How AI Innovation Is Helping a Retiring Generation Pass the Baton
Understanding and preparing for the impact of our aging population on the workforce can benefit all industries, including insurance. As 11,000 Americans turn 65 every day, over 4.1 million will retire in 2024, setting a record.
However, the industry can mitigate the impact of the looming resource transformation by leveraging the power of technology. Artificial intelligence (AI) has the potential to foster a new breed of highly skilled employees eager to embrace innovation.
Embrace Technology and Innovation
The utilization of artificial intelligence is projected to drive at least 25% of processes in the insurance industry by 2025; embracing technological advancements will be essential to compete in the market.
Moreover, AI adoption can be an important component of a recruitment strategy, particularly appealing to emerging talent such as Gen Z employees who actively seek organizations committed to leveraging technology for enhanced operational efficiency and work experience.
AI is helping to alleviate the talent shortage by enabling tech-savvy employees to thrive and develop in their roles. Though a generation of employees is leaving the workforce, a new generation is entering, eager to interact with innovative solutions. Careers in insurance and claims management become increasingly attractive when team members are equipped with intuitive AI-driven systems.
Adopt a High-Tech, High-Touch Approach
By integrating AI, high-tech, high-touch approach reduces menial tasks and enables staff to focus on impactful work.
As more and more employees retire from companies, there is a need to reduce the workload of remaining employees. AI technology has been utilized to automate time-consuming document reviews and to speed up claims processing. This has helped injured workers receive medical care quickly, resulting in faster return-to-work outcomes and better overall results.
Augmenting human insights and striking an appropriate balance between maximizing work output and managing the emotional complexities inherent in workers’ compensation cases and claims is essential.
A high-tech, high-touch approach can also improve retention rates by keeping employees engaged in more meaningful aspects of their jobs. AI is most appropriately viewed as a complementary tool to enhance the overall experience for the employee and the outcome for the injured worker.
Leveraging AI to Encourage Growth and Advancement in the Workplace
In today’s economy, employees seek job security and a workplace where they are valued contributors.
In addition, the next generation of workers has increased expectations for their work environment and the systems they use.
Companies can best prepare for the shifts occurring in the workforce by embracing and leveraging AI and the benefits it elevates the work of the team and the results achieved. &