Introduction
With an ever-changing ecosystem that claims professionals are faced with, along with the hyper-focus on AI-enabled applications and solutions inundating the market, it has become increasingly difficult for Property/Casualty claims executives to:
- Keep up with challenges and changes in the industry
- Identify solutions to solve specific challenges
- Identify solutions to take advantage of new industry trends
As conferences have made a comeback over the past several years, travel restrictions and the hybrid workforce have contributed to conferences becoming vendor-heavy, with more vendors in attendance than industry peers.
In addition to the challenge of simply navigating where to spend your time, there have been fewer opportunities to share insights on claims services and technologies for carriers.
To help Property/Casualty claims executives collaborate and create communities to share insights, we are introducing Auriemma Roundtables for Property/Casualty Claims, which are dedicated solely to claims. We invite insurance industry leaders to join us to create a place where peers can meet and discuss topics that matter to them.
This article will define a Roundtable, explore its relevance for P&C Claims Executives, and provide examples of past Roundtables.
Building on the success of Auriemma Roundtables for Financial Services
For over 25 years, Auriemma has been the leader in creating peer roundtables and has partnered with Financial Services companies, offering Roundtables in virtually every key consumer finance segment in North America, from credit card and auto finance to mortgage, wealth management, and beyond.
Our Financial Services Groups consist of executive communities for sharing business insights for:
- Auto Finance
- Banking Customer Service
- Credit Card
- Cross-Product Fraud
- Other Lending
The Auriemma Roundtables network for Financial Services network is extensive. Many members return for years, even as they change employers. Across the wide range of Auriemma Roundtables for Financial Services offerings, we serve 90% of the largest financial institutions in North America.
We are expanding this successful model to the Property/Casualty market by offering initial Roundtables for Chief Claim Officers, property claims, and auto claims.
Property Claims Roundtable
The Property Claims Roundtable is a dedicated forum for property claims professionals to share best practices around claims inflation and customer expectations. Members gain insights into operational strategies, technology integration, and claim optimizations.
Auto Claims Roundtable
The Auto Claims Roundtable uses data insights and peer-driven discussions. Auto insurance carrier participants develop actionable solutions like adopting advanced data analytics, streamlining claims processes, and improving customer service outcomes.
Chief Claims Officers Roundtable
The Chief Claim Officer Roundtable is a peer-to-peer executive meeting that discusses industry trends, challenges in running claims organizations, and solutions to those issues.
Members gain insights into operational strategies, technology integration, and claims optimization through a quarterly benchmarking report. Additionally, reports from the roundtables with your staff's participation will be provided.
The benefits of joining the industry's deepest business intelligence network include year-round support to learn from the member cohort, with Personal and Commercial lines meetings.
What is a Roundtable?
Auriemma Roundtables for P&C Insurance is a unique offering in the insurance industry. It's a data-driven business intelligence membership that utilizes peer-to-peer data to identify trends.
Our Roundtables are not a single event. They are ongoing, quarterly events with committed members that focus on a combination of fixed and new topics determined by the group. Members engage in ongoing conversations on what's going well and what could be improved and share ideas. Our benchmarking reports provide deeper insight into issues for the Roundtable to discuss.
Members gain direct access to peers and benefit from comprehensive in-person and virtual meetings designed to help identify trends and implement solutions.
Why are Roundtables Important?
Building a community with your peers - talk productively about your job, find solutions from your peers, and create solutions for the industry. For example, the proposed car tariff makes determining the total loss more expensive and complicated.
Using peer-to-peer data to identify trends, we identify if a trend applies to most of the group or is only relevant to a small number of companies.
"Auriemma Roundtables for Insurance has been an effective use of my time that has provided useful, and practical information I have used for my company."
Roundtable Fixed Topics
In Insurance Roundtables, our members focus on fixed topics discussed in each session to provide consistency and help them stay on top of current events. Below are examples of Roundtable fixed topics for the Property Claims Roundtable.
Improving Data and Reporting to Drive Results
Auriemma Roundtables are data-driven business intelligence memberships that include data management, analysis strategies, and data vendor management.
Enriching claims data with external sources like weather data, demographic information, or third-party vendor data can provide valuable context. However, challenges remain in accessing, integrating, and ensuring the quality of this external data.
Simply collecting and reporting data is insufficient. A key challenge is the lack of analytical capabilities and expertise to transform raw data into meaningful insights that can drive tangible improvements in claims handling, fraud detection, cost containment, and customer satisfaction.
Existing reporting tools may not offer the flexibility and customization needed to generate reports tailored to specific business needs and executive-level overviews. Generating timely and relevant reports that provide actionable intelligence can be a struggle.
Hiring and Retaining Talent
Property and casualty claims executives face significant hurdles in today's job market, mainly due to the insurance industry's struggle with its public image, particularly among younger generations who often perceive it as unexciting and traditional.
This misunderstood image of the industry is compounded by a rapidly retiring experienced workforce and an insufficient influx of new talent, creating a substantial talent gap.
The increasing reliance on technology demands leaders with digital fluency alongside insurance expertise, leading to competition with other industries for these skills.
ALAE Drivers
Current ALAE challenges for P&C insurers are multifaceted and interconnected. They require insurers to adopt proactive strategies for efficient claim-handling processes, strategic technology investments, and talent management.
These challenges require understanding the evolving risk landscape to manage these expenses and maintain profitability effectively.
For example, there is an increase in the number of supplements from roofing companies. If the cost of repairing a damaged roof increases by 10% due to inflation, the ALAE for that claim will also rise by a similar percentage in terms of material and labor costs.
Roundtable New Topics
Each member has an opportunity to help develop the agenda for their Roundtable. At the end of each Roundtable, members determine the new topics for the next meeting. For example, our Roundtable members of the Property Claims Roundtable decided to select a few of the following topics for their next meeting:
Customer Service
- FNOL
- Payment options
- Customer journey
Emerging Technology
- New InsurTech
- Implementation, Best Practices, Lessons Learned
- Artificial Intelligence
Selecting new Roundtable topics is an example of how our model empowers members to take the lead on beneficial issues to the cohort.
Key Takeaways
Auriemma Roundtables for Property/Casualty Claims is designed to help Property/Casualty claims executives collaborate and create communities to share insights, and it is dedicated solely to claims. Auriemma Roundtable's membership cohort, peer intelligence, and combined expertise cannot be found anywhere else in the insurance industry.
Auriemma Roundtables for Property/Casualty Claims is a data-driven Business Intelligence membership. We utilize peer-to-peer data to identify trends relevant to most of the group.
Our Roundtables are ongoing, quarterly events with dedicated members discussing fixed and new topics. Members share ideas, discuss improvements, and access benchmarking reports for deeper insights. They collaborate through in-person and virtual meetings to identify trends and implement solutions.
To learn more about this exciting opportunity, visit our Insurance Groups website page.