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Future of Jobs Report 2023: Up to a Quarter of Jobs Expected to Change in Next Five Years

The Future of Jobs Report 2023 from the World Economic Forum suggests that almost a quarter of jobs (23%) are expected to change in the next five years through growth of 10.2% and decline of 12.3%. According to the estimates of the 803 companies surveyed for the report, employers anticipate 69 million new jobs to be created and 83 million eliminated among the 673 million jobs corresponding to the dataset, a net decrease of 14 million jobs, or 2% of current employment.

• Some 23% of jobs are expected to change by 2027, with 69 million new jobs created and 83 million eliminated
• New report suggests green transition and localization of supply chains will lead to net job growth
• Adoption of technology and increased digital access will also create net job growth but with greater offsets from losses; slower economic growth, supply shortages and inflation pose the greatest risks to jobs
• Fastest-growing jobs are AI and machine learning specialists, sustainability specialists, business intelligence analysts and information security specialists; largest absolute growth is expected in education, agriculture and digital commerce

Attorney representation happening earlier in the claims process

Latest trends in litigation examined a year after the pandemic rocked the world.

Attorneys are getting involved in the auto and general liability claims process earlier than previously, a report by loss adjuster Sedgwick has found. Meanwhile, social inflation has continued to exacerbate claims costs.

Sedgwick's latest commentary paper, Liability Litigation Observations and Trends 2023, shed light on the current state of liability litigation trends in the insurance industry.

The paper found that economic inflation and supply chain disruptions are adversely impacting the costs of both litigated and non-litigated claims. Litigated claims' costs have included additional increases above and beyond recent elevated levels of inflation and disruption. Additionally, attorney representation, a precursor to litigation, is occurring earlier in the claims process.

Swiss Re writes 5% more premiums, at 19% higher prices in April renewal

Global reinsurance giant Swiss Re has continued to expand its business in the current hard market environment, reporting today that it has underwritten 5% more business in volume terms, at 19% higher prices on average, during the April renewal season,

Viewpoint: Detecting Digital Deception in Claim Photos

More than 85% of Americans own a smartphone, meaning about 300 million people across the country have high-resolution digital cameras tucked into their pockets.

The ubiquity of these devices has led to efficiencies in the claim-handling process for many property and casualty carriers. By enabling insureds, claimants, providers, and others to capture and share photographic evidence in support of claims, insurers can investigate and process those claims with increased speed.

One study indicated that 27% of repairable vehicle claim estimates are initiated via photos.

These estimates seem like a win-win for insurers and customers. Policyholders can get faster, simpler service when reporting losses, and carriers reduce expenses without the need for onsite estimates. But there’s another group benefiting from remote claim estimates—fraudsters.

Tech tools play big part in managing property losses

Technology tools can help risk managers and their organizations better manage large property losses and claims, panelists said during a session Tuesday at the Risk & Insurance Management Society Inc.’s Riskworld annual conference.

Business continuity planning and strong partnerships with insurers are also critical to help them mitigate the impact of large catastrophic losses, such as fires, they said.

Technology is playing a huge role in the claims and risk management world today, said Danny Miller, Dallas-based executive vice president, loss adjustment at Sedgwick Claims Management Services Inc.

For example, certain aspects of technology benefited the process and adjudication of a claim following a 2021 fire at a QVC Inc. distribution center in Rocky Mount, North Carolina, Mr. Miller said.

[Ed. Note: Recommended] Monthly Newsletter of the Open and Embedded Insurance Observatory

Embedded Insurance Partnerships, New Releases, Launches and Open and Embedded Insurance Funding Rounds from March 22, 2023-April 25, 2023

At the Open and Embedded Insurance Observatory, we conduct ongoing market research and intelligence on Open and Embedded Insurance. As a valuable Member of the Observatory, we are delighted to share with you our monthly selection of key facts, insights, and news that we believe are meaningful and relevant. This newsletter covers all the insights and pertinent features from March 22, 2023- April 25, 2023.

Thank you for your support, and we hope you find these resources beneficial for your business.

This newsletter is curated by Aashima Malik, Research Analyst at the Observatory.

CorVel Corp. offers generative AI platform to manage comp claims

Workers compensation administrator CorVel Corp. announced Monday the integration of a generative artificial intelligence platform into its claims system designed to improve efficiency and streamline the claims management process.

The CareMC claims platform, which is the latest iteration of the company’s CogencyIQSM service offerings, will utilize artificial intelligence to automate certain tasks, freeing up claims adjusters to spend more time dealing directly with injured workers.

“Generative AI will revolutionize claims administration in the next several years, transforming how insurance companies, third-party administrators, and medical management firms manage claims processing,” CorVel President and CEO Michael Combs said in a statement.

Airplane passengers, crew exposed to injury as changing weather increases turbulence

Climate change is increasing the likelihood of aircraft turbulence and related injuries to passengers and crew, potentially triggering more litigation against commercial airlines and other aviation entities.

Advances in technology can help mitigate the risks, but human behavior also plays an important role in preventing turbulence-related injuries during flights, experts say.

The incidence of reported events of either major or much rarer severe turbulence is increasing and a result of the changing climate, said Jonathan Ziss, Philadelphia-based partner at Goldberg Segalla LLP.

While statistically air travel is considered “inherently safe, any increase is worth noting and is worth thinking about,” he said. 

From 2009 to 2022, the National Transportation Safety Board recorded 163 serious injuries to airline crew and passengers from turbulence on Part 121 air carriers, which includes large and regional airlines and cargo carriers. Injuries to crew accounted for 79%.