Insurance Governance Leadership Network (IGLN) participants recently discussed how global insurance companies are addressing the changing talent landscape and dealing with emerging human capital challenges.
The insurance industry seems like a natural setting for artificial intelligence to take root. Solutions providing fraud analysis against claims data has been in place for some time at many companies, enabling rapid settlements with a high degree of assurance that fraudulent claims can be spotted before checks are cut and delivered. There’s also nothing new about automated underwriting at the front end of the policy lifecycle, assuring that most routine applications are processed and priced in the most expedient manner.
That is the challenge for insurers facing future labor shortages and intense competition from flashier companies such as tech startups for young, talented employees. About half of all insurance workers are older than 45. The industry’s reputation is bruised from the financial crisis bailout of AIG and the denial of claims after hurricanes Katrina in New Orleans and Sandy on the East Coast.