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Insurers need to adapt their workforce to new technologies, says Accenture



June 18, 2018 09:45

Photo : Freepik

Insurers that invest in technologies at the same pace as the successful firms could increase their revenues by 17 percent and their workforce by 7 %, shows a study ofAccenture. However, they must adapt the work to their existing workforce and hire more employees, otherwise they may miss opportunities for growth important.

The research firm maintains that this adaptation goes through the training. Accenture cites a survey of senior executives of insurance companies, indicating that the ceos surveyed believe that only one in four employees is ready to work with the artificial intelligence. Despite this, only 4 % of insurers plan to significantly increase their investment in training over the next three years.

“Artificial intelligence has the potential to increase innovation, growth and efficiency, but the reluctance of insurers to properly train their employees could limit this impact,” says Michael Costonis, a leader in the insurance industry at Accenture.

The workforce of the future made up of humans and machines

The study also reveals that 61 % of insurers believe that the workforce of the future will be composed of humans and machines. These firms believe to 67 %, in contrast to the popular belief that artificial intelligence will not reduce the number of jobs and that they will see a rise of them in the course of the next three years.

Moreover, the employees say they are prepared to accommodate the artificial intelligence in their daily tasks. Two-thirds (68 %) say that technology will create opportunities in their work, while only 4% say that it will create more challenges. Nearly 75 % expect their work to be simplified with the artificial intelligence, and 69 % think that it will bring a better balance between private life and work.

“Senior executives need to think pragmatically about what they can do to attract talent, to redefine jobs and to train their employees. To create a more flexible working environment might be a good first step to attract the scientific data and other talents from outside, ” adds Mr. Costonis.

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