insurers to address how they can shape an improvement in retention, participation and employment within their own organisations. Starting to address these challenging trends must start at home, as we’ve seen this trend really impact insurers over the past 18 months. Our team … Continued
As we head into a new season, property insurers must ready themselves for a spike in complex claims that require highly skilled and experienced loss adjusters and claims managers to manage the volatility of claim surges. We know from decades of experience managing these surge events that this spike will likely see a similar rise … Continued
Jon Winsbury, Executive Vice President – Gallagher Bassett, talks to how insurers can leverage the talent in their business through use of technology. Everyone in the industry knows that bringing a claim to resolution often relies on timely access to medical care, and for more complex or contentious claims, the court systems. This is where … Continued
Jon Stambaugh, Senior Vice President – Carrier Practice North America, and Jennifer Cogbill, Vice President of GBCare Advisor Team North America, explore this trend and what it means for insurers. Q: How did the rise of telehealth happen in 2020? Jon: At GB, we saw a 15% increase in telehealth-related medical bills in the first … Continued
Through partnering these two factors, insurers can accelerate the claims lifecycle and see a return on their investment. The many factors that influence a claim’s lifecycle – such as severity, complexity, likelihood for litigation – can be effectively predicted by analytic tools that can then feed into a claim professional’s informed judgement on a file. … Continued
John White, Gallagher Bassett Partnerships Manager, covered a variety of topics and audience questions with Kyle and has recapped his key takeaways below. One of the many wise words Kyle shared with our audience that has really resonated with me was his identification of the critical component that will shape each and every one … Continued
As a reader of Insurer Insights, you get a preview of what Kyle and John will discuss. Make sure you register today to get access to the live webinar on September 7 at 1pm (AEST). John White (JW): Kyle, what do you see as the biggest future challenges facing Australian companies? Kyle Loades (KL): Companies … Continued
This pressure has flowed on to insurers seeking to finalise repairs after surge events, who are experiencing a shortage of trades and delays in materials, compounded by COVID restrictions and border closures. What are the contributing factors influencing this crisis? The record low interest rates and government incentives for renovators and new homeowners has seen … Continued
From reducing risk by leveraging specialist expertise, to enhancing profitability during surge periods by having additional people power where and when it’s needed, outsourcing presents a powerful tool. For John McNamara, Gallagher Bassett Australia’s Chief Executive Officer, reliably unlocking the full value of partnered claims solutions calls for creating a unique relationship that respects the … Continued
When it comes to the liability and risk of construction projects, companies must consider not just the initial build quality but future-proofing actions to protect developments from natural catastrophes and project failures. From managing premium increases to changing risk profiles, there are some learnings for insurance carriers to ensure they are not left in the … Continued
Partnering with a TPA that already has access to industry-leading technology, talent and an insightful view of regulatory requirements can unlock opportunities your business may otherwise not have been able to realise. When it comes to traditional insurance carriers with on-going/live portfolios, there is more pressure to prioritise the deployment of capital and fuel innovation, … Continued
There is no denying that increasing compliance pressures and numerous (and often frequent) regulatory changes can be some of the biggest challenges faced by the insurance industry. A successful risk and compliance-focused culture and framework, however, can require years of development and numerous resources. Ongoing maintenance is essential; as is ensuring the appointment of a … Continued
Though the response varies in approach and severity for every industry and location, the insurance industry hosted the eyes of the globe as the one to watch – if any industry ought to know how to manage a crisis event, it was insurance. Knowing the need for compassion and care for what their carriers and … Continued
Why? Because of the prevalence of full time employees who have reported they have experienced symptoms of a mental health condition at work. This means the vast majority of your team has likely come to work experiencing signs and symptoms such as feeling sad or down, confused thinking, reduced ability to concentrate, excessive fears or … Continued
1. Unexpected changes to severity and claim frequency Just as the insurer industry adjusted to the spike in workers’ compensation and casualty claims from the COVID-19 pandemic, we started to see changes in the severity of auto, travel, and business interruption claims. As a worrying trend in high-speed, high-impact crashes coincided with economic downturns and … Continued
Most insurers have two answers to this question: legacy infrastructure is hamstringing their best intentions and it’s difficult to fund rapid technological innovation. So, how can insurers overcome this? 1. Define what data matters to you In a world of increasingly available information and content, there are plenty of data points insurers can pull on … Continued
Prior to 2020, the term ‘telehealth’ was rarely used. Australians were used to travelling extensively for medical care, taking time off work to attend appointments and being restricted to the medical experts they could reasonably access in their local area. The COVID-19 pandemic saw medical service providers embrace ‘telehealth’ options (appointments conducted using voice or … Continued
It’s been a difficult year for the insurance industry, but the travel insurance sector has no doubt been one of the hardest hit. The global and local lockdowns have had a significant impact and triggered a spike in claims, disputes, disrupted travel plans and policy interpretation. Now majority of claims have been processed, the limited … Continued
Based in Brisbane, John brings 25 years of sales and operational management experience across Credit Union Australia, Allianz Partners and RACQ. “When I was looking for my next challenge, I wanted to work with a company who was focused on delivering excellence and solutions that impact the future of our industry,” Mr White said. “Gallagher … Continued
While many underwriters and actuaries are expected to have a crystal ball to help them review new and existing business, we share our advice on critical items to consider. Unfortunately, no such crystal ball exists, but there are a few simple processes we can all follow to make best practice underwriting decisions. 1. A customer-centric … Continued
But the implementation of such insurtech platforms is hamstrung if organisations don’t have the right people and right experience on hand. It should come as no surprise that automated systems and artificial intelligence (AI) are increasingly taking over the workforce. From self-service grocery checkouts to smartbot chat integrations that tempt shoppers with additional items or … Continued
To make matters worse, the inability to source a COVID-19 safe jury and adjust court processes to meet virtual demands has meant the wait for a jury ticket is ever-increasing. Carriers can take back control of this process by engaging in strategic litigation and settlement processes, with our team of experts sharing their top tips. … Continued
While those of us in the insurance industry believe this isn’t true, we still have significant work ahead of us to overcome this perception and offer trusted, well-received and comprehended policies. The recent Financial Conduct Authority (FCA) case in the United Kingdom brought this issue to light again, with the Court’s comments making it clear … Continued
Based in Singapore, Mr Wong will lead Gallagher Bassett’s expansion of risk and claims solutions across the region and the deployment of tailored client solutions to its existing global, regional and Asia-Pacific clientele. “We are witnessing a rapidly changing world, from market hardening, rising cost of risk, distribution and underwriting, and shifts to employment and … Continued
As many knowledgeable professionals plan to retire out of the industry, we expect the industry might see up to a 40% shortfall of suitable talent. So, why is this shortfall growing? Simply put, insurance is not trendy or attractive to new recruits. Carriers are unable to draw in new, motivated and ambitious talent who are … Continued
As we all moved online to claim, assess, and manage our internal and external stakeholders, insurtech providers rapidly shifted to take advantage of our newfound digital dependence. We believe this rapid acceleration has meant insurtech is close to the inevitable saturation limit that comes with major technology adoption. Just like cars, televisions, and computers now … Continued
It’s critical carriers understand the true cost of claims, so they retain customers, lower expenses, and make processes fit for purpose. We now operate in a highly competitive market with only a few, very narrow, differentiators between insurers: claims handling, reputation, and process. We know the claim department and its services are the heartbeat of … Continued