We regularly speak of a disrupted industry for the UK Life, Pensions and Investments (LP&I) market with governments, regulators and customers continually challenging and resetting expectations. A critical component that hasn’t been discussed so regularly is how this disruption will reinvent the fundamental experience of people at work in traditional LP&I firms – from how work is organised, to the work people do, to the very profile of the workforce and workforce practices and leadership approaches need to cater for this change.
Digital disruption is undoubtedly a key driver for change. The future vision for LP&I firms has customers at the heart of future propositions surrounded by a digital ecosystem, supported by automated processes and perpetual analytics. We’re seeing some progressive insurers stretching their boundaries as they embrace the digital challenge to shape the next generation of products, services, and business models. Crowdsourcing is one example, with some providers establishing agile customer feedback loops that can rapidly improve services, boost retention and optimise distribution.
Successful insurers will also recognise the benefits of human talent and intelligent technology working together – and they will embrace them both as critical members of the reimagined workforce. The LP&I industry already understands this imperative. Research for the 2015 Accenture Technology Vision showed 76% of insurers believe that successful businesses will soon manage their employees alongside intelligent machines – ensuring collaboration between the two.
Having hosted a recent Breakfast Briefing on ‘The LP&I Workforce of the Future’, there was unanimous agreement from our LP&I business leaders in attendance that now is the time for providers to invest in building a workforce that’s fit for the future. But introducing radical change is never easy, especially when firms have such extensive legacy systems and operations. Those who will lead the market will be the ones embracing the power of digital to fundamentally change themselves from within – creating more agile ways of working, sustaining efficiencies and capitalising on critical talent to support future growth.
Read our latest thinking on the Workforce of the Future