Out of Work?

Table of Contents

Introduction The Impact on P&C Claims Professionals Antagonistic, Confused and Stressful OR

  Purposeful, Clear and Skillful?

Making your choice Organizational Responsibility Taking Control

Introduction

Many industries are going through swift and significant change, to the point that change is the only certainty. The Reinsurance industry is no exception. In the current economic climate, this is exacerbated, to the point that we are swimming in somewhat "choppy" waters.

However, Insurance & Reinsurance companies and Broking Houses continue to implement worldwide strategies to improve customer service and increase productivity. Needs for stricter compliance have driven tighter controls and in the last 20 years, Risk Management and Audit changed the face of underwriting methodology and the nature of the risks accepted. In addition there has been a move to improve claims management, technical accounting processes and changes in financial reporting.

The Impacts On P&C Claims Professionals

As a Claims handler in todays P&C market, perhaps you are troubled or frustrated by:

- the stability of the industry and worries about job security

- the potential financial fragility of P&C insurance carriers

- more focus on claim volumes and productivity over best practices and claim outcomes

- the number of talented and knowledgeable claims professionals out of work

- a reduction in training budgets for P&C Claims professionals

- putting investment profit ahead of nurturing potential U/W profits

- reserving based on unrealistic or optimistic philosophies, or management intervention

- increased reliance on computer programs to evaluate claims

In the face of significant change and increased pressures this article is written as an enabler for you, the P&C Claims community, to thrive and work with purpose and belief, whatever the industry throws at you.

This is absolutely achievable. I have worked with individuals whose existence has become totally absorbed in their industry, their organisation, its inherent changes and how it affects their perceived situation, to the point that it becomes all consuming, they lose their grip and begin doubting their own capabilities. In the worst cases, this has led to stress and ill health.

Antagonistic, Confused, Stressful OR Clear, Purposeful and skillful? You choose!

Notwithstanding, it is true to say that you have the ability to work with these things with clarity, purpose and skill, and to avoid the risk of becoming embroiled in a confused, stressful and antagonistic relationship with them.

Many of the things that cause us worry and exacerbate the pressure we bring on ourselves have always existed in organizations. But when they impact on us as individuals, we often tend to react as if they are new or wrong and treat them as something that should not be happening. It is a great help to accept that these types of pressures have always been around in organizations in any industry.

The key to managing the things that impact you negatively is to understand that it is not personal, even if it feels that way. You will find you can work through these things with a clearer head without the negative reactions that can make work a mentally exhausting experience.

Organizational Responsibility

That said, Insurance & Reinsurance organizations have their part to play and a duty to create an environment for employees to work; effectively and comfortably with change, with a manageable workload, with appropriate levels of autonomy, with a clearly defined role, with adequate support (such as training) and with good internal relationships. However, many organizations make the mistake of implementing secondary and tertiary interventions, such as counseling services, before considering the use of adequate programs that help professionals nurture and harness the positive effects of pressure.

Taking Control

If you are able to take control over your reactions when faced with change or a seemingly unjust situation, it is almost like a "catch all" and it empowers you. You always have a choice over how you react to challenges or change. However, it may be you choose to:

- do nothing

- complain in the head

- complain to others

- incessantly worry about it

- become resentful toward individuals or your company in general

- all of the above

The real power in any situation is in how you respond. If you do not agree with a situation, perhaps a seemingly forced change with regard to how Claims are handled that you are required to adhere to, you can make the choice to take positive and alert action out of a state of acceptance of the situation. Otherwise you can just accept it if there is nothing that can be done. If you cannot change it then why fight it, its exhausting.

I am not saying this is easy. But for now, experiment and get a sense of how it feels. You may experience a feeling of "letting go". Over time, your working day begins to feel lighter, you feel well placed to make powerful decisions and you are able to work toward your goals more effectively. Otherwise you risk being sucked unconsciously into "what a dreadful story this is turning out to be" scenarios and adding to your own turmoil.

Making your choice

This option is always open to you and you are absolutely free to choose it. This is you being in control. If you, as a P&C Claims professional choose to thrive, whatever the environment at work or in the industry, you will be positioned to:

- make critical claims and other associated decisions and choices with clarity and purpose

- effectively handle relationship issues with brokers, clients, managers & peers

- embrace all challenges

- be fully engaged in meetings

- be fully focused on daily activities

- be the calming presence amidst chaos

- operate without worry and stress

- remain mentally and physically healthy

- work with purpose, belief and direction

- inspire others to do the same

I hope that this information goes some way to inspiring you as P&C Claims professionals to make the personal choices that enable you to truly thrive and prosper in these challenging times, as you continue on your journey within this great industry and beyond.

Robert Coomes (MISMA, MIoD, Dip.Stress)

(Re) Insurance & Finance Professionals Consultant