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After a year marked by innovation and collaboration, we are now looking ahead to the key trends and insights that will bring fresh opportunities for risk managers. Joe Zinga, EVP — Risk Management, shares insights into the industry's emerging trends, talent strategies, impact of data and analytics, and what sets Gallagher Bassett apart in the claims and risk management space.

What are some of the most important trends and challenges in the claims and risk management industry?

Joe Zinga (JZ): The risk management industry is a microcosm of the broader economy in that there is a desire for a greater level of communication and customer service. At Gallagher Bassett (GB), our approach to building long-term partnerships has always been anchored in delivering world-class service to our partners. We have taken that belief to the next level and will only accelerate that focus. We know that beyond technology, analytics, artificial intelligence (AI), and all other advances that have taken place, our partners want communication, transparency, and respect. Ultimately, they want to know that their claims and risk management partner truly cares about them. I have been at GB for over 25 years and have a number of teammates with the same or longer tenures. An organization maintains this kind of consistency by attracting and retaining team members who value the client experience. That “grit”—not just willingness, but desire—to deliver the best possible experience for our clients is why GB is the industry leader and why we will extend that position.

Considering the emphasis on talent, does the “war for talent” continue to be a major theme? Have there been any new developments or shifts in this area?

JZ: Speaking openly, I think the market is generally fatigued regarding the “war for talent.” The entire marketplace (in and outside of the insurance marketplace) no longer wants to hear about how difficult it is or why it is difficult—they want a partner that is investing in solutions and will manage this challenge as effectively as possible. For GB, this has been (and remains) an intense focus, resulting in enhancements that have already had a meaningful impact on attracting, retaining, and developing high-quality talent and that will drive additional improvement. Specifically, GB has created its Resolution Associate Program, designed to produce the next generation of claims professionals by combining a dedicated team of technical instructors (former supervisors) with participants to prepare them for claims management and beyond. We find that program graduates achieve higher levels of customer satisfaction and productivity. To further assist in driving this success, our Director of the Emerging Talent Program continuously develops a pipeline of new talent to meet our growth needs in the years to come. In addition, our Director of Employee Engagement, is focused on better employee engagement as a means to build a stronger work culture, more empowered team members, and better experiences for our clients.

We recognize that it is the front-line claims professionals who create the experience and drive the results that our clients value, and we will continue to focus on and invest in this area, regardless of market conditions.    

What do you think are some of the biggest or best opportunities for risk managers to deliver more value or impact within their business?

JZ: Risk Managers have the unenviable task of being responsible for a number of factors that are critical to the success of their respective organizations and are not always afforded the resources to deliver in the manner that they would like. I believe that a successful claims and risk management partner is one that understands the unique goals of their clients and supports the Risk Manager by proactively partnering to deliver on those goals. For example, don’t tell me what my average cost per claim is—tell me how it has changed, why it has changed, and what steps we will take to drive a better result for my customers and injured workers. Further, how will that provide a superior financial result for my organization? In that regard, an opportunity for Risk Managers is to demand more of their partners and provide clear feedback as the program evolves. With that open and candid dialogue, the claims and risk management partner is armed to be a force multiplier for the Risk Manager in achieving their goals and enhancing their program.

Recently, you spoke with Dan Link, VP – Analytics, about the rising significance of data and analytics in shaping risk management strategies. Do you expect to see this become a more integral part of the risk management landscape?

JZ: Yes, it has to be. To best serve our clients, we must have a view of performance, trends, areas of opportunity, etc. Where I believe GB sets itself apart is in the intellectually honest approach that we take to analytics and program performance. Our aim is not to simply show ourselves in the best light. We take a sincere interest in drilling down to understand the root cause of a metric and identify the underlying concern. We are transparent in surfacing areas of opportunity as well as wins that we have collectively achieved. Even when we have achieved significant program results, we look for the next opportunity to enhance the program. We understand that we cannot “declare victory” simply because we achieve a superior result, and we will not become complacent. We must always look for ways to partner with our client to improve their program.

Analytics also plays a critical role in how we empower our claims team to be as effective as possible. In today’s complex claims environment, the traditional view of a caseload is not a true representation of what a claims team is tasked with. At GB, we measure every aspect of our claims team’s workload: newly arising per day/week/month, closing ratios, complexity of files, etc. We are responsible for putting our team in a position to be successful, and we take that responsibility seriously. As Dan and I discussed, we also leverage information to determine what resources should be applied and when they should be applied to drive a better experience and outcome. Questions such as: Will this workers’ compensation (WC) file benefit from a clinical resource, or is this a wasted expense? Does this WC file show signs that it will become litigated, and what activities can the claims team take to prevent that? Does this Auto file have appropriate reserves, and is there a settlement opportunity? All of these tools are provided to the claims team in real-time and not simply in the form of an alert (which amounts to noise on a desk) but with a recommended action to assist them in providing the best experience and achieving the best financial result.

In your opinion, in what ways does Gallagher Bassett continue to set itself apart in the claims and risk management space?

JZ: This may sound incredibly cliché, but I truly believe that it starts with sincerely caring about our clients and the people we work with every day and being invested in the long-term success of the partnership. I have lived this firsthand and have heard numerous times directly from clients that they appreciate the way that we approach partnerships.

GB has long been known for high-quality claims handling, and over the past ten years, we have distanced ourselves from our competition with Luminos, our award-winning RMIS platform, and our overall analytics capabilities—and I have no doubt that margin will only grow. What excites me most is the enhanced focus and investment that GB is placing on the claimant and client experience. We are in the process of changing the face of the marketplace in these areas, which—when combined with the previously outlined differentiators—will further entrench GB as the premier claims and risk management organization in our industry.

To find out how a strong partnership with Gallagher Bassett can support your business to decrease your TCOR and enhance your reputation, connect with our team today.