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Technology that aims to make insurance more efficient, but job growth was questioned



CHICAGO – The explosion of technical applications and the growth of data analysis is transforming the insurance sector, a panel of industrial secretaries said last week.

The introduction of artificial intelligence, robotics and other technologies will automate some work done by humans but will also allow companies and their staff to improve their service offerings, they agreed on the institutes' future risk conference in Chicago.

However, they diverged on the effect the technology would have on employment levels in the sector. 19659002] "If technology is not included in all conversations, you are not about the subject correctly," said Dave North, chairman and CEO of Sedgwick Claims Management Services Inc.

The technology penetrates all parts of the business, from basic office services to financial reporting to employment screening , he said.

Improved data analysis, in particular, has a significant impact on business in the insurance sector, says Janice Abraham, President and CEO of United Educators Insurance, a Bethesda, Maryland-based Mutual Risk Conservation Group covering educational institutions.

"Data analysis is huge for us. It changes the way we convince, how we look forward to new (customers), how we handle claims . I t is the area we want to rent, it really changes how we think of business, "Abraham said.

Twenty years ago, for example, United Educator's application form for coverage was about 1

5 pages long. "For the most part, we don't need an application, we can price it from internal and external data," she said.

Removing the need to manually collect basic risk information allows the insurer to focus on new risks

Two years ago, United Educators did not have a data analysis department, but now it has one with a staff of six, she said.

"There is a great deal of change, but the core of what we do is the same: We take people's risk," says J. Patrick Gallagher Jr., Chairman, President and CEO of Arthur J. Gallagher & Co.

"Data will allow us to specialize down to the minimum risk; it will enable us to get information about what risks out there are emerging … so you will see a huge change in how we "Do it, but the essence of what we do remains the same," he said.

One of the changes technology allows allows data to support customer purchase decisions, Gallagher says.

Brokering clients require more information, he said "They want to know" how do I know I have a lot of "… that's why showing them what's happening in their vertical is really, really important."

Employment prospects for debate

While senior panel leaders agree on technology will improve productivity in the insurance sector, they offered different views on what it would mean for employment in the sector.

" kt that we should do more with smaller people, "said Mrs Abraham.

Client information will be automated, so staff need to help develop new skills, she said.

But artificial intelligence, robotics and other technological advances will create better jobs for people in the industry, Gallagher says.

Improved technology will allow staff to focus on solving problems, North says.

"I resist the idea that technology will replace people. I am not in conversations and say:" It will be good, build it and we can replace 10 people. "There are 10 people who get stronger, do more things, be more productive and be more beneficial to our customers Because of technology, he says.

For example, about half of the employees' claims claim less than $ 500, which is not worth spending a lot of time on analysis and processing, said North, managing these risks can be automated, which would free people to focus on more complex and costly exposures.

"We should stop worrying about things our information says will not be a problem," Mr North said. .


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