Without a fresh look at their workforce, insurers may find themselves unable to keep pace with the changes brought about by the next wave of digital technologies. Michael Costonis explains.
Insurers are investing in the tools and technologies they need to keep pace with constant change in the digital era. But to achieve their ambitious goals, they need to focus on an often overlooked factor: the workforce.
Today’s insurance workforce is largely hierarchical, often organized in siloes, and at many carriers, arranged according to tightly defined job functions. In some insurance companies, the workforce is ageing and there are major gaps in succession planning.
Watch this Insurance Insight of the Week video to learn how a liquid workforce differs from a traditional workforce.
A more liquid workforce can become a competitive advantage
Creating an agile workforce might sound challenging, but the rewards on offer are immense. Once insurers start to harness the power within such a workforce, they will find that they can grow smarter and faster than they ever imagined.