How Well Are Insurers Handling A New Workforce?

 Friday, February 21, 2020

 Digital Insurance

For me, one of the happiest, most inspiring headlines I’ve seen in recent months read — “Nationwide announces five-year, $160M Future of Work investment.”

Finally, an insurer was putting a stake in the ground, announcing a major commitment to address a looming and significant reality — the nature of work is changing. The article addressed the “how” of their initiative with phrases such as “reskill and upskill,” “future-ready skills,” and “technology-enabled.”

A recent SMA research report, 2020 Strategic Initiatives: P&C Personal Lines, shows that personal lines insurers are strategizing and deploying around transformative technologies such as AI/ML, IoT, and blockchain.

Successful execution is not going to occur without the supporting skills, so there is a clear need that must be addressed. Nationwide is stepping up, and that is very important.

But there’s another angle to this. It’s not just about technology skills training. It’s also about restructuring the workforce.
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