The 2021 Executives to Watch: AmTrust Financial Inc.’s Andrew Morgan
Andrew Morgan understands that as the industry embraces Insurtech, he can leverage his understanding of data and analytics, combined with a deep knowledge of the insurance space, to help his organization strike the right balance between the art and science of claims management.
“I saw an opportunity to transfer my skills to the insurance world at a time when many companies were just starting to change how they invested in data and claims handling, and 15 years later, here I am,” said Morgan, chief claims officer and executive vice president at AmTrust Financial Inc.
In his role as chief claims officer, Morgan has worked to build relationships with data-driven partners, which has resulted in better outcomes for both insureds and their employees.
For example, AmTrust partnered with Optum Workers’ Comp and Auto No-Fault beginning in mid-2018 on an initiative to address the growing opioid epidemic. Indicated in the AmTrust Opioid Prescription Risk Report, the program resulted in a drastic reduction in the percentage of prescription claims with opioids, from almost 60% to just under 25% year over year, and a reduction of more than 50% in the average days’ supply per claimant.
Early in his career, Morgan had the opportunity to work in data analytics, process improvement and people management roles, which taught him that transparency is key in discovering potential concerns and solving problems. This experience will prove beneficial as he faces new challenges in 2021, including the talent crunch.
“Talent has been and will continue to be both a challenge and opportunity,” Morgan said. “I don’t know too many people in our industry who grew up playing with insurance action figures, and yet we all found our way into the sector. This challenge of attracting, developing and retaining talent is becoming increasingly difficult as the workforce and the world changes.”
Leveraging technology effectively will be critical in attracting talent while delivering excellent service in 2021 and beyond.
“In light of the pandemic, there was an instant shift to remote work in 2020. We are fortunate that AmTrust is nimble and was able to react quickly to ensure a smooth transition by stress testing some of our capabilities,” he said.
The evolution of health care will offer another challenge and opportunity as it impacts workers’ compensation and liability claims involving bodily injury. Increased reliance on telemedicine and advances in how outcomes are measured (using advanced analytics/AI, provider performance metrics and data from wearable devices) will reshape customer expectations.
“What I find the most exciting is managing the balance of delivering great results today with adapting and changing to continue delivering great results in the future,” Morgan said. “We have a great team of people here at AmTrust and strong momentum heading into 2021.” &
For the full list of Insurance Executives to Watch in 2021, view here.