The insurance industry, like many sectors, is navigating a watershed moment. As the baton passes from an older generation of professionals to the next, there is a palpable risk of knowledge drain. With such high stakes, Intelligent Process Automation (IPA) offers a promising bridge over this widening chasm of institutional amnesia.
The looming knowledge gap: More than just numbers
Recent data indicates that almost 25% of insurance professionals are slated to retire in the next few years. What they leave behind isn’t just vacant positions; it’s a treasure trove of experience, wisdom, and in-depth insights into niche insurance nuances. The raw numbers do justice neither to the gravitas of their absence nor the challenges faced by new entrants. In this evolving landscape, the fresh crop of insurance professionals need to do more than just fill shoes; they have to lace them with an intricate web of knowledge that took decades to weave.
Capturing wisdom: IPA at the forefront
Thankfully, Intelligent Process Automation (IPA) is poised to play savior. Unlike rudimentary automation tools, IPA marries Artificial Intelligence (AI) with traditional robotic process automation. This combination is instrumental in capturing the delicate art and science of insurance from the retiring workforce.
Adaptive learning: As insurance veterans process claims or assess risks, IPA tools can be at work in the background, learning. Over time, these tools can predict, suggest, and eventually automate intricate tasks, having learned from the best.
Document digitization and annotation: With an estimated 70% of institutional knowledge in some organizations existing in unstructured formats, IPA can transform these insights into digital, searchable, and easily accessible resources for newer employees.
Inter-generational collaboration: The real power of automation
Automation tools, especially those bolstered by AI, often stir fears of job losses. However, in the context of the insurance industry’s knowledge drain, they present an unprecedented opportunity for collaboration.
Mentoring bots: Think of an AI tool that has learned from a veteran underwriter. As a new underwriter assesses a complex policy, this AI ‘mentor’ can guide them, showcasing how similar cases were handled in the past.
Consistency and quality control: Automation tools can ensure that despite the workforce changes, the quality of service remains consistent. One study showed that businesses leveraging automation witnessed a 60% boost in process efficiency, and with quality consistency.
Future-proofing the insurance industry
With nearly $5 trillion at stake globally, the insurance industry cannot afford lapses that come from a loss of seasoned insight. Leveraging IPA to retain and transfer knowledge is not just smart—it’s indispensable. And as the industry finds itself at the crossroads of traditional wisdom and modern innovation, there’s no better compass than IPA.
By embracing these tools now, we’re not just bridging a generational gap; we’re laying the foundation for a more resilient, adaptive, and knowledge-rich future.
