Human resources, not claims nor underwriting, has been one of the leading topics at insurance industry conferences over the past decade. As the people who built and maintained the older, still prevalent technologies are retiring and leaving the workforce, they leave behind decades of knowledge about the inner-workings of the legacy programs that support the day-to-day insurance business.
The question that insurance management at all levels and in all career fields must answer is: who will replace the old work force?
Millennials will reshape not only how the work is done in an insurance company, but how the company should go to market, improve customer service, sell its products and through which channels. And that’s not all.
In many respects, the property-casualty industry is slow moving when it comes to new technology. However, the industry is on the front line of societal and business change and must develop and launch products that meet specific needs in the marketplace.
Last week, attendees from senior management at Life Insurance companies across the US and Canada convened in South Florida to discuss emerging technologies impacting their business and distribution. As the keynotes and sessions progressed, a theme emerged of how life insurers could “get connected”.
With the economy barely inching towards recovery, now is a time for health care insurers to be innovative. To stand out in a crowd of comparable coverage options, providing more services for the same expense has never been more important.