My name is Rupin Mago, and I am VP Sales for omni:us in North America. I want to share the learnings I’ve had and continue to discover during my engagements with Customers, Partners, Industry Experts and people I meet on my journey in life. A broader introduction will come in the coming weeks – but for now, I wanted to describe a great recent event here in the US.
I had the pleasure of attending the AMCOMP Annual Meeting in Las Vegas on April 11-12, 2019. AMCOMP is The American Society of Workers Compensation Professionals. Their mission is to educate professionals in the Workers Compensation space in order to help members advance their careers.
This was my first AMCOMP event and also my first event centered around Workers Compensation (WC). The whole team was very inviting and made me feel like I’d been a member for years. I go to a lot of conferences, and you don’t always feel this way; thank you to the AMCOMP team for the warm welcome.
The group covered very interesting topics, such as:
- Solutions for the Opioid problem
- Millennials in the workforce
- Cyber Security
- Behavioral Science
- Data and how to use it
- Risk Management
One of the key messages that was brought up throughout most presentations and conversations was Empathy. The primary goal within WC is improving on return to work outcomes. The presentation on Behavioral Science was centered around how to intervene before a claim goes off track. With the amount of work on WC professionals’ plates being so immense, it’s hard to be able to be everywhere at the same time. The team at Gain Life have developed technology that can help stay in contact with the insured through digital touch points throughout their claim and be able to raise red flags based on questions asked. These low touch points based on science have a high impact on the overall experience by being proactive to see how the insured is feeling through the course of the change that has impacted their life.
Another key topic was around Millennials and how this group is now the largest part of the workforce today. There is a growing talent war in Insurance and attracting this generation is a challenge but it’s all about being proactive and sharing how empathy is a core focus of the industry will definitely help. The overall WC market is about $90B-$100B from just a WC Insurance perspective, and then you add on another $30B-$40B from employers and you’ve got a $120B-$140B market that wants to improve return to work outcomes. Empathy is key to this.
In my recent conversations with Insurers and Third Party Administrators (TPAs), executives are very mindful of how empathy is and will be a core part of Insurance in the future. Leveraging data will be the key to being able to provide a more empathetic experience in claims. In a Business Insurance article on technology, Dave North, CEO of Sedgwick said that “about half of workers compensation claims cost less than $500, which are not worth spending much time analyzing and processing, Mr. North said. The handling of those risks can be automated, which would free people up to focus on more complex and costly exposures.
I’ll share more of my insights from events I attend, until then feel free to reach out to talk about Insurance, Technology and how we, together, can help the industry move forward.