Will algorithms take insurance jobs?
Some fear insurance jobs could be on the chopping block thanks to digital technology.
But as with all things tech-related, the picture is more complicated than that. In some cases, technology could actually improve the outlook for those in the industry.
Mark Breading writes in Digital Insurance:
A great debate is underway in society right now about the implications of AI and the workforce, with some people already jumping to the conclusion that there will be massive job loss and governments will need to provide a universal basic income. The politicians can debate that. But in the meantime, I believe we are a long way away from massive job loss. Instead, there will be increasing opportunities for AI and bots to augment human workers and professionals, improve efficiencies, and enhance customer experiences.
So YES – bots are already taking over some jobs. NO – there are some jobs that require so much human judgment, intuition, and empathy that it will be a very long time (if ever) before AI could take over. And MAYBE – there are many jobs that will be impacted by AI over the next decade and longer, and it may or may not cause job displacement.
Other experts expect technology to bolster insurance brokers’ work. According to the MasterOfCode blog:
Many calls and messages a broker receives can be simple policy changes or queries. A bot is be able to help reduce those simple inquiries by answering customers directly, which gives brokers more time to focus on difficult cases or acquiring new clients. Bots can be implemented across a variety of platforms in order to best suit your customers.
For example, a potential client contacts an insurance company via Messenger. A bot can ask them for relevant information including their name, contact information, what they are wanting to purchase insurance for, the value of the goods they are wanting to insure, and basic health information. From there an agent can review the information, ask additional questions if needed, draft up an insurance plan, and get it signed. Bots can help make the process more efficient and free up time for brokers to accomplish other tasks.