By FINTECH Books Contributor, John Warburton
Robotic Process Automation (RPA) and Artificial Intelligence (AI) are much talked about as being game changers in insurance. During earlier automation efforts, employment in the industry has remained fairly steady, at circa 2.4m in the US (source: III.org) and 335,000 in the UK (source: ABI).
Many believe that this will not be the case for this wave of technology adoption as complexity is reduced and customers’ demands for cleaner, low touch experiences are met by Insurtech.
So, what is the future of employment in the industry and what roles will survive and prosper?This article will explore the extent to which employment in the insurance market will continue and the roles that will remain. It will also explore what Insurtech innovations are required to help make insurance people their clients successful.
The role of underwriters and brokers in the Commercial Insurance market, accounting for US$726 billion (Source: Finaccord) GWP worldwide, is an area where Insurtech innovation has had a relatively slow start.
The key question will be the extent to which advice and services delivered by real people will continue to be a feature as opposed to self-serve “Robo-Advice” or “Robo-Underwriter” models.The theme that the article explores will not, however, only be an exploration of the retarding, inertia forces apparent in the market.
It will also explore how the productivity and client service of underwriters and brokers will be radically transformed by incorporating innovations from other sectors. The latest “Future of Work” research suggests that there will be radical changes in people’s career path, skill development and personal ambitions as well as attendant organizational innovations in the coming years.
All of these will be enabled by technology to transform the way that people organize work, structure data, collaborate with colleagues, service clients and are led.