Insurance News: How AI is enabling the future workforce | Insurance Blog

The insurance industry continues to cope with an aging workforce and with the impacts of the Great Resignation. To fill the resource gaps, carriers are increasingly turning to collaborative robots, or cobots, to help train and retain younger workers.

In this Insurance News Analysis, we were delighted to welcome Matt Coughlin, Founder & CEO of Xsell Technologies, to talk about the rise of AI and cobots in the insurance workforce and the skilling and scaling of knowledge management they can enable.

We see this playing out in many industries. For example, in the healthcare space, cobots are used for insurance claims, billing, e-prescriptions, etc., and we see them being used more with insurance carriers too. Their use cases go well beyond automation of rote tasks to truly augment human capacity and enhance both customer and worker experience.

New research shows Millennial and Gen Z workers expect much more from their employers with many reporting that having an unfulfilling job is a major source of stress. These findings are consistent with what we too often see in insurance with younger workers overwhelmed by the complexity of the industry and a steep learning curve. It’s another area in which we see the potential for AI solutions to augment younger workers in providing answers to the questions they don’t yet have the skills or experience to answer themselves.

As the future of insurance unfolds, we see AI as the differentiator. As AI matures, insurers can leverage the technology to improve customer relationships through enhanced interactions, while realizing gains in both process efficiency and decision effectiveness in the core industry functions of claims and underwriting.