The insurance industry is already experiencing a debilitating talent crisis during which we’ve seemingly surrendered to other industries in the competition for the best and brightest minds. Now enter Artificial Intelligence (“AI”), an unprecedented technological evolution that has the potential to transform productivity and our way of doing business. It’s a tool with unrealized potential that, if embraced now, has the ability to level the playing field.
The problem is that insurance companies have been slow to embrace AI, if at all. What’s more, this behavior isn’t new. Insurance has a history of frustratingly sluggish adoption of contemporary technology, whether it was transitioning from fax to email or from paper files to electronic systems.
We are not in a vacuum. Other industries are aggressively working out how to integrate AI, align it to their culture’s needs, and help their workforce understand how it will be ethically used. This offers a predictable, attractive off-ramp for talent. We will lose the best talent to other industries if they believe another company has better opportunities for them and their career.
AI is not a trend – it’s a growing tidal wave and firms will soon be forced to choose whether they will be pioneers or pretenders. Organizations that are keen on embracing AI now will reap immeasurable benefits in the years to come. Those that don’t are going to face dire challenges on multiple fronts, including being able to retain top talent, and perhaps survivability itself.
The issue is not exclusive to employers.
The employee who does not embrace the use of AI as a part of their professional skill-set risks becoming obsolete. Top talent are constantly working to maintain their marketability and as such should be keen on leveraging AI to increase productivity value to their organization. However, employee use of AI brings its own share of liabilities to companies. Firms need to prioritize thoughtful organizational policy and safeguards that can mitigate liability of employee use of AI.
Insurance as an industry is slow to embrace newer technologies and we would be remiss if we continued that unhealthy practice. I do not believe that AI is something to be feared – rather, we should educate ourselves about what the technology is and what it is not capable of. By doing it early, we’ll have the runway to implement intelligent, thoughtful strategies within organizations that benefit the company, offer employees opportunity, and foster a lasting culture.
As we work towards a better future for our industry, Coleman Search Group remains keen on ensuring the companies are matched with talent for years to come.