Are You Aware?
In all businesses, change is inevitable. In the coming decade, it is anticipated that the business of workers’ compensation will change dramatically. As the baby boomer generation retires, evolution of workforce will occur. Technological advances will continue to outpace expectations, regularly changing the landscape of sales, marketing and claims processing.
Property Casualty 360 suggests there are four questions to ask when looking forward:
- How will we attract the next generation of stakeholders?
- What will the workers’ compensation “office” of the future look like?
- How will we communicate with injured workers?
- What impact will technology have on the way we do our jobs?
Are You Prepared?
The Next Generation
As the baby boomer generation retires, millennials are poised to become the next workforce. Forbes notes, “Next-gen employees don’t necessarily want to work for the most relentlessly successful company anymore — instead, their loyalty comes from feeling good about the work they do.”
The millennial generation is comprised of people born between the early 1980s and the early 2000s. Technologically savvy and characterized by a drive to enact social change, millennials often move on from their first postcollege jobs within two years. In order to attract and retain these workers, our industry must focus on providing advanced technological resources as well as emphasizing the meaning behind our work.
Replacing a claims adjuster can be a long process, as each new adjuster must learn the culture and earn the trust of clients. Therefore, creating an environment of few turnovers in the workforce is ideal. As the current generation phases into retirement, we must turn our focus to the next generation of workers.
The Office of the Future
New advances in technology enable employees to work from anywhere, at anytime. In addition, the high cost of real estate is driving the transformation of the traditional office space.
Modern workspaces—especially in companies founded and run by younger generations—tend toward flex spaces and group work areas. Sit/stand desks are favored and few walls are in place. The office may be shared with other businesses, or employees may simply be free to sit anywhere in these cubicle-free spaces. Mixing employees of different departments fosters more collaboration. For instance, if a claims adjuster sits with someone from risk assessment, they are likely to being working together to solve issues.
Many companies are also utilizing telework. Video chats and cloudbased infrastructure make working from home a viable solution for many employees. While not everyone may be suited for this arrangement, those who are successful exhibit less job turnover and demonstrate higher rates of productivity.
Communication Will Always Matter
No matter where an employee is housed, what continues to matter most is communication between claims and injured employees. In order to work effectively in this evolving industry, soft skills such as empathy and concern are more important than ever. These skills help employees stand out as more than just another insurance adjuster.
The next generation is looking to work in places that exhibit positive work cultures. By emphasizing safety as a priority for insured jobsites, workers’ compensation businesses are creating this positive work environment for both employees and clients.
This creates a sense of teamwork between the insured and the company, which fosters respect for injured employees. It is advised that negative terminology be adjusted (“not approved” rather than “denied”) and that processors be able to explain the workers’ compensation terms and benefits as simply as possible.
Though some modern advances in technology call for a more automated
approach to claims processing, the human element will always be vital in our business. Look to technology to enhance the work you are already doing, rather than seeing it as a replacement for employees.
The technology a company utilizes is best determined by collaborative
discussions with all involved. Remaining abreast of change and modification is the best way to understand how technology can and should be used by your business.
A consistent goal for the future of workers’ compensation is making the
claims process more efficient and easier for our customers. As you plan for your company’s long-term future, talk to your employees and to your clients. Discover how and why processes could be easier. Be open to new ideas and advancements in technology, office spaces, and your work force.
The Berkley Industrial Comp Difference
With more than thirty years experience in workers’ compensation, Berkley Industrial Comp is no stranger to change. As the industry evolves, we strive to continue our focus on the most important asset of any company—its workers.
Our unparalleled commitment to transparency and safety is seen best in
the teams we have assembled to support our clients’ desire to protect their workers.
Our R.A.M.P. Loss Control team and our RESOLUTION team are comprised of industry experts dedicated to providing a high quality product and an ease of doing business. With our online claims portal and rapid response time, we are already working with the technology of the future—while still maintaining a personal touch. Someone is with you every step of the way as a Berkley Industrial Comp claim is processed.
We believe people matter most in any industry, and we will look toward the future with that promise in mind. Changes will come, but at Berkley Industrial Comp our sole focus has always been workers’ compensation. Protecting your employees and business will always be our first priority.