Allied Health Professionals in high demand by Life Insurance companies.
by Derek Del Simone on March 6, 2014
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CTP and Workers Compensation Insurance teams have always had a steady demand to recruit Allied Health professionals into their underwriting and claims teams. With the mounting costs of claims expenditure rising, we are now seeing a number of Life Insurance companies tapping into the Allied Health professional market to recruit new talent and bring in new skills to their teams.
Traditionally there has been limited demand for and interest from medical and allied health experienced candidates in Life insurance. However this new trend seems to indicate a new strategy by insurance companies to help reduce the amount of money being paid out for insurance claims. When you look at the statistics and information coming out of Life Insurance companies, it becomes apparent the reasons for this new trend. While the highest total claims payments were made for Death claims, it was closely followed by Income Protection, Total & Permanent Disability (TPD) and Trauma insurance. Musculoskeletal and Mental Health Conditions are the main causes of TPD and Income protection claims. Cancer has also featured prominently in all claims areas.
Allied Health Professionals play a vital role in tailoring rehabilitation programs for patients whether that is mental health programs, return to work programs or health rehabilitation programs after illness, injury or surgery. It’s this experience that Life Insurance companies want to bring into their underwriting and claims assessments teams. Increasing the number of health professionals in their team, gives insurers a pool of talent who can utilise their clinical experience to manage the assessment and administration of a portfolio of risk product claims to achieve specified targets to achieve claims profitability targets.
This new recruitment strategy by Life Insurance companies gives them a team that not only understands emerging trends, but encourages innovation and problem solving, through the trial of alternative claims management strategies.
Physiotherapists, Psychologists, Chiropractors, Exercise Physiologists and Occupational Therapists are just some of the Allied Health professionals that are being recruited. It some cases Doctors with an interest in Occupational Medicines and rehabilitation are also being sought after.
This is great career opportunity for Medical and Allied Health staff, that need a change from the clinical environment, but still want to utilise their knowledge and experience in a new field of work. Many life insurance companies are paying salaries that are in line with what Allied Health Professionals are earning in the clinical environment, and in some cases slightly more.