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The Missing Link to Thriving in the Modern Insurance Landscape

The insurance industry players who want to thrive in today's insurance market should adopt InsurTech to improve core functions.
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the missing link to thriving in the modern insurance landscape

Adapting in the insurance industry is mandatory but challenging. The solution? InsurTech, an ongoing force that improves data management, precision, accuracy, speed of processes and productivity. 

For example, in the battle for talent, job seekers are looking for companies that leverage technology. By improving the employee experience, companies can compete for the best talent. Also, relying solely on traditional methods manifests in sloppy workflows, errors and an inability to leverage the full potential of your data. 

To better understand the importance of technology in insurance, look at some recent statistics. About 48,300 openings for insurance sales agents are projected each year, on average, over the next decade, according to the U.S. Bureau of Labor Statistics, many of those openings due to current agents retiring. This means a new generation of employees will flood the industry. 

Meanwhile, a recent "Insurance Labor Market Study" by the Jacobson group found that, in 2024, 72% of insurance companies expect to grow their revenue and 65% of property & casualty insurers plan to boost staff numbers. 

With 68% of Generation Z and millennial employees indicating they would consider leaving a company if it doesn't adopt digital experiences, according to Riverbed Technology's “Global Digital Employee Experience (DEX) Survey 2023," their technology needs must be met for companies to reach their goals. 

Digital experience is a broad term that covers remote work options, online mentorship solutions for time-consuming tasks, and much more. While the definition is broad, one thing is clear: Companies must integrate technology into their workflows to meet the expectations of the new generation of employees. 

However, meeting the needs of the next generation is not the only reason to adopt tech solutions. Insurance industry players who want to thrive in today's market should adopt InsurTech to improve core functions. Most businesses rely on data management, precision, accuracy and speed—and that's where technology shines. 

In most cases, automation will either take over repetitive tasks, allowing employees to spend time on tasks that require more critical thinking, or work to support employees and enhance their skills. 

In the past, insurgent technology was something that was feared. However, now, more independent agencies are beginning to embrace it. Here are three reasons why InsurTech is our ally, not our adversary: 

1) Removes repetitive tasks. By automating repetitive tasks, technology significantly reduces manual workloads, resulting in more time reallocated to meaningful tasks. 

2) Improves decision-making. Advanced algorithms and data analytics give executives and employees in-depth insights, enabling a more agile, responsive and proactive decision-making process. Data allows for trend reviews and allows forecasting based on accurate broad historical data, rather than partial information. 

3) Increases real-time data accessibility. Executives and employees need up-to-the-minute information to make informed decisions promptly. It's a crucial benefit in fast-paced operations. 

Embracing technology empowers companies to operate more efficiently in data entry, policy generation, claims processing, underwriting analysis, risk assessment and premium calculations. Sticking to manual execution of these tasks in a fast-paced environment is doomed to failure. 

Monotonous tasks can lead to mental fatigue. Recently, “boreout" entered the business lexicon, a phenomenon that occurs when employees are bored by the work they do to the point where they feel that effort is meaningless. The result affects both employee retention and business performance. 

Mladen Subasic is chief product officer of Outsource Insurance Professionals. He has spent the last seven years in the InsurTech sphere, focusing on human and market behaviors, product operations, and applied artificial intelligence (AI)