Managing the risk of burnout in the insurance industry

Rising stress levels are leading to high burnout rates amongst claims handlers. But insurers need to look after their most valuable asset, says Lee Fogle, vice president of the research and risk analysis organisation, the Insurance Services Office (ISO). Instituting best practice programmes not only improve efficiencies but alleviate the pressure on claims staff

Claims handlers are busier than ever. There has been a near explosion in liability-related losses, particularly in the US, where the insurance industry is exposed to the most aggressive tort system in the world. America’s multi-million-dollar tort awards far exceed those paid out in Europe or the rest of the world. The US easily tops the league table for the highest bodily injury awards – giving a massive US$124mn per annum. Switzerland comes in a very distant second, awarding $10.8mn, and the UK is in sixth position with its highest payout at $5.8mn (source: Swiss Re).