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
george_grigg@gspnet.com
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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;
SilverPlume
Sage]
For summaries of other new and updated information in your IRMI library,
go to
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