2026-09-12 · Source: Risk & Insurance Magazine
Summary in 3 Points • Ryan Murphy points to the importance of knowledge transfer and technology in workers' compensation claims • AI presents both risks and rewards for the insurance industry, according to Ryan Murphy • The insurance industry faces a talent crisis due to an aging workforce and increasing retirements --- Ryan Murphy, Vice President of Product, Enterprise Claims at CorVel Corporation, discusses the challenges and opportunities facing the workers' compensation claims industry. He stresses the need for effective knowledge transfer and the integration of AI technology to streamline processes and attract new talent. Murphy points out that the industry is grappling with a talent crisis as the workforce ages and retirements increase. He advocates for a tech-forward approach to make the industry appealing to new graduates, highlighting the creative aspects of claims management. Murphy also warns against rushing into AI solutions without a clear strategy, stressing the importance of deliberate and consistent implementation.
The London insurance market could benefit from adopting AI technologies to improve efficiency in claims handling, particularly in workers' compensation. As the industry faces a talent shortage, there may be opportunities to attract new talent by stresses the creative and problem-solving aspects of claims management. Underwriters and brokers could explore new policy wordings that account for AI-driven processes and their impact on claims. Additionally, the market may need to consider how to manage the risks associated with AI, ensuring that implementations are aligned with strategic goals to avoid potential pitfalls.