LIKE MOST INSURANCE INDUSTRY PROFESSIONALS, MR PARADIS’ INTRODUCTION TO INSURANCE WAS ACCIDENTAL:  Ken had never heard the term “industrial accident” while attending law school, but he became a law clerk at the Massachusetts Department of Industrial Accidents while he was awaiting his BAR results. He initially thought it would be a “holdover job,” and then he would do something else while writing a memo about how to criminally prosecute uninsured employers who would not reimburse the State Fund. Civil recovery efforts had failed, and businesses would declare bankruptcy but restart their businesses after changing their company name without paying back the State Fund. He found an obscure statute that allowed for prosecution and was then offered a position as an Assistant Attorney General. His insurance career just took off from there. He is now the CEO of Chronovo. While it was accidental, it was also a great future.

WHAT IS CHRONOVO? Chronovo is a National Structured Settlement Company whose goal is to bring revolutionary ideas to the insurance industry. The name Chronovo means “new time” in Greek and Latin. Their goal is to make it easier and make it earlier. By doing this, they help bridge the settlement gap. They strive to give adjusters free resources and options. He knows adjusters have very challenging jobs and aims to “do well and do good.”

HOW EARLY DOES CHRONOVO GET INVOLVED IN THE CLAIM? They try to get involved as soon as the adjuster receives the Medicare Set-Aside (MSA agreement). When an adjuster starts thinking about settlement, they want to give the adjuster plenty of options. Some adjusters reach out and ask about initial estimates, which helps them when they are settling reserves. They are happy to help adjusters because their goal is to come from an empathetic place and collaborate with them. They want to make the adjusters’ jobs much easier.

THINKING OUTSIDE THE BOX IS CRUCIAL IF THE INDUSTRY WANTS TO ATTRACT AND RETAIN TALENT: Since the Covid Pandemic, many experienced insurance adjusters have reevaluated their goals and are either retiring early or taking the retirement that they had been putting off before the pandemic. It has been dubbed “The Silver Tsunami,“ causing challenges with employee retention. The other challenge is attracting new talent to the industry. The current workforce is made up of approximately 75% of Millennials, and only 4% are interested in an insurance career.

THERE ARE A LOT OF MISCONCEPTIONS REGARDING WORKING IN THE INSURANCE INDUSTRY: Some misconceptions are that it is boring, that you will do the same thing every day, and that it is not progressive. Millennials want to make a difference and feel that what they do is meaningful and has an impact. The truth is that being an adjuster is never boring! You will never have the same day twice. Each day brings something different, and as an adjuster, you are repairing broken lives.

THE INSURANCE INDUSTRY HAS UNDERSOLD ITSELF AND NEEDS TO TOOT IT’S HORN: Insurance allows people to live safer and more secure lives. Before the creation of workers’ compensation, people were hurt on the job, which was the end of their family situation. Creating Workers’ Compensation has opened the opportunity to really help people. There were 41 billion dollars spent helping restore the lives of people post Hurricane Katrina, and the insurance industry provides 575 million a year on average for charitable causes. Companies need to be creative and bring people to the industry who may not know much about it. It is not enough to post the position; we need to actively reach out to people and make them aware of all the opportunities.

THE CHALLENGES OF BEING AN ADJUSTER IS THAT THERE ARE SEVERAL COMPETING PRIORITIES: It sometimes may feel like you are “spinning plates at the circus,” and there are times when you make a decision, it may upset someone. For example, you may accept a claim the insured did not feel was compensable, or a claim may have to be denied, and the injured worker is very upset. When you are an adjuster, you try to manage expectations from policyholders, injured workers, state regulators, internal management, and medical providers. An adjuster usually has several time-sensitive tasks per day, so managing the workload is essential. If caseloads are not balanced, talented workers may leave, and this can cause a ripple effect of people exiting.

IN THESE CHALLENGES, LIES GREAT OPPORTUNITIES: If you do not want your experienced adjusters to retire, consider providing options to them, such as remote work or a flexible schedule. If you can retain talented workers, it is easier to hire college graduates so they can learn from knowledgeable adjusters. Provide extensive training to new employees and consistently provide feedback (which is extremely important to millennials).

EMBRACE TECHNOLOGY: Another opportunity for our industry is utilizing technology so the caseload is easier. When an adjuster’s time is freed up from monotonous tasks, they can direct their attention to things that make an impact. Their time is better spent returning calls to customers, injured workers, and attorneys and training new employees. 

While some people are nervous about technology, such as AI (Artificial Intelligence), it is designed to make the job much easier. Don’t use technology as a “gotcha” regarding productivity; instead use it as “I got you.“ For more information on the services that Chronovo offers, please visit [email protected].