The latest Global Workforce Intelligence (GWI) Project study, Intelligent Adaptation in Insurance – Predicting the Unpredictable, explores the widespread uneven organizational readiness for Generative AI’s impact on this massive, complex industry.
The insurance industry is a $10 trillion market facing an increasing risk of the global protection gap (the difference between the amount of insurance coverage that is economically beneficial and the amount that is actually purchased) stemming from natural catastrophes. In 2022, the protection gap was $181 billion, which grew to $262 billion in 2023. Losses calculated for 2024 are even higher and have trended well above historical averages. How can leaders keep up with these external pressures and the internal gaps exacerbating their stability?
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The bottom line for insurance companies and those in organizations facing widespread disruption: focus on the workforce skills required to continually and rapidly learn, upskill, and adapt to market shifts with AI’s swift advancements in all areas of business and product.
For example, this new report, featuring data from research project partner Eightfold AI, shows that, across functions—including sales, IT, product, and claims—the current skills base of the insurance workforce falls short on what’s needed for intelligent adaptation. In sales and marketing, for example, dominant skills such as customer service, sales management, and social networking are becoming increasingly commoditized and challenged by digital funnels and AI-powered automation.
Drilling down into the impact of skills, adaptation, and decision making on business outcomes and success, the report details four key findings, helpful to business leaders both within and outside of the insurance industry:
- Most insurance companies lack the ability to manage risk in an uncertain world proactively.
- Systemic HR® solutions are necessary for insurance companies to intelligently respond to changing market conditions.
- Pacesetter insurance companies prioritize roles and skills that supercharge their adaptability.
- Talent intelligence generates deeper insights for making effective talent decisions.
The report identifies the way through the challenges and the imperative next steps for leaders to set a unified strategy for sustainable growth. Now is the time for C-suite leaders to take on the challenges and accountabilities required for business today. To build an adaptive, intelligent workforce, insurance companies must go beyond isolated interventions and adopt a systemic approach across the Four R Framework of recruiting, retention, reskilling, and redesigning outlined in the report. Sustainable growth requires operationalizing talent intelligence, and the report provides you with the six steps needed to get started.
