Reimagining life insurance underwriting: Investing in the next generation of talent

Differentiated products and services are key to the growth of life and annuity insurance companies. Underwriters are ready to help drive this new growth, but they need the right tools and training. Insurers have already invested in a range of new technologies, such as artificial intelligence and automation. Now they need to invest in the people using these technologies. In short, insurers need to reimagine the role of the underwriter by combining technology with human ingenuity so that they can add to the insurance value chain. What would a reimagined underwriter look like? They will become tech-savvy data gurus.they will know how to use New underwriting platform These include built-in data analysis and predictive models. They will use their skills to provide deeper insights and improve underwriting efficiency without compromising robust risk management.

Preparing an underwriting workforce for the future

But they’re not there yet: Underwriters’ skills lag behind new technologies. The value of technology is limited if people don’t know how to use it properly. Insurers must find ways to adapt their employees to their reimagined roles, ready to commit to a new era of smart insurance led by data, artificial intelligence and automation.

There are different ways to strategically invest in talent strategies to provide Future-ready workforceThe first is to adopt a four-point overall talent procurement model, including:

    1. Invest in existing workforce
    2. Borrow talent from external talent pools
    3. Automate tasks using robots and artificial intelligence
    4. Buying talent, whether individuals or acquiring organizational functions

The good news is that underwriters are eager to learn. More than 90% of the underwriters we surveyed late last year ranked improving training and skills development as a top priority.

But insurers will need to reassess their current training models. An apprenticeship model exists to help novice underwriters develop their capabilities by working with experienced underwriters on simple life insurance cases. As artificial intelligence and automation increasingly address these simpler case pipelines through direct-to-consumer sales, insurers will need to find new ways to train the next generation of underwriting talent.

One approach is to combine human and machine learning to train underwriters on profile analysis capabilities so that they can better understand how profile models work and use them to train machines.

Invest in underwriting talent

Investments in training not only upskill the existing workforce but also lead to powerful recruiting tools. Millennials and Gen Z, in particular, are looking for employers who can provide them with marketable, in-demand skills.They also value stability, security, and some of the more traditional markers of career success Universe 2021Combining all of this, coupled with their positive view of insurtech innovation in the health and wellness space, L&A carriers are well-positioned to attract qualified candidates from these talent pools. What new technologies and underwriting processes might these new employees encounter? Some of the technologies identified as top priorities for improving underwriting efficiency now and over the next three years include Modern policy/underwriting platform; external data, data cleansing and data quality to improve risk selection, fraud prevention/detection; data analysis and management reporting; and robotic process automation.

As artificial intelligence and automation proliferate across the industry, insurers must also consider their talent strategies in the context of business agility. Technology alone is not enough: Insurers must also understand how human ingenuity and empathy can best serve their business. They need to understand that artificial intelligence and automation allow human ingenuity to flourish.

Ultimately, to get the most value from these changes, operators must successfully integrate technology and human ingenuity, allowing both to evolve together and independently to benefit customers and the business.

Underwriters we surveyed said they were optimistic about these technologies Their companies took this approach because they saw first-hand the improvements in underwriting. Let’s make sure these investments reward their optimism In addition to upskilling and retaining underwriting talent, business strategies can be developed to achieve top-line and bottom-line results. let us chat About investing in a future-ready underwriter team.

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Disclaimer: This content is for general information purposes only and is not intended to replace a consultation with one of our professional advisors.

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