Recommended
More Related Content
Similar to Human Capital & Its Impact On The Insurance Industry
Similar to Human Capital & Its Impact On The Insurance Industry (20)
Recently uploaded
Recently uploaded (20)
Human Capital & Its Impact On The Insurance Industry
- 1. THE FUTURE OF WORK ā PREPARING FOR DISRUPTION
- 2. HUMAN CAPITALAND ITS IMPACT ON THE INSURANCE INDUSTRY
- 3. THE REALITY IS THAT WE ARE ALL AFFECTED BY CHANGES IN TECHNOLOGY. AS A BUSINESS ANALYST IN THE INSURANCE INDUSTRY, I HAVE SEEN THE IMPACT OVER THE YEARS. WHEN I JUST STARTED THE JOB, WE HAD VERY MANUAL PROCESSES. PROCESS IMPROVEMENT TRANSFORMED THE WAY WE COLLECTED INFORMATION FROM CLIENTS. PAPER INSURANCE APPLICATION FORMS WAS REPLACED WITH AN ELECTRONIC APPLICATION. OTHER CHANGES IMPLEMENTED TO SUPPORT THIS DEVELOPMENT WAS ELECTRONIC DOCUMENT MANAGEMENT AND AUTOMATED UNDERWRITING.
- 4. FAST FORWARD TO TODAY, CASH PAYMENTS FOR FIRST PREMIUMS HAS BEEN REPLACED WITH MOBILE PAYMENTS. THE ORGANISATION IS EXPLORING PICTURE SCANNING SO THAT SALES AGENTS NO LONGER NEED TO SUBMIT HARD COPY SUPPORTING DOCUMENTS FOR BACK OFFICE SCANNING. ADDITIONALLY, THE BUSINESS IS WELL ON ITS WAY TO UTILIZING OPTICAL CHARACTER RECOGNITION (OCR), INTELLIGENT CHARACTER RECOGNITION (ICR), AN AUTOMATED WORKFLOW SYSTEM AND AUTOMATIC SETTLEMENT OF NEW BUSINESS APPLICATIONS.
- 5. TECHNOLOGY & INSURANCE YEARS AGO, THE FOCUS WAS MAINLY ON PROCESS IMPROVEMENT. TODAY, THE THRUST IS NOT ONLY TOWARDS PROCESS IMPROVEMENT BUT ACHIEVING SIGNIFICANT COST SAVINGS IN THE LONG RUN. TO ACHIEVE THIS THE ORGANISATION IS LOWERING OPERATING EXPENSES. ONE WAY THE ORGANIZATION PLANS TO ACCOMPLISH THIS IS THROUGH THE USE OF ROBOTICS. ROBOTS WILL BE USED TO DO SIMPLE, REPETITIVE, CLERICAL TASKS WHICH MEANS THAT A LOT OF LOW INCOME, ENTRY LEVEL JOBS WILL BECOME REDUNDANT.
- 6. However, as we have seen from the World Bankās Report, although some traditional type jobs will be lost, new jobs will be created. This holds true for the organization for which I am employed. While data entry jobs may be eliminated, jobs in quality assurance and data stewardship may be introduced to ensure that the data being submitted meets the standard. More analytical type jobs such as system analysts may be created to assess systems and make system improvements.
- 7. Through change management, the organisation can prepare the workforce for the changes ahead by providing information on what type of skills are required and possibly in house training in the type of skills needed for the changing job market. In response, the workforce needs to be flexible, anticipate the changes that are coming, retool and reskill in order to remain relevant in these fast changing times. EdX is a great place to start!