The Great Claims Talent Shortage: Why Carriers Must Look to Vendor Partners Now

Did you know? The insurance industry is facing a talent shortage. It’s true, that the property and casualty insurance industry is facing a perfect storm. With thousands of claims adjusters and other insurance professionals retiring in the coming years, carriers are scrambling to fill critical roles. At the same time, many have reduced training budgets, making it challenging to develop the in-house talent needed for the future. The impact on claims handling could be devastating without the right partners.

For nearly 40 years, Primeco Claims Group has been a trusted partner to national insurance carriers. Our team of highly trained adjusters and depth of claims-handling expertise positions us well to help carriers bridge the impending talent gap. We recognize this period of immense change brings unease, but see it as an opportunity for carriers to optimize their claims operations.

Challenges of the Talent Drain

The insurance claims industry is facing a significant talent and resource gap. Mass retirements of claims professionals combined with budget cuts to training programs have drained carriers of expertise.

Where once claims handlers gained years of on-the-job training and mentorship, nowadays there are fewer senior staff left to provide coaching. Reduced funding for training means fewer opportunities to develop the next generation of adjusters.

This lack of investment in human capital has left many carriers unprepared. With claims departments stretched thin, customer service can suffer. Fewer skilled staff means claims take longer to resolve, leading to client frustration, and reputational damage.

Carriers need to take action to replenish their claims-handling talent. Whether growing internal capabilities or seeking external partners, rebuilding expertise is essential.

The Time is Now

Rather than weathering disruptions in the heat of a major claims event, carriers should focus on transitions during periods of lower claim volume. The insurance industry is continuing to evolve and change is inevitable. While change can be uncomfortable, the time to start adding additional vendor partners is NOW.

The chaos of an active storm event such as a hurricane or winter storm is not the ideal time to onboard a new vendor partner or adjust existing arrangements. Establish effective processes and workflows between the carrier and vendor, and be prepared for smooth operations during future peak claim periods. Starting vendor transitions in lower volume periods sets all parties up for success when the next major weather event or other loss activity surge occurs.

Adding Capacity

With mass retirements and budget cuts for training, carriers face a huge drain on their claims-handling capacity. Adding new vendor partners will provide much-needed talent and resources.

Partnering with an independent adjustment company like Primeco Claims Group gives you the flexibility to handle spikes in claims volume. When a major storm or catastrophe hits, you’ll have a trusted partner who can mobilize quickly!

An established vendor will help you fill the voids left by retiring claims professionals and the shift towards more part-time adjusters. This provides continuity for policyholders, avoiding delays in adjusting losses. Rather than being stuck handling every claim in-house, you can leverage outside capacity from a vendor partner. Deliver great service during periods of peak demand by partnering with Primeco.

Primeco’s Offerings

Our team brings extensive resources to fill talent gaps and boost claims capacity. With a large, trained team of claims adjusters and a full-time training company, we have the skills and expertise to take on various types of claims.

Our ongoing recruiting efforts provide a pipeline of new talent to continually refresh our workforce. Whether responding to a major weather event with many property claims or handling day-to-day auto incidents, our adjusters have the experience to provide excellent service.

By partnering with Primeco, carriers gain a trusted ally to reinforce their claims department. Our capabilities and specialized training augment staff and provide tested leadership during surges in volume. With broad expertise across property and auto insurance, we deliver reliable service policyholders can count on. Our goal is always to reach fair and timely claim resolutions.

Don’t wait for the next CAT event to realize you need more claims capacity. Ensure you have the talent, training, and technology needed to provide fast, fair, and accurate claims resolution. Reach out today to discover more about how we can support your claims organization.

Phone: (844) 601-4121