Futureproofing Claims Careers: Adapting to AI in Insurance

Cade Williams, Assistant Vice President, Risk Management-Claims, Marriott Vacations Worldwide[NYSE: VAC]

Cade Williams is the Assistant Vice President, Risk Management-Claims at Marriott Vacations Worldwide, where he oversees complex claim management on a global scale. With a strong background in risk management, litigation and compliance, Cade brings strategic leadership to Marriott's claims processes, optimizing investigations and mitigating largescale costs. He is known for his collaborative approach and innovative use of investigative services beyond traditional fraud detection. His expertise in claims management, combined with a focus on efficiency and thoroughness, makes him an asset in the hospitality industry’s evolving landscape.

The insurance industry is undergoing a significant transformation driven by advancements in artificial intelligence (AI). While AI lacks consciousness, it processes information with unparalleled efficiency, reshaping the landscape for many insurance professionals, particularly claims leaders. As the industry transitions to resolving claims within specific thresholds without human interaction, many traditional claims roles face extinction. However, this shift also presents unique opportunities for claims professionals to enhance their value in an AI-driven world.

The Changing Landscape

In the near future, AI will handle many of the routine claims, automating processes and reducing the need for human intervention. This evolution raises an important question: How can claims professionals remain relevant and valuable? Here are several strategies to consider:

Professionals with high EI can effectively communicate and empathize with clients, offering personalized service that AI cannot replicate. They can build trust and rapport, essential for efficient and fair claims resolution.

1. Develop Analytical Skills: As AI generates vast amounts of data, the ability to analyze and interpret this information becomes crucial. Claims professionals who can leverage AI-generated insights to make informed decisions will be highly sought after.

2. Embrace Continuous Learning: Staying updated with the latest AI technologies and trends is essential. Gaining knowledge in machine learning, data analytics, and other relevant fields will enable professionals to adapt to new tools and methodologies.

3. Focus on Customer Experience: Despite AI’s capabilities, the human touch in customer service remains irreplaceable. Enhancing skills in communication, empathy, and problem-solving can set claims professionals apart. Providing a superior customer experience is always a valuable asset.

4. Specialize in Complex Claims: While AI will manage routine claims, complex cases requiring nuanced judgment will still need human expertise. Specializing in these areas can ensure continued relevance and demand for human intervention.

5. Collaborate with AI: Learning to work alongside AI tools to enhance efficiency and accuracy can make professionals indispensable. This includes understanding how to leverage AI for tasks such as fraud detection, medical record and bill review, and risk assessment.

6. Build Conscious Relationships: Foster strong, ethical relationships with stakeholders. Being fully present and aware in interactions, understanding stakeholders’ needs, and providing personalized service are key to resolving claims effectively. Transparency and fairness in all interactions help build trust and collaboration.

A Path Forward

As AI continues to evolve, claims professionals with high emotional intelligence (EI) will maintain their relevance and thrive. Emotional intelligence involves understanding and managing one’s own emotions, as well as those of others. This skill is invaluable in navigating the complexities of human interactions, especially in the stressful arena of claim adjustment.

Professionals with high EI can effectively communicate and empathize with clients, offering personalized service that AI cannot replicate. They can build trust and rapport, essential for efficient and fair claim resolution. Additionally, their ability to manage emotions fosters a calm and composed demeanor, leading to better outcomes for all parties involved.

By leveraging their emotional intelligence, claims professionals can bridge the gap between AI’s efficiency and the human touch needed for complex and sensitive cases. This unique combination of skills will ensure they remain indispensable in the evolving insurance landscape.

Resilient Vehicles for Future Success

The future of the insurance industry is bright, with AI driving efficiency and innovation. Claims professionals who harness their emotional intelligence and build conscious relationships will find themselves at the forefront of this exciting transformation. Now is the time to embrace these changes, develop essential skills, and secure a successful future in the industry.