Digital Insurance Podcast: What helps against the brain drain in the insurance industry?
Over the next ten years, a significant proportion of employees in the insurance industry will retire - and with them the immense knowledge they have accumulated over the course of their working lives. What can help against this brain drain? Is the solution GenAI or should the focus be on the (further) digitalization of the workplace? Dr. Markus Knappitsch and Dr. Hartmut Henk talked about this with Jonas Piela on the Digital Insurance Podcast.
The current demographic trend is affecting almost all functional areas of the insurance industry: from sales and service to claims and actuarial services. Along the entire value chain, capacities and skills will become much scarcer in the foreseeable future. The industry therefore faces three major challenges:
1. retaining expertise:
How can the knowledge of experienced employees be stored effectively and efficiently to ensure the transfer of knowledge to the next generation? What role can automation and generative AI play in this?
2. redistribute capacities:
How can the workload be redistributed and absorbed at the same time? What role can AI-supported automation and the digitalization of processes play here too?
3. increase attractiveness:
How can insurers attract and retain new employees? What can and must the modern workplace achieve in this context?
Digital Insurance Podcast
In the podcast, Dr Markus Knappitsch and Dr Hartmut Henk discuss with Jonas Piela how insurers can use generative AI and digitalization to solve these challenges.
You can listen to the full episode here. (In German)
The most important take-aways
Many insurers are still in the process of developing a coherent vision of the work of the future that incorporates new technologies and takes industry-specific regulations into account. Only when this vision is fully developed can concrete measures be effectively implemented.
GenAI & cloud services help to use knowledge more effectively in the face of the skills shortage. In addition, these solutions support employees when workloads are high – but they must also be provided by the company in a way that can be used securely.
Data protection and cyber security are not only necessary in the insurance industry from a regulatory perspective: They create the prerequisites for the secure use of cloud services & GenAI solutions.
Specific cases for secure GenAI use are, for example
- retrieving all the knowledge in the company via chat or directly in processes
- Identifying the correct contact person for customers on the telephone hotline
- Onboarding & networking of employees & experts in the company
In addition to technology, corporate culture and governance play a central role if insurers want to position themselves resiliently for the future.
Do you have any questions about GenAI and Modern Workplace or would you like to discuss your challenges with our experts? Please feel free to contact us!