Other parts of this series:
Insurance leaders must pivot their workforce to take advantage of the opportunities that human-machine collaboration presents, says Michael Costonis.
In this blog series, I’ve been focused on steps that insurers should take to prepare their organizations for applied intelligence, or the synthesis of AI with human ingenuity to transform the enterprise. Last week, I introduced the first step insurers must take: to reimagine work to better understand how people and machines can collaborate. This week, I’ll look at the second step: how to pivot the workforce into areas that create new forms of value for the enterprise.
Four actions can help insurers pivot their workforce and position themselves to seize the opportunities that applied intelligence can unlock:
- Align the workforce to new business models. Insurers must distinguish between what humans and machines each do best, align these capabilities against their business goals and use the synergy to deliver more value to customers.
- Recognize the business case. AI will undoubtedly create efficiencies, but insurers must resist the urge to shift the savings exclusively to the bottom line. Investing in the workforce is crucial to propelling the new business models that will fuel growth in the future.
- Organize for agility. Insurers must empower people with autonomy and decision-making authority. Rather than organize according to traditional silos, they should foster an open culture that enables fluidity in projects and project teams.
- Foster a new leadership DNA. An agile workforce requires and demands leadership at all levels. Insurers must be prepared to meet a new set of expectations for how they operate within their organization and how they go to market.
Above all, it’s important to focus on the long-term goals of fostering the mindset, acumen and agility that insurers will need to capture future opportunities.
Next week, I’ll look at the third step that insurers should take to transform their workforce: scale up “new skilling.”
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