[ad_1]
Differentiated products and services are key to the growth of life and annuity companies. Underwriters are ready to help with this new growth, but they need the right tools and training. Insurers have already invested in many new technologies such as artificial intelligence and automation. Now they need to invest in people who use these technologies. In short, insurers need to rethink the role of underwriters by merging technology with human ingenuity so they can contribute to the insurance value chain. What will the reimagined underwriters look like? They will be tech-savvy data masters. They will know how to use new underwriting platforms that include built-in data analytics and predictive models. They will use their skills to provide deeper insights and improve underwriting efficiency without compromising sound risk management.
Underwriting staff ready for the future
But they don’t exist yet: underwriting skills lag behind new technologies. The value of technology is limited if people don’t know how to use it properly. Insurers must find ways to align their workforce with their reimagined roles, ready to operate in a new era of smart insurance dominated by data, artificial intelligence and automation.
There are different ways to strategically invest in a talent strategy that delivers a future-ready workforce. One is the adoption of a holistic four-point talent scouting model that includes:
-
- investing in the existing workforce
- borrowing talent from external talent pools
- task automation with bots and AI
- the purchase of talent, either individuals or the acquisition of organizational functions
The good news is that underwriters want to learn. More than 90 percent of underwriters we surveyed late last year cited improved training and skills development as a priority.
But insurers will need to rethink their current learning models. The existing training model helps novice underwriters improve their skills by working alongside experienced underwriters on simple life insurance cases. As AI and automation increasingly address these simpler cases through the direct-to-consumer sales channel, insurers will need to find new ways to train the next generation of underwriters.
One approach could be to combine human and machine learning, training underwriters in data analytics so they can better understand how data models work and use them to train machines.
Investing in underwriting talent
Investing in training can bring benefits beyond upskilling the existing workforce. It can also be a powerful recruiting tool. Millennials and Generation Z in particular are looking for employers who will provide them with marketable skills. They also value stability, safety and some of the more traditional metrics of career success according to Universum 2021. Combined with all of this and their positive outlook on insurtech innovation in health and wellness, L&A operators are well positioned to attract qualified candidates from these talents. pools. . And what new technologies and underwriting processes might these new hires face? Some of the technologies identified as top priorities for improving underwriting performance today and over the next three years include: modern policies/underwriting platforms; external data, data cleansing and data quality to improve risk screening, fraud prevention/detection; data analytics and management reporting; and automation of robotics processes.
With the proliferation of AI and automation in the industry, insurance companies must also consider their HR strategies in the context of business agility. Technology alone is not enough: insurers must also understand how human ingenuity and empathy can best serve their business. They need to understand where artificial intelligence and automation can help human ingenuity flourish.
Ultimately, to make the most of these multiple changes, carriers must successfully integrate technology and human ingenuity, allowing each to thrive both together and independently for the benefit of the customer and business.
Underwriters from our survey stated that they are optimistic about technology their companies adopted it because they see firsthand improvements in underwriting. Let’s make sure this investment rewards their optimism. by creating business strategies to achieve high bottom line results in addition to enhancing and retaining underwriting talent. Let’s talk about investing in your future-ready underwriting workforce.
Get the latest insurance industry insights, news and research straight to your inbox.
Disclaimer: This content is provided for general informational purposes and is not intended to be used as a substitute for consultation with our professional advisors.
[ad_2]
