Claims 2030: A talent strategy for the future of insurance claims
Digitization is reshaping the workforce of insurance claims organizations, demanding new roles and skills. Creating a digital talent strategy is key to leading in this new context.
The technology revolution is reshaping every job in claims organizations. McKinsey research estimates that by 2030 more than half of current claims activities could be replaced by automation: some existing roles will be eliminated, new digital roles will be created, and people in remaining roles will need to handle new responsibilities and build new skills. To keep up with the digital revolution, claims organizations need to prioritize the development of a talent strategy.
However, many claims leaders are not sure where to begin. The COVID-19 pandemic has only further accelerated digitization in insurance, as customers increasingly demand more options for digital interaction. Further, pressure to reduce costs because of continued profitability challenges has overwhelmed their ability to build a future-oriented talent plan. As a result, claims organizations get stuck in a holding pattern.
In “Claims 2030: Dream or reality,” we described how the claims experience will dramatically transform over the next ten years—because of rapid evolution in technology, analytic capabilities, and customer preferences—and we revealed new ways to protect the insured. To prepare for automation and the digital revolution, claims organizations must focus on talent. In doing so, organizations will be able to digitize their claims process ahead of the change and build a sustainable, competitive edge through speed and accuracy.
Claims organizations can take two actions now to design a talent strategy for the future of work:
- Define the roles of the future
- Grow future-ready talent
Organizations that get it right will realize significant performance improvement and ensure that technology and business work together, while those that miss the mark will likely be left behind.