IRMI Update
Risk Management & Insurance
Commentary, Tips, and Tactics
March 18, 2009 | Issue 202 | ISSN: 1530-7948
In This Issue
Colleague,
As Jim Collins said in Good to Great,
"People are not your most important asset, the right people are." Now is a great
time to add bench strength to your team. If your firm is holding its own in
these down economic times, you should take a look at some of the great people
who are now seeking employment. Many knowledgeable, talented, and experienced
people are currently in the job market looking for an employer who would benefit
from what they have to offer.
Make no mistake about it, the insurance industry, and indeed all of corporate
America, is going to suffer a talent crisis over the next decade or so as baby
boomers finally retire. The current stock market decline has postponed many
retirements, but they are inevitable. Since most of the P&C industry is, comparatively
speaking, in relatively good financial shape, now is an opportune time to attract
some talented people who will give your firm a competitive edge in a few years
when all others are frantically trying to fill important roles in their organizations.
In addition to looking at veterans who might add experience, one of the places
I encourage you to look is at the young people who are about to graduate with
degrees in risk management and insurance (RMI) from the handful of universities
around the country with programs. As a product of one of these programs some
30 years ago, I know firsthand that the following are truths about these college
graduates:
- They are already sold on our industry, want to work in it, and are more
likely to stay in it than those with other majors.
- They already know the basic concepts (and even some advanced concepts)
of insurance.
- They understand our peculiar lingo.
- They can get off to a much faster and more productive start in an insurance
organization than other students.
Dr. Brenda Wells, an associate professor at the University of North Texas,
makes a compelling argument for supporting RMI programs at colleges and universities
in her IRMI Insights article, The Insurance
Industry Talent Crisis: Investing in Risk Management and Insurance Graduates.
If you are interested in supporting these programs by recruiting their majors
or otherwise, we have, with Dr. Wells's help,
directory of undergraduate RMI programs
around the United States, which you will also find in the
IRMI Insights section of
www.IRMI.com. The article and directory
are designed to work together to give you the information you need to know to
evaluate the various programs around the country, choose one or more to support,
and recruit students who are likely to make positive contributions to your organization.
So what do you think? Is this a good time to seek talented and energetic
people who will position a firm to succeed in the future? Does it make sense
to add a blend of experienced people and recent graduates? Do you think that
supporting university RMI programs will help draw new people into the industry
in the future? Do you believe that these young adults will get off to a faster
start than those with other majors? Have you had success (or a bad experience)
recruiting from university RMI programs?
Please share your thoughts
and ideas about these important issues.
Thank you very much for subscribing to IRMI Update.
All the best,
Jack
Jack P. Gibson, CPCU, CRIS, ARM
President
International Risk Management Institute, Inc.
Risk Tip
Personally Visit the Accident Sites
Claims resolution and management would be much simpler if there were multiple
cameras recording what actually occurred from all angles. Unlike professional
athletics, bodily injury claims are generally not recorded on film or tape as
they occur. The claims manager must rely on accident reports, witnesses, and
other third-party observations or opinions. Once the information is assembled,
there is a great deal of value to be gained by the claim manager or another
uninvolved third party going to the site of the accident, imagining the accident
as it occurred, and visually looking for any surrounding physical information
that could have contributed to the claim. Often, the description does not make
sense until you actually observe the site. Look for any key contributing factors
that may have been left out. Consider lighting, noise, surfaces, and wind potential
so that you have all the relevant information. If the claim occurrence happened
at night, look at the locale at night. You do not need to be an accident re-constructionist
to perform this review, and it may save you valuable time and money understanding
the true nature of the loss occurrence.
By: George C. Grigg
Principal, Quality Practice
Gresham, Smith and
Partners
Nashville, TN
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What's New in Your IRMI Library
Implement Claims Best Practices Now
Workers compensation claims tend to rise in bad economic times for a variety
of reasons. This simple fact, coupled with the possibility of a hardening insurance
market in the not too distant future, make it more important than ever to assure
that your workers compensation claims are being handled in the best possible
manner. The February issue of
The Risk Report
features an article on "Workers Compensation Claims Best Practices" that can
help you benchmark your (or your client's) claims management program against
the practices recommended by the author, a claims veteran with 25 years' experience.
[IRMI Online;
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