Partners
A global multi-billion-dollar reinsurance company, and Wisconsin School of Business faculty members in risk management and insurance
Challenge
Changing demographics expose insurers to a succession-planning problem. Currently, they have a cadre of established, experienced claims adjusters, as well as of talented, intelligent, yet inexperienced adjusters. Very few mid-level adjusters are available to take the reins from established adjusters in the coming years as retirements loom. There is a need to develop a new cadre of adjusters, so insurers can continue to function effectively in managing claims.
Strategy
The Wisconsin School of Business worked with the company to design an educational program to replace on-the-job experience as effectively as possible. A two-day session was offered in 2010 to 65 early- and mid-level claims adjusters from around the U.S. who work for client insurers of the sponsoring reinsurer.
The beginner program covered basic claims adjusting practice—from effective negotiations, to policy analysis, to legal procedural requirements. The advanced program included a mock mediation process and electronic document creation and retention strategies.
Outcomes
Both the sponsoring organization and its clients whose adjusters participated in the program have seen financial benefits from the program, along with improved employee performance. The results have been so positive that 2011 will mark the fifth consecutive year the program has been offered.
The university benefited from generating resources from a non-traditional source and by exposing faculty to real-time business issues in the insurance industry.