Disruption of the insurance sector is far reaching. New technologies are changing the fundamentals, heralding the arrival of a new generation of hyperconnected products and services but also giving rise to a new human+ insurance worker. To build and equip a digital workforce, insurers need to act. Accenture’s 2019 Technology Vision for Insurance identifies two trends that will provide support.

In a post-digital era, technology will become increasingly important on three fronts: to engage customers, power a digital workforce and create new products and services.

  • Insurers will use it to meet people wherever they are, adapting their products and services to meet individual needs.
  • New technologies and technology strategies will be vital to power an increasingly ‘human+’ workforce.
  • DARQ technologies are poised to become the foundation for next-generation products and services.

Ninety-three percent of insurers are already experimenting with one or more DARQ technologies (distributed ledger technology, AI, extended reality and quantum computing), expecting them to be key differentiators. However, they are doing less well in terms of empowering the workforce: 76 percent of insurance executives agree that their employees are more digitally mature than their organisation.

Empower a next-generation workforce

Insurers’ workforces must leverage new technologies to work more efficiently, perform new tasks and adapt to new ‘human+’ digital-era roles. To support new ways of working, insurers must adapt their technology strategies.

At present, insurers are lagging technology and workforce advances. They cannot support the wider range of career paths that human+ workers are exploring, their talent-finding strategies are out of sync with the capabilities of human+ workers, and investments in learning and reskilling are falling far short of where they need to be for the high rate of employees transitioning to different roles.

Two key areas to consider are digitisation of key HR practices and rethinking talent strategies. Almost half of insurance executives believe their HR organisations will routinely use AI HR functions within the next two years for recruiting and hiring, training and talent retention and engagement.

Training will be important. Within three years, 29 percent of insurers believe up to 60% of their workforces will have moved into new roles requiring substantial reskilling. Another 45 percent say 60 to 100 percent of their workforces will have shifted to new roles.

Insurers will need to consider how they use technologies like AI, XR, people analytics and modern collaboration platforms to prepare workers for new roles, to share knowledge, learn, and maximise their potential. The pace for adoption of these technologies is rapid. Our research shows that almost half of insurance executives believe their HR organisation will routinely use AI HR functions within the next two years.

Join me next week as I look at the impacts of DARQ technologies on insurance organisations.

Meantime, for more insight into these and other trends that will help steer success in this sector, click through to Accenture’s 2019 Technology Vision for Insurance.


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