The insurance industry continues to face a massive hurdle: finding, attracting, and retaining top talent. The industry’s ageing workforce has led to this challenge – the latest U.S. Bureau of Labor Statistics data show that the median age of the insurance industry workforce is 44 years. 538,000 employees in the industry are aged 55 to 64, and 186,000 are 65 and older.

The outlook, however, for the insurance industry employment for 2024 is good as the demand for claims management professionals is on the rise. With advancements in technology and data analytics, the skillset required for claims management is evolving.

Managing the Employee Journey – From Hiring to Onboarding

At TP, we integrate potential claims management experts into the company’s culture seamlessly throughout their journey – from getting hired and training to onboarding, and ensuring that they achieve continuous improvement through career development programs.

We implement a dedicated hiring process with the goal of ensuring proper selection of claims management candidates based on their cognitive skills and motivation. We do this through an assessment tool that uses a predictive model, allowing us to establish profiles based on the specific skills required at the start of the journey. We compare the results of each candidate with the ideal profile to ensure that they fall into the necessary scale. We then define the ideal profile type by analyzing a sample of top achiever profiles with a tenure of 12 months.

Managing attrition is also critical – retaining the right talent and employee loyalty is even more important for claims management accounts. To drive loyalty, TP offers a clear career path for aspiring employees with opportunities to climb ranks: from their roles as advisors, employees can set their sights on becoming team leaders (compliance auditors or insurance experts, trainers, WFM leaders), operations managers, SDMs, and directors. In addition, work environment and culture are key. As a Great Place to Work®-certified workplace, TP offers claims management professionals flexible working hours and provides a workplace culture that puts employees first.

Unlocking Success with the Right Talent

TP’s digital claims management solution leverages experience, tools, and technology to oversee the entire claims process. To build the right team of skilled professionals, we leverage AI-powered solutions such as:

• An AI virtual assistant trained on the client’s knowledge base that offers comprehensive guidance to advisors
• AI Nesting: Simulates common scenarios and enables interactive engagement with client systems replicas
• Modular AI-based companion that enhances real-time call actions

As a trusted partner, TP’s unique and effective hiring model has positively impacted claims management operations while improving business outcomes. After reinventing the employee integration model by adapting training, progressive skills development, and integration, one of the world’s leading insurance companies was able to improve customer relationships by elevating the customer experience and mastering claims management. The overall business results truly made an impact:

• More than 40% of claims were settled in less than 45 days
• Calls are answered within the expected time, as a result of the client achieving more than 95% Service Level Rate
• Customer satisfaction rate improved from 75% (from two years ago) to 87%
• Claims opened in less than 48 hours
• Lowered claims costs and expedited repair processes, as a result of having more than 74% of motor claims settled by partner garage

TP: Unpredictable world. Predictable claims management.

Whatever the world throws at you, we provide end-to-end claims management, that delivers quality, with flexibility guaranteed. Subject matter expertise, fool-proof training, service at scale and peak management, supported by our global footprint, layered technology, AI and processes. We also provide data so you can look ahead to tomorrow. Delivering predictable claims management, in an unpredictable world. TP frees you to transform to meet the demands of the future.

Contact us to learn more about our digital business services tailored for claims management.