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Intelligent machines are about to dramatically change management roles in the insurance industry. Organizations are just starting to use cognitive computing—information systems that sense, comprehend, act and learn—to automate some of the routine tasks that take up so much of insurance managers’ time.
CEOs and their leadership teams are aware of the prospects of a more dynamic managerial workforce and the potential for savings through automation. Intelligent machines will free managers in insurance to focus on more strategic issues and activities, which is a game-changing opportunity.
For leaders, the real potential of cognitive computing lies in helping managers unleash an organization’s creative potential, capture new growth opportunities, and lead a more empowered workforce of the future.
But what do managers in the insurance industry think? How do they feel about the rise of intelligent machines in their work?
A study of the impact of cognitive computing in management by the Accenture Institute for High Performance and Accenture Strategy surveyed first-line, middle-level and top-level managers in insurance and found that nearly half of top-level insurance managers (46 percent) would readily trust the advice of intelligent systems.
Yet, resistance to cognitive computing is stronger than insurance leaders think. Confidence in the advice of intelligent systems diminishes sharply down the ranks. Among those surveyed, less than one-third of mid-level and less than ten percent of first-line managers said they would readily trust the advice of intelligent systems in making business decisions in the future.
CEOs and their leadership teams in insurance have a responsibility to ensure their managers are prepared to take full advantage of the change that lies ahead. Here are three things they can do to make the most of a manager-machine union:
- Sharpen the human edge: Revisit and realign talent sourcing, development and reward strategies.
- Rally the troops: Convince their first-line and middle managers of the value of intelligent machines and educate their managers (and themselves) about cognitive computing systems.
- Chart a course of discovery: Be willing to experiment to identify intelligent machine uses that make the most sense for their organizations and their teams.
The potential for intelligent machines to improve enterprise performance at the management level is significant. But to take full advantage of what the cognitive computing revolution has to offer, insurance leaders must ensure that their organizations have the capacity to change. In order to unlock the potential of the workforce of the future, leaders will need to create a culture of experimentation and trust among managers in insurance at all levels.
Learn more, view the “Managers and Machines, Unite!” Insurance Infographic or read the cross-industry report.
“Managers and Machines, Unite!” Insurance Infographic
Learn how intelligent machines are poised to dramatically shift management roles and recast the workforce of the future.