Workers’ Comp Physician Dispensing – A Field Guide
I attended the Workers’ Compensation Institute’s annual conference in Orlando last week and as usual, found it to be a great conference with plenty of educational and networking opportunities. I took notes during one particularly interesting session that I thought might be share-worthy. Essentially, the session consisted of three industry execs offering their views of what the next ten years in the workers comp industry will look like. Wouldn’t it be great to have your own crystal ball? The predictions below may be the next best thing, work-wise anyway.
2025 Outlook: Forecasts and Predictions from the CEO’s desk
(Panel participants: Charles Martin, Managing Director, Marsh; Scott Hudson, President and CEO, Gallagher Bassett; Debra Michel, EVP of Major Accounts, Helmsman/Liberty Mutual; Dave North, President & CEO, Sedgewick)
- Our industry workforce is changing as we speak; in 2025, 75% of the workforce will be made up of Millennials who have new ideals about what kind of jobs they want and what kind of companies they want to work with
- Many more claims related tasks will become automated, creating a greater emphasis on the importance of IT personnel because of dependence on systems/automation
- Leadership will need to transform, and there will need to be a variety of leadership styles – one size won’t fit all
- There will be even more competition for good employees
- As an industry, we’ll need to raise awareness of what we do, how we do it, and work on making insurance/claims more appealing as a career option
- HR needs to be a key part of our strategy during this shift in workforce
- We need to reinvent ourselves regularly, be transparent, and be able to explain what we do to potential customers in an uncomplicated way
- There will be consolidation of agents due to availability of online shopping for insurance products
- GL claims should decrease as more people shop on-line and less in-store
- Technology will continue to become increasingly more integrated. Five years ago to speak at a conference, you might have needed a Garmin, a phone and an I Pad. Today, you have all that functionality in a single device
- Predictive modeling is a big concept, but we need to start trusting the data to help us make better decisions & lead us to action
- Work from home will continue to increase, but the need for collaborative workspace where commuters have an option to go will also be needed
- As insurance professionals, we need to invest personal time in thinking strategically, which will require us to get unstuck from day-to-day tasks
- There are 12,000 occupational injuries each day in the US. Every day there are people who need our help, and caring about them matters
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