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Keeping Up With the Future of Insurance

Keeping Up With the Future of Insurance

“The future of insurance is here.” Seems like an oxymoron, doesn’t it? But incredibly, it’s true. Robotics, AI, predictive modeling, blockchain - it’s all happening in our business right now as we heard at the recent International Claims Association (ICA) annual conference (held Sept. 22-24 in Denver). While the above list is front of mind for most insurers, workplace culture also matters, a topic we discussed in a workshop as well.

But first - several presentations offered proof of our industry's evolution. Everything from implementing intelligent automation to the use of technology to fight insurance fraud are happening in our world today.

For example, according to a Capgemini presentation, 50% of insurers globally are currently piloting or deploying AI solutions. Meanwhile, spending on anti-fraud technology is steadily increasing among insurers as shared in a session by the Coalition Against Insurance Fraud.

While insurers - and claims management specifically - have seen technological transformation ramp up, we’ve heard from claims professionals about downsides too.

New systems and processes mean insurance professionals must learn new skillsets or be left behind. For some, technology causes uncertainty about their role and impacts their level of engagement at work.

We shared insights on technology's impact on workplace culture and claims in a session we delivered at this year’s conference.  Based on a survey we conducted with RGA in July 2019, life and health claims professionals across North America revealed what they consider most important influences to workplace culture over the next two years. Technology came in at number one, as shown below.

Keeping Up With the Future of Insurance

(Source: RGA/SALT, 2019)

Meanwhile, insurers concerned about talent management are realizing they should consider its role in attracting the next generation of workers. Millennials and Gen Z are particularly driven by the use of technology. The more digitally enabled a workforce is, the more competitive it will be. For insurers facing a mass exodus of workers as Boomers retire, this is a pressing concern.

The workplace of the future is here. Based on the participants in our session, they’ve bought in on the value of a strong workplace culture and what it can mean for happier workers and better results.

To learn more about our survey results and how we can help your claims organization prepare for the future, contact us today.