The work performed by insurance companies is undergoing a radical shift. The convergence of human, technological and market forces will reshape roles and processes from product design and sales, to underwriting and claims, to the back-office functions of finance, actuarial and IT. Here are just a few of the technological changes to expect:
- Robots and software will assume responsibility for the vast majority of transaction processing and number-crunching in underwriting, claims, finance and other areas.
- Chatbots enabled by artificial intelligence will handle basic inquiries regarding application or claims status, policy renewal and claims settlements.
- Sensors connected to the IoT will gather real-time data about environmental conditions, water flows, driving habits and patterns, human activity and heart rates and other data.
- Drones and satellites will inspect properties and communities — either to assess risk before policies are issued or to evaluate damage after weather events.
Yet despite the transformative technology, human talent will be more important than ever in this new world. In fact, it will be a top priority for senior executives and boards because the ability to attract, lead and retain the best people will determine who survives.
The human workforce will be increasingly focused on maximizing and enhancing the customer experience because there will be fewer human touchpoints overall. Reorienting processes, practices, skills and technology for newly emerging products and customer propositions will be another key priority.
Roles and reporting lines will shift as dynamic and self-managed cross-functional teams become more prevalent. Individual responsibilities will expand, with people flowing across functional lines, and roles will be increasingly filled by contingent, remote and outsourced workers.