Collateral damage – Digitization kills the Underwriter and Claims Adjuster

Posted by Christian Weiss

25 years ago, our parents told us to apply for a job at a bank or in insurance. This was considered a safe bet. Nowadays banks and insurance companies are not known for job security. According to a recent US study, there is a high probability that important job clusters in insurance will disappear within the next few years. For example, there’s a 99% chance that Underwriters will be impacted by digitization, possibly even be made redundant. Sales agents have a 92% chance of the same thing (Frey and Osborne 2013).

But it’s not all bad news. Digitization is creating new business models, products and services which require new skills to develop and implement. While jobs are being replaced in some areas, they are being created in others.

One of our clients is a mid-sized regional insurance company in Europe. They are changing how they do business by automating as many standard cases as possible and moving the issuing of policies and claims management of the remaining standard cases to Eastern Europe. Only the governance and management of comple ...

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