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Crawford Highlights Need for Specialized Expertise in Asia

by Celia

Scott Reichelt, President of Crawford & Company’s Asia operations, has underscored the growing necessity for specialized expertise in handling large and intricate insurance claims across the region. As industrial expansion and disaster risks continue to escalate, the size and complexity of these losses are becoming more pronounced.

Rising Challenges in Key Industries

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In a recent blog post, Reichelt highlighted the significant challenges posed by infrastructure projects and high-tech industries, particularly in areas vulnerable to natural disasters. He cited Taiwan’s semiconductor industry as a prime example, where high-value claims demand adjusters with in-depth knowledge of both the sector’s operations and risk management.

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“I’ve seen a marked increase in the scale and complexity of losses in the region,” Reichelt noted. “The development of massive infrastructure projects and the regional concentration of high-tech industries are two key factors driving these challenges. Such exposures lead to highly complex losses, requiring adjusters with specialized industry knowledge.”

Crawford’s Focus on Technical Expertise

Reichelt emphasized that Crawford & Company is actively prioritizing the development of its large and complex loss team in Asia to tackle these emerging challenges. The company’s strategy includes enhancing technical capabilities, improving service standards, and building scalable resources to address catastrophic events.

Instead of training insurance professionals to understand sectors like renewable energy or high-tech industries, Crawford is opting to recruit industry specialists, such as engineers and designers, and educating them about the insurance aspects of the business. This approach allows adjusters to engage directly with clients on technical issues, providing a more tailored and efficient service.

“When responding to large loss events, our approach will be to deploy regional resources with the technical knowledge needed to guide on-site teams effectively and ensure that our adjusters can communicate in the local language,” Reichelt explained.

Collaborating with Brokers and Reinsurers

As the complexity of claims increases, Reichelt observed a growing involvement of brokers and reinsurers in the claims process. Loss adjusters are now required to work more closely with these stakeholders to address risk scenarios and restoration plans.

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“Brokers who act as risk partners for their clients can play a vital role in scenario planning,” he said. “They help clients navigate the potential maximum foreseeable loss and its possible impacts.”

Such collaboration, Reichelt suggested, can improve outcomes for policyholders and ensure a claims process that aligns more closely with client expectations.

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