Technological advancements like chatbots and AI have played a pivotal role in revolutionising areas such as underwriting. Insurers embracing societal impact strategies not only contributes to social good but also enhances customer loyalty and employee satisfaction.
Evolving customer needs are driving changes in product offerings and service delivery and embedded insurance and ecosystem partnerships are rising as responses to changing customer expectations.
There are implications for HR practices, including the need for skill development and talent management to adapt to evolving trends. Diversity and inclusion initiatives are important, as is the necessity of rethinking organisational structures and roles to accommodate shifts in the industry.
Distribution channels, including digital platforms and personalised approaches can be explored by insurers as new avenues to engage clients. Technological advancements, particularly in underwriting, are driving a shift towards automated processes, potentially reducing the number of underwriters while emphasising the need for technical expertise and data analytics skills.
Real-time pricing and the use of AI in pricing models are becoming more prevalent, necessitating skill development in data analysis and algorithmic decision-making. Similarly, claims processing is evolving towards self-service and automation for simpler cases, with a focus on AI integration for enhanced efficiency and accuracy.
Loss prevention strategies and societal impact considerations are gaining prominence, prompting insurers to adopt predictive and preventive measures throughout the value chain. From a workforce perspective, certain roles may see declining volumes over time, while others will require upskilling to adapt to evolving technological and regulatory landscapes.
In support functions like finance and technology, there is a shift towards strategic partnership and automation, leading to changes in skill requirements and job profiles. Compliance and privacy concerns are driving the need for enhanced controls and expertise in managing AI-driven processes.
This presentation was delivered during the monthly ICMIF Member-to-Member Discussions for HR Directors. Please contact Mike Ashurst, Vice-President of Reinsurance and Professional Development, to find out more about the HR discussions.
