EDITORIAL
BOARD
The Future Expert Insurance is an industry to build a career in, where knowledge and experience creates expertise. But with the current development of AI tech and intelligence systems, how will the definition of an ‘expert’ change? As someone with a seemingly endless desire to learn, I have loved the opportunities presented working in insurance. If I am honest, I have also very much enjoyed being regarded as a bit of an expert in various things, it’s a nice feeling when people come to you for guidance on an issue. It really does add to your job satisfaction. So, will all that be out of the window in the future? Will machines replace the need for years of service and study, taking away that opportunity for improved self-esteem? The answer is yes, to a degree. Surprisingly, it’s something I am pleased to see. Our industry has lost masses of experience and expertise over the years, and the trends are that this will continue. Intelligence systems powered by AI are undoubtedly the future. Imagine the benefits of having an ‘old fashioned’ expert floating around a call centre to answer your new recruits’ every query – new systems can go one better. You don’t even need to ask the expert
the question, they know what you need to know and present it to you instantly whilst still on the call. So, who or what will be the expert of the future? Those systems, obviously. But let’s not forget that someone needs to populate them in the first place, so maybe the system is just a way of distributing and supercharging their knowledge? I have another view. Some people say that learning is just changing what you know, to me it’s more than that; it’s not just having knowledge, it’s knowing how to apply it in real circumstances. So, my definition of an expert in the future will not just be those loading information into intelligent systems, it will be those of us taking advantage of those systems and being able to adapt, modify, make pragmatic decisions, and deliver for our customers in the real world. Not a world of ‘computer says no’, but one where the computer works in tandem with the human expert, which sounds quite a satisfying approach to work to me!
David Williams,
Managing Director, Underwriting & Technical Services, AXA Insurance (UK).
Business Agility to Mobilise Ability We all know that businesses must embrace change in order to survive. Gone are the days when sticking to a single core competency was enough, when big companies dominated and locked down distribution channels to protect their key strengths. Today, change, complexity and uncertainty are prevalent - making the rate of change faster than ever, as markets fluctuate and dominance is fleeting. There’s an irony that today’s only stability in sustainable advantage is business agility; the ability to nimbly adjust to, and take advantage of, market and environmental opportunities. Here are three reasons to pursue business agility to create heightened stability: Your customers expect it. In a world of instant-gratification, where customers are no longer satisfied with the status quo, an agile framework provides the tools to lead change in a productive and cost-effective way in order to satiate customers’ appetites. Rapidly responding to customer demands, and doing so with flexible solutions, is essential to delivering an outstanding customer experience which delights and retains customers. Think about the way the Uber app disrupted the traditional black cab market. Work quickly or customers will go elsewhere.
If you don’t, your competitors will. Agility is your tool to outperforming your competitors, who are slower to act when customers await innovation and evolution. An agile business deftly manoeuvres market change, nimbly adjusting to and taking advantage of market opportunities, whether adapting existing services or moving the entire industry forward. Consider Blockbuster and Netflix – if you can’t act quickly to fill the gap, your competitors will. Standing still is not an option. Business leaders yearn for ongoing stability and a future that is clearly laid out before them, yet the world no longer works in that way. Landscapes are moving and businesses must bend, pivot and change to adjust to powerful market forces and internal business change. This requires entirely new ways of thinking which are both original and ground-breaking. Amazon competed with traditional retail models; introducing lean manufacturing techniques to product ordering and shipping, whilst adding value on a colossal scale. Their impressive growth is a direct result of thinking differently. And their legacy? The ongoing evolution and disruption of the face of consumer buying, and a huge dent in the backbone of our economy - the high street.
Andrew Chandler, Sales Director, FMG.
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