The insurance industry is facing challenges due to an aging workforce and the impact of the Great Resignation. To address this, carriers are increasingly turning to collaborative robots, or cobots, to train and retain younger workers.
Matt Coughlin, Founder & CEO of Xsell Technologies, discussed the rise of AI and cobots in the insurance workforce in a recent Insurance News Analysis. These technologies play a crucial role in skilling and scaling knowledge management in the industry.
Similar to other sectors like healthcare, cobots are being used in insurance for tasks such as claims processing, billing, and enhancing customer experience. They are not just automating routine tasks but are also augmenting human capacity to improve overall efficiency.
Research indicates that Millennial and Gen Z workers expect more from their employers and often feel stressed in unfulfilling jobs. In the insurance industry, younger workers can feel overwhelmed by the complexity of the field. AI solutions can assist them in answering questions beyond their current skill levels.
As the future of insurance unfolds, AI is becoming a key differentiator. Insurers can leverage this technology to enhance customer relationships, improve process efficiency, and enhance decision-making in core functions like claims and underwriting.
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