Insurance workforce transformation
How insurers can embrace future workforce trends
As technology, emerging risks, customer expectations and competitive pressures change the industry, Insurers need to rethink their work, workforce and workplaces. True digital transformation in the insurance industry is powered by technology, and a connected, collaborative insurance workforce. Leading insurers give their workforce the platforms and opportunities they need to respond to today’s challenges. At Accenture, we partner with our clients to reimagine insurance workforce solutions, making significant, impactful changes in the work and roles within the insurance organization. Our approach goes beyond incremental change, to rearchitecting the work and roles done in an insurance organization, reskilling their workforce and increasing performance, creating better digital/ physical workplaces.
What work is needed, who should do it, what skills are required and where does that work need to happen?
Restructure, new skilling, hiring, extended workforce, changing culture and leadership, organization design, and workplace design.
Create on-demand digital, AI, cloud, data, and security capabilities.
Identify key gaps in client talent and expand capabilities in the client’s retained workforce.
Create the agile, modern insurer and upskill the workforce to prepare for change.
Create better working lives, wellbeing, diversity and inclusion.
Use predictive insights and data-driven resource recommendations to increase productivity by up to 17%.
Leveraging artificial intelligence + human talent to add value.
Unlock human potential and performance, automate low-value work and optimize workspaces.
What is workforce transformation in insurance?
Industry dynamics and talent market disruptions have presented an opportunity for insurers to transform their workforce and drive increased value for the organization. Practically, this means putting the processes, checks and balances in place to organize resources in a way that is diverse, and promotes employee growth.
How to improve employee performance in the insurance industry
To improve employee performance, companies must prioritize the needs and wellbeing of their people. In the insurance industry in particular, there is an opportunity to redesign and realign traditional roles around new ways of working, enabling employees to ‘upskill’ for market relevant skills (i.e. artificial intelligence, data & analytics) and adopt the tools they need to increase productivity.
What are some examples of digital workforce transformation initiatives in the insurance industry?
Take the example of Disney, that created a ‘Disney Institute’ for employees to learn best practices in leadership, loyalty, and quality service. The initiative saw a 33% reduction in turnover and a 6% increase to over 90% increase in customer loyalty and satisfaction.