This moment brings huge opportunities but also some real challenges. AI can deliver incredible efficiencies, but it won’t reach its full potential unless insurers can attract, reskill, and empower their people to thrive alongside it. In fact, Accenture research shows that taking a human-led approach to AI could unlock up to $17.9 trillion in economic growth over the next 15 years.
The bottom line: technology alone isn’t the answer. The real key will be how well insurers prepare their workforce to use it.
Here are three ways to get started:
1.Be transparent and tackle worker concerns head-on
AI is powerful but it’s not replacing human strengths like judgment, creativity, critical thinking, and emotional intelligence. Still, it’s natural for employees to feel anxious about change.
55% worry about stress or burnout when working alongside AI.
Fifty percent are worried about losing their jobs.
The greatest method to deal with these anxieties is to communicate openly and honestly. Workers must understand that AI is meant to supplement, not to replace, human labor.
Consider these instances:
Just 5% of the work performed by insurance sales representatives can be completely automated. The remainder will only be improved, and nearly half will not alter at all.
Administrative tasks often take up 40% of an underwriter’s time. They can concentrate on high-value decision-making by using AI to automate data-intensive jobs.
While they develop more intimate, personal relationships with customers, customer care representatives can delegate routine questions to chatbots.
AI becomes an opportunity rather than a danger when people view it as a tool that makes their work easier and more fulfilling.
2.Develop a culture of lifelong learning and quickly retrain
The truth is that insurers are not keeping up with the rising demand for AI skills. Just 4% of insurers are reskilling at scale, despite the fact that 92% of workers demand AI training. That is a significant disparity.
Strong, continuous reskilling initiatives are needed to close it. These ought to consist of:
a combination of in-person and virtual instruction, including webinars, workshops, and practical training.
Clearly defined learning paths for upcoming positions.
collaborations with academic institutions, technology companies, and business leaders to maintain training current and relevant.
Motivation is also important. Using leaderboards, badges, and points in gamified learning helps maintain high levels of interest. Employees can help one another, share information, and learn from one another using platforms like Viva Engage.
For instance, we introduced LearnVantage, our AI-powered learning ecosystem, at Accenture. Everything from the fundamentals of AI to nano-degrees and certificates are covered, and learning is seamlessly integrated into daily tasks. The most important lesson? Although skills are important, a culture of inquiry and lifelong learning is even more important.
3.Reevaluate your methods for luring and keeping talent.
There is a severe shortage of talent in the business. A shortage of 10.7 million workers in financial and commercial services is anticipated by 2030. In the meantime, younger generations are less likely to find a career in insurance appealing.
Insurers must reconsider their positioning if they want to remain competitive. First, the Employee Value Proposition (EVP) needs to be reframed. Show candidates that insurance is about more than policies — it’s about protecting people, businesses, and society. Emphasize growth, innovation, and chances to collaborate with state-of-the-art AI at the same time.
Among the doable actions are:
collaborating with academic institutions that excel in engineering, AI, and data.
utilizing internships, graduate programs, and apprenticeships to connect with early-career talent.
use generative AI to personalize and expedite the hiring process, resulting in a quicker and more interesting candidate experience.
reaching out to untapped talent pools of people with valuable soft skills, such as caretakers, veterans, or career changers.
Additionally, remember retention. Long-term retention of top talent will be facilitated by insurers providing meaningful work, career mobility, and ongoing development.
Last remarks: It is culture, not just technology.
Generative AI is not merely a novel instrument. It is changing the insurance industry as a whole. Businesses that combine the best technology with a people-first culture will be the ones that thrive, not just those with the most advanced technology.
That entails: Being aware of the types of roles that will emerge in the future.
use resources like Skills to close skills gaps.AI.
Maintaining competitive and future-ready EVP, compensation, and career opportunities.
Insurers can equip their employees for the challenges of the future as well as the AI era of today by fostering a culture of trust, flexibility, and lifelong learning.
