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Building a Future-Proof Underwriting Experience
Ryan Seager—Head of Operations, TruStar
hen you think about the future of insurance, what comes to mind? Perhaps it’s Artificial Intelligence, big data or technologies that only a small percentage truly understand. But what many leaders might be overlooking is the most impactful variable of any organization—its people.
New Generation
Like others, the insurance industry has changed since March 2020. The workforce is fully mobile, and policyholders, brokers and underwriters now interact with one another completely digitally. Management teams have become more focused on employee wellness and engagement and are transitioning to a culture that’s able to meet future demands.
Insurance, until recently, was considered an aging industry in terms of both culture and age. The workforce was mature, the style was conservative and business culture remained stagnant. That is until the arrival of Gen Z—the first generation to grow up with technology and therefore depend on it. They demand instant and effortless results, a challenge to the way our industry has traditionally worked in many ways. Companies need to shift to accommodate change that will support this new workforce and new customer expectations.
The past year and a half taught the industry an important lesson. New business models must be nimble or talent—and the business opportunities associated with them—will go elsewhere.
New Opportunity
COVID-19 has created an opportunity for new technology to be embraced—something we can all agree our industry has struggled with. Digital-first strategies enable the underwriting experiences expected by brokers and policyholders in the 21st century. Insurance policies shouldn’t need agonizing administrative efforts to underwrite, buy and deliver.
The past year and a half taught the industry an important lesson. New business models must be nimble or talent—and the business opportunities associated with them—will go elsewhere. To prepare, brokerages and underwriting companies need to think like startups who embrace new technology, streamline UX and hire the next generation of workers.
Our industry can be deep-rooted in its traditional ways. The organizations that think young and are innovative in their approach have succeeded in these new conditions, and will continue to thrive moving forward. They’re a model for those who have been slow to adapt or believe the way things have worked always will.
New Workplace
While return to work strategies are still highly debated, one thing is certain—the workplace won’t look like it did in February 2020. Whether we blame the pandemic or the encroachment of Gen Z, a fully integrated digital platform will allow entire organizations to remain connected from anywhere with internet, empower more effective collaboration within teams and in many ways optimize service models. The emergence of these tools and virtual work in general has made clear the new needs of our customers who expect us to continually adapt and deliver.
This is the industry’s cue to pivot, a familiar activity since the onset of this pandemic. Remember the adage if you can’t beat ‘em, join ‘em? Well if they can’t join you, they’ll beat you—so get ready. The new workforce is here.
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