This is a reminder that we are headed toward 1st Qtr. profitability for the insurance industry. It appears that most insurers are focusing on paper update forms, but can’t find them once they are sent in. The overwhelming paper chaos plaguing the industry continues and will likely have dire consequences for profitability at month-end.
I want to remind everyone that the insurance industry as a whole continues to suffer from huge losses from the totality of CO_ID deaths requiring life insurance payouts. Although it’s not “disability claims” that are overburdening the industry, insurers are forced to rely on other product lines to offset overall losses.
Regardless of the circumstances, insureds and claimants continue to suffer while insurers maintain the “work-at-home” status quo, often with employees who are English challenged.
In the meantime, I am encouraging insureds to really pay attention to what they are putting on forms and be prepared to send them in more than once. Do not depend on getting through with phone calls, or speaking to the person managing your claim.
