What do insurers want from loss adjusting partners?

What do insurers want from loss adjusting partners? | Insurance Business

What do insurers want from loss adjusting partners?

Like many sectors within the insurance industry, loss adjusting is transforming. With more technology and data & analytics at their fingertips than ever before, loss adjusters are being called upon by insurers to tackle more and more high-dollar and complex claims for key clients, especially in the large commercial risk arena.

Charles Taylor Adjusting is one such loss adjusting firm to feel these changes in the Canadian marketplace. With approximately 60 employees in offices in Vancouver, Calgary, Toronto, Ottawa and St. John’s, Charles Taylor is called on for specialty commercial losses in four key areas: pollution liability, natural resources, marine, and aviation.

Rather than adjusting one complex claim for a client and then moving on, loss adjusters are now receiving more requests from insurers for wider project management and/or third-party administration (TPA)-type services. “That crept into the business in the last five years or so, which is why we decided to open up Charles Taylor TPA,” said Bob Moore, managing director – Canada, Charles Taylor Adjusting.

“That’s one of the biggest changes we’ve seen in the marketplace in the last few years,” he said. “A lot of it is down to the fact that a lot of complex commercial insurance programs are managed offshore, or they’re underwritten offshore. Those insurers are looking for an entity in Canada that can provide that full onshore service without them having to put boots on the ground in Canada. It’s mostly driven by cost efficiencies.”

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This trend is also about insurers seeking bespoke solutions for programs that have a finite life, according to Michael Guy, vice president / branch manager, Charles Taylor Adjusting. For example, a construction project spanning 10 years may experience a number of different claims throughout that finite period. If those claims can all be managed by one firm, like Charles Taylor, rather than being farmed out to various different loss adjusting firms, insurers and the end-clients can gain more efficiency and stability.

“On top of that, if we can provide technology-backed solutions for claims tracking, data management, payment handling, and so on, then we can really differentiate ourselves in the market,” Guy added. “That’s why insurers are turning to Charles Taylor for more services.”

As one of the world’s leading loss adjusting firms, Charles Taylor has been adept at adopting new technology in order to enhance its services, according to Moore. The firm has an insurtech group focused solely on developing technology-based solutions for insurers, while also calling on data & analytics to provide market insights.  

“That’s also one of our main differentiators,” said Robert Paxton, vice president, strategy & performance, Charles Taylor Adjusting. “By tapping into our insurtech capabilities, we’re able to automate some of the TPA components. That’s in addition to the systems and the people we already have in place to handle a complex claim if it arises out of a program. Clients are looking for a merger of both technology and expertise – and that’s what loss adjusters have to deliver today.”