The People Paradigm
AI, machine learning and advanced analytics offer a lot of upside opportunities for insurers.
But there is one important issue to keep in mind: the people factor.
Insurance industry leaders recognize the talent gap as the main obstacle to leveraging the
opportunities presented by artificial intelligence and machine learning. In a recent Gartner
survey, talent shortages were considered the biggest barrier to emerging technologies
adoption.
"A lack of talent availability was cited far more often than other barriers this year, such as
implementation cost (29%) or security risk (7%)."
A separate study by Gartner mirrored those findings. It stated, "HR leaders are finding it
increasingly difficult to quickly find and develop talent with the most in demand skills, yet 58%
of the workforce needs new skills to get their jobs done."
Change is coming to the business side as well. Deloitte in their article "The Rise of the
Exponential Underwriter" envisions the evolution of a new breed of professional.
"Underwriters should be able to focus on more complex challenges, crafting custom policies
faster, while improving their price-setting accuracy and boosting customer satisfaction. Such
transformation should be spearheaded by the emergence of the exponential underwriter—a
multiskilled professional who will take the use of alternative data and advanced technology to
a whole new level while enhancing their role and becoming more strategic."
4% 64%
BRAVE NEW WORLD | 14
Respondents Who Claimed Talent Shortage Was The
Most Significant Barrier to the Adoption of Emerging Technologies
Gartner, February 4, 2021
2020 2021
