2025 Outlook: Forecasts and Predictions from the CEO’s Desk

It is interesting and also imperative to look beyond today’s service demands and activities and project well into the future to anticipate needs and opportunities in the years ahead. We heard from the leaders of three leading third party administrator claims organizations. They are also the three immediate past keynote speakers from the WCI conference. Each presented visionary viewpoints on what they believe will be the most significant developments in our industry.

Speakers for this session at the 2016 WCI conference were:

Moderator:

• Charles F. Martin, Managing Director, Marsh – Global Claim Practice, National Claim Practice Leader, Chief Claim Officer, Norwalk, CT

Panel:

• David North, President & CEO, Sedgwick, Inc.
• Deborah L. Michel, Executive Vice President of Major Accounts, Liberty Mutual Insurance; President, Helmsman Management Services, LLC.
• Scott R Hudson, President and Chief Executive Officer, Gallagher Bassett Services, Inc.

The focus of the discussion was on the industry’s workforce, the role of technology on the customer and the industry and what these may look like 10 years from now. The following summarizes many of the highlights of the discussion.

Workforce

• Nearly half of all activities will be automated.
• There will be more emphasis and technology professionals and product development professionals.
• The challenge of the HR function will be much greater. HR must be a key part of a much more complex hiring strategy.
• Leadership will have to transform itself – must be more of a holistic leader with a variety of styles.
• Workforce will become more expert in specific areas and will need a variety of tools and training,
• The industry must have a powerful value proposition to attract talent.
• The brand of the industry must be enhanced.
• Office structures/work spaces will be much different. More employees may be remote. Office spaces may be more open.

Technology, The Customer and the Industry

• Online purchasing will be become much more common – more millennial buyers.
• Social networking will continue to play a greater role in many aspects of the industry.
• Consumers won’t tolerate complexities in processes. Processes will be much more automated and simpler.
• The Internet of Things, connected devises, will result in much more data that will have to be sorted through, trusted and used effectively to make better decisions.
• Technology companies will be more invested in the insurance space.
• Companies must have significantly better value propositions.
• There are many emerging risks we don’t even know about.

We all need to invest more time educating ourselves and thinking about the future. Embrace change and enjoy the ride!