How to overcome the talent crisis with Digital Coworkers
A talent crisis has been looming over the insurance industry for the past 10+ years, with many now turning to Intelligent Automation and Digital Coworkers to overcome this challenge.
A talent crisis has been looming over the insurance industry for the past 10+ years. PwC suggest that “The average age of insurance employees hovers around 43-45 across agents, underwriters, and claims adjusters.” This challenge has now reached a boiling, with large swathes of talent exiting insurance businesses, or worse the insurance industry completely.
We dove into this challenge during a recent discussion with PwC and Score, watch a short clip from the discussion here:
The insurance industry has traditionally struggled with attracting young talent. And while some insurers are doing better at recruiting millennials than others, they all have one thing in common - they are struggling to find qualified candidates with experience in their specific business lines.
As a result, many insurers are seeking solutions to augment people and automate inefficient non-productive work in pursuit of solving the talent crisis without sacrificing service levels or quality of claims handling. And many are turning to Intelligent Automation and Digital Coworkers.
According to a recent McKinsey report, the insurance industry could automate up to 55% of tasks by 2030. By using artificial intelligence (AI) and machine learning, insurers can take on more work with fewer people.
Automation can help overcome this problem by providing an alternative solution. It is an affordable way to increase productivity without hiring additional staff. If you use it correctly, automation can help you improve profitability and stay competitive in today's market.
A Digital Coworker is an advanced automation and document processing solution that can read, think, and intuit, just like a person. Think of a Digital Coworker as your ideal employee - digitized.
This intelligent AI-powered companion augments your people - liberating them from repetitive, mundane work that causes burnout and increases attrition rates.
Digital Coworkers use computer vision to see documents and systems and natural language processing to understand context and meaning. Digital Coworkers go beyond conventional automation tools (such as RPA) which require heavy design and on-going management due to RPA's brittle nature - reducing ROI and driving a poor experience for your people.
Digital Coworkers come pre-trained with knowledge of systems, documents and processes specific to the Insurance industry - and can be up and running in 6 - 8 weeks - delivering rapid value fast and a dramatically improved experience for your people.
Digital Coworkers are an extension of your human workforce, and designed to make your business more efficient.
Using AI and intelligent automation, Digital Coworkers integrate seamlessly into existing processes requiring a human touch, such as reading an attachment contained within an email, verifying a claimants details or interacting with employees at key points in a process.
Digital Coworkers deliver many benefits for insurance agents and companies alike, in the form of:
More stable than solutions like RPA, more versatile than an in-house team and a viable alternative to outsourcing your work, Digital Coworkers allow your your people to focus on creative, high-value activities that drive business results.
Complete the form below to listen to an expert panel discuss real-world experiences of leveraging Automation and AI to combat the talent crisis in Insurance
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During this 60 min roundtable discussion we will:
