In a somber turn of events, the insurance industry has been shaken by the recent tragedy of a motor claims manager who took his own life, citing overwhelming work pressure and an inability to find release from the relentless demands of his profession in his suicide note. The incident took place at Bangalore location of a private insurance firm which was once reputed for its work culture and training practices. A key statement mentioned in the suicide note revealed the insurer's practice of procuring a penalty bond from the employee in case the employee resigns from his position within 1.5 yr.
This heartbreaking incident sheds light on the often unseen challenges faced by claims managers in their day-to-day roles. Let's delve into the general difficulties that these professionals encounter and explore potential solutions to alleviate their burdens.
The Daily Struggles of Claims Managers:
High Workload: Claims managers are often burdened with a high volume of cases to handle simultaneously. For private insurers on average a claims manager handles between 100-150 claims in a month. This tranlates to handling 100-150 customers and ensuring work completion within timeline on these 100-150 assets. The pressure to efficiently process claims, meet deadlines, and ensure accuracy can lead to immense stress.
Tight Deadlines: Insurance claims typically come with tight deadlines and claim manager KPI's are linked to said deadlines, adding to the stress of claims managers. Meeting these deadlines is crucial for both client satisfaction and regulatory compliance, leaving little room for flexibility.
Emotional Toll: Dealing with policyholders in distress, assessing damages, and handling complex cases can take an emotional toll on claims managers. Further in case of claim denial, the claims manager needs to handle irate customers by themselves. The nature of the job requires them to navigate sensitive situations, contributing to mental fatigue.
Lack of Work-Life Balance: The boundary between work and personal life can blur for claims managers, leading to burnout. Claims team is known for their overtime work specifically during month end across all insurers. Overtime, frequent weekend work, and on-call responsibilities contribute to a lack of work-life balance, affecting overall well-being.
Addressing the Challenges:
Utilizing Technology:
Solutions for above problems exist in today's technologically advanced environment. However insurer's need to identify the optimal technology and its use case to fit its own work culture and expectations. Whereas automation is a term which is frequently used in the industry, true automation would be achieved by implementation of correct technology across the entire process. We at Insurancegyan.com can assist insurer's in optimizing their processes through technology driven solutions. We can be reached through the Contact Me box available on our home page.
Enabling Training & Engagement:
Training and enagements are essential requirements in today's high stress environment. However same should not come at a very high cost. Training should be more concise and delivered in an hybrid manner to enable high retention and lesser cost. Insurancegyan.com through its in house expertise can assist insurer's in creating such training programs for their employees. We can be reached through the Contact Me box available on our home page.
Cultivating a Supportive Culture:
Fostering a culture that prioritizes employee well-being is essential. Open communication channels, regular check-ins, and a supportive team environment can create a sense of belonging and help prevent feelings of isolation.
Conclusion:
The tragic loss of a claims manager underscores the urgent need for the insurance industry to address the challenges faced by professionals in this critical role. By implementing supportive measures, embracing a culture that values mental health, and finding ways to balance efficiency with employee well-being, we can strive to prevent future tragedies and build a more sustainable and compassionate work environment for claims managers and other insurance professionals.
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