The impact of global supply chain issues on insurers is increasing, upping the need to develop effective strategies to address the challenge, Gallagher Bassett New Zealand National Supply Chain Manager Kelly Spratt says. 

The insurance industry has been significantly impacted by global supply chain issues, resulting in delays in claims settlements, increased costs and labour shortages. 

Christchurch-based Ms Spratt was appointed to the role earlier this month. She will support insurer operations via GB’s rapidly growing supply chain network.  

Mounting inflationary pressures, cross-border considerations, changing customer expectations and heightened regulatory requirements all make navigating the supply chain challenges facing the insurance industry a complex task, Ms Spratt says. 

“I’m looking forward to making a positive impact on how our customers navigate their recovery from a loss,” Ms Spratt tells insuranceNEWS.com.au. 

“Effective supply chain management is vital for ensuring the timely and efficient delivery of products and services, which in turn benefits our customers through clear expectations and support for claimants. 

“This role comes with a set of complex challenges that will draw on my experience building trusted, collaborative partnerships, and making informed decisions that drive the success of these partnerships.”  

Looking ahead, Ms Spratt says supply chain challenges are unlikely to ease in the immediate future and insurers need a “roadmap” to mitigate these challenges. She recommends establishing collaborative partnerships to set clear expectations, and providing suppliers with the necessary resources and support to deliver.  

Enhancing transparency with stakeholders, customers and suppliers is a top priority for insurers to enhance decision-making, problem-solving and customer satisfaction.  

Gallagher Bassett says it efficiently manages vendors and projects and coordinates recovery, combining digital innovation and data analytics to “guide insurers along the path to success”. 

Focusing on effective supply chain management and acquiring industry expertise will help insurers enhance efficiency, reduce costs and deliver exceptional products and services. 

Supply chain issues are nominated as one of the biggest challenges facing insurers globally, it says, and successful management is critical to meeting organisational obligations.