By Robert Wolfrum, Insurance Specialist
A 2014 Oxford University study concluded that jobs in the “service” and “sales and related” categories have a high probability (greater than .7) of computerization (computerization is job automation by means of computer-controlled equipment).
According to a McKinsey Global Institute report, the underwriting profession is vulnerable to having at least 35% of its tasks automated.
Before you dust off your resume, let’s think about this a little further.
We all understand that the insurance industry is at a tipping point. As Association of Home Office Underwriters (AHOU) President, Traci Davis, put it in the program for the 2017 Annual Conference, “it is evolution versus marginalization.” Big data, predictive and cognitive analytics, innovative tools and surprising new players made us realize we are not in Kansas anymore.
That is why we are so excited for the AHOU Annual Conference. AHOU recognizes this disruption and is focusing on “not only ‘feeling’ the disruption, but ‘leaning in;’ embracing those processes, tools, and a new way of thinking that will fit into this new paradigm.”
AHOU is calling all industry players to “take an active role in defining what the new world will look like.” Take an active role. That is the beauty of a tipping point – we have the power to dictate what direction the industry will go.
There is no fighting technology. It is here to stay and it can greatly improve job satisfaction. Automation and computerization bring huge benefits to the bottom line of an industry in the middle of disruption. However, it is our responsibility and privilege to dictate technology’s role.
If you want a stake in this industry – if you want a stake in the underwriting profession – then you should be at the AHOU Annual Conference.
If that alone doesn’t make you want to attend the conference, here are few other reasons why you should join us:
- “We must be vocal and steadfast in educating those that are not the gatekeepers of mortality so they understand what is at stake.” Davis said this and I completely agree – we must be vocal about what is at stake by computerizing the underwriting role.
- Rapidly advance your staff subject matter expertise. The who’s who in underwriting will be at the conference. This is a great opportunity to network and learn more about the industry.
- Learn how to adapt your underwriting platform to favor expertise over labor. Advances in technology are all about expediting labor which means the individual underwriter is going to become far more valuable. At the conference, we will showcase our new life underwriting solution which abundantly reduces the amount of labor in the underwriting process, giving your underwriters more time to focus on critical decisions.
We are researching common challenges that life insurance underwriters have and we would like to hear what yours are. Whether you plan on going to the AHOU Annual Conference or not, please take a minute to answer the question below. We will share the results of the survey at the AHOU Annual Conference so be sure to stop by booth #56 to find out. We will also post the results in a follow-up blog if you are not able to make it to the conference.