As much as technology promises to be a boom to the life and health insurance industry, our business is a still very much a people business. While Artificial Intelligence (AI) offers opportunities to streamline our risk management processes and improve the customer experience, the core of what we do is driven by humans handling complex decisions and nuanced interactions.
With the graying of the insurance workforce comes a talent gap, one that cannot be fully addressed by advances in technology. Qualified candidates must be able to demonstrate proficiency in using technology and an openness to new ways of doing things, as well as the interpersonal skills to create a positive experience for a wide range of customers.
Recently I sat down with my colleague Don Russell, President of SALT Associates, to discuss how strategic resourcing can help insurers struggling with talent shortages. We dig into the opportunities an outsourcing strategy presents, from reducing talent shortfalls to transferring HR risk, as well as creating a more favorable cost structure for their business moving forward.
A Resourcing Strategy as a Competitive Advantage
Outsourcing claims and underwriting isn’t about scaling back or downsizing. It’s about restructuring your business model to increase agility, improve asset utilization, and create a customer experience that is second to none. Right now, insurers that are able to do this are going to create a competitive advantage.