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Insurers must increase their efforts to integrate artificial intelligence efforts with an evolving workforce in order to take best advantage of the new technology, according to a report released Thursday by consultancy Accenture P.L.C.
The report, Future Workforce Survey – Insurance: Realizing the Full Value of AI, said that artificial intelligence “is likely to transform the world of business.”
Artificial intelligence, the report said, must be seen as more than just a set of tools to make operations more efficient.
“We believe AI, when synthesized with human ingenuity across the enterprise, will achieve exponentially more,” the report said.
Insurers which invest in such an AI and human-machine collaboration at the same rate of top-performing businesses could boost revenue by 17% and their employment 7%, on average, between 2018 and 2022, the report said.
“AI has the potential to boost innovation, growth and efficiency, but insurers’ hesitance to properly reskill their employees could limit its impact,” Philadelphia-based Michael Costonis, who leads Accenture’s Insurance practice globally, said in a statement released with the report. “To complicate matters, despite having a business that is ripe to apply technology and innovation, insurers aren’t in a good position to win the war on technology talent.”
According to the report, a majority, 61%, of the executives surveyed expect that the workforce of the future will be a blend of humans and machines.
This, however, does not mean machines will supplant human employment.
“Contrary to the popular belief that AI will reduce jobs, two-thirds, 67%, of insurance executives expect AI to result in a net gain in jobs within their company in the next three years,” the statement said.
The report was based on two surveys, one of 100 senior insurance executives and another of 919 nonexecutive insurance workers conducted between September and November 2017 in 11 countries: Australia, Brazil, China, France, Germany, India, Italy, Japan, Spain, the U.K. and the U.S.
Artificial intelligence promises to make sweeping changes across society, but a report released Thursday by Allianz Global Corporate & Specialty S.E. warns that disruption will accompany that change.