Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Claims Management: is Outsourcing the Right Strategy for You?

By Julia Subscribe to RSS | January 26th 2012 | Views:
loading
 
  



One key challenge for today’s insurance industry is how to retain claims management talent, especially as losing this type of specialized asset can cost additional money related to operational downtime, hiring and re-training. A November 2011 article by Phil Gusman for Property Casualty 360, entitled ,”Industry Loses Over 7,000 Jobs from Aug. to Sept.,” illustrated some key challenges for the insurance industry.

Claims Departments in Crisis

The articled provided the following statistics and reasons for claims management employee churn:

The insurance industry lost 7,400 jobs from August to September, following a trend of declining employment during this period that goes back to 2001.

Employment at P&C insurers was down by 800 jobs. P&C insurer employment stands at 452,900. Year-over-year, P&C carrier employment is down by 11,100 jobs, or 2.4 percent.

Reinsurer employment fell by 300 from August to September to 27,500.

Agent and broker employment fell by 3,400 jobs from August to September to 638,300.

The reasons for the losses are somewhat unclear with much of the statistical data being noted as typical for this part of the year. However, it has been noted elsewhere that this type of employee turnover and job loss typically relates to job dissatisfaction or cost-cutting measures by companies that do not realize that they are actually making a mistake when cutting people in the claims department. If anything, they should be figuring out how to keep their claims talent and make their processes more efficient.

A Claims Management Solution

Interestingly enough, the one area that showed growth in employment is also the specific strategy that could help more companies increase efficiency, lower their costs, and retain their talent. As the same article noted: "From all of the subsectors measured, third-party administration was the only one to see positive August-to-September employment numbers, adding 700 jobs for a total of 128,200.”

This growth comes from more companies understanding how an outsource provider for their claims copying could provide the solution that they have been looking for while they then refocus their internal talent on the core business. This change can provide more job satisfaction than handling time-consuming rote tasks, which in turn can increase a company’s service and satisfaction levels amongst their clientele.

Julia - About Author:
The above article has been taken from the blog of One Source Doc regarding claim management education

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/management-articles/claims-management-is-outsourcing-the-right-strategy-for-you.htm

Related Management Articles Subscribe to RSS

Business Document Storage enabled through skilful management
Published by Jon Smith on February 18th 2012 | Management
Business document storage is a new concept and technology that helps to upload and store your data s...
 
Agile project management training: for change
Published by Gnan Sunder on March 22nd 2012 | Management
APMG Agile project management certification available in over 20 venues nationwide both onsite and c...
 
Service Management Middle management are Methods for
Published by Donald Granger on February 7th 2012 | Management
Increasing topic service plan conservation, increasing, substantial, and / or resourcefullness can a...
 
How important is Reputation management for your Digital Assets
Published by Pgupta on April 5th 2012 | Management
Reputation Management is a novel method to look at the traditional role of public relations, where o...
 
Make waste management easy with skip bins
Published by Matthew Arthur on August 6th 2012 | Business
Waste, trash or garbage is needed to be disposed in a proper way. There are many reputed companies w...
 
Running qualified bestow info to realize unaffected cost management schemes
Published by Steve Rolling on December 1st 2011 | Management
While a great many agencies pass by the existing hypothesis where 'you be required to spend cash, to...
 
Financial management of a festival production
Published by Adam Walker on April 11th 2012 | Business
Summer is coming up in Europe and the festival season is opening. This summer hundred thousands of p...
 
Mentoring skills: How do young people deal with management roles?
Published by Becky on March 22nd 2012 | Management
Many of us are used to senior staff and managers to be older than us; the older you are, the more ex...
 
Zodiac Solutions Inc- Making effective management your criteria for growth
Published by Rahul on July 24th 2012 | Business
To help your organization’s success stay constant even in the times of economic slowdown, there ar...
 
Share voting and a better investor relationship management, with Sodali
Published by Adryana Bygger on March 30th 2012 | Management
Every company needs to rely on an expert team of professionals that is able to improve its reputatio...
 
Why Sales plus a better solution for Sales lead management software
Published by Elizabeth Cooper on May 21st 2012 | Management
With more diversification and expansion of the business, it becomes vital for any owner to have a st...
 
Supply chain management is incomplete without pick and pack services
Published by Diego Hall on December 15th 2011 | Business
Pick and pack services are integral parts of a business. These services are so crucial that they can...
 
Advantage of Joomla for a content management system
Published by Roney on February 7th 2012 | Business
Joomla hosting allows users to keep track of each part of the website content users are more or less...
 
Handle all aspects of property with Dallas property management companies
Published by James Blee on June 9th 2012 | Business
Dallas property management companies are one of the reputed names in handling all aspects of propert...
 
Spend analytics and Supplier relationship management at times of uncertainties
Published by Glenn Farrier on March 7th 2012 | Business
With globalization, businesses are spreading their presence all across the globe. This also brings w...
 
Business management with the help of a pr firm
Published by Canberra Marketing on December 4th 2011 | Management
A Public relations firm can become an exceptionally priceless asset when it comes to the often compl...
 
Strata title management features
Published by Chris Whelan on April 2nd 2012 | Management
Strata title management pertains to be a type of property services which established with multi- lev...
 
Professional Strata companies offering Strata title management
Published by Chris Whelan on May 29th 2012 | Management
Professional strata management companies offer effective strata title management in order to deal wi...
 
The application of advanced beginner employ any data to fresh cost management chances
Published by Jason S Hues on December 2nd 2011 | Management
Creating a clients are 1 be successful (Nickels, McHugh, together with McHugh, 2008)....
 
Points to remember while property management in Reading
Published by Ricky Charles on December 17th 2011 | Management
Property to let in Reading to the approaching tenants is not the everyday work! There are few things...