What do Technology, Insurance and Democracy Have in Common?
In 1962, in his book “Profiles of the Future: An Inquiry into the Limits of the Possible”, science fiction writer Arthur C. Clarke formulated his famous Three Laws, of which the third law is the best-known and most widely cited: “Any sufficiently advanced technology is indistinguishable from magic”.
We have arrived at this place today due to the culmination of a diverse array of technologies. To go back to the claims example, how long can it be before natural language processing, low-code platforms, robotic process automation (RPA) make technology more accessible to even the least specialised users? New APIs will soon be delivering applications, which deliver new insight and the innovative power of machines to even a claims graduate’s hands.
Democratised technology could allow this graduate to optimise work or solve even reasonably complex claims pain points on their own. The ability to create technology solutions is no longer merely the preserve of the IT team, that is for sure. That certainly does not mean to say that a Managing Agent’s CIO along with the team need fear for their jobs. Quite the reverse, in fact.
Speaking as an ex-Head of Operations, it is clear to me that there is no chance that the IT department will be removed from the equation. It will, however, take on a new function that sees it lead the massively complex programs and projects, delivering successful initiatives at scale while delivering cutting-edge insurance technology solutions.
The real challenge now – and it features in the top of five of most CEO’s business risks – is to create an environment that makes insurance people a core part of every digital transformation effort. The successful claims leaders of the future, working with their IT teams, will take on the role of innovation enablers across part of their business. As Accenture says: “It’s not just about giving people access to new tools; companies must actively teach their people to think like technologists. This doesn’t mean turning everyone into an engineer, but rather enabling them to solve problems with technology.”
What that means for insurance companies operating in today’s COVID-19 world is that in a Bring Your Own Encryption (BYOE) model, the business can re-imagine the purpose of working across different locations. Does it really make sense to work at a certain site or to employ these types of people? That will certainly be a challenge for DOCOsoft, not just in the way that we organise our own business but how we advise our own insurance clients and partners.
The big question going forward may well be: ‘do we stifle the urge to encourage our people back to the office or attempt to re-imagine, through technology and investment in new skills, a new ClaimsTech workforce to meet the demands of a rapidly transforming world?’
Pull out box Source: Accenture
77% of executives state that their technology architecture is becoming very critical or critical to the overall success of their organisation
87% of executives agree digital twins are becoming essential to their organisation’s ability to collaborate in strategic ecosystem partnerships
86% of executives agree their organisation must train its people to think like technologists—to use and customise technology solutions at the individual level, but without highly technical skills.
87% of executives believe the remote workforce opens the market for difficult to find talent and expands the competition for talent among organisations.