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February 09, 2019

What Will the Insurance Company Business Cards of the Future Say?

Philip L. Schwartz

Philip L. Schwartz
Chief Data Officer, Senior Technical Staff Member/International Business Machines (IBM)

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Last week I attended and presented at the Advisen Predictive Analytics Conference in NYC.  There were a number of interesting panel discussions held during the day.  Much of the discussion, across multiple panel sessions, focused on predicting how the disruption caused by IoT will change the Insurance workplace, specifically job roles.  In the future, what exactly will an underwriter, an actuary, or a claims analyst do?

If we accept that IoT will impact every step in the insurance value chain, then it is only logical to conclude that it will change job functions and potentially whole sections of the fundamental insurance department organizational structure. 

So, will an actuary or a claims analyst be performing all of the same tasks after IoT has been implemented in an insurance company?  Probably not.  In addition to changes in existing job roles, it is clear that new roles will be created.  Once you sit back and consider how much new information and insights will be available from the new IoT data sources, the number of new analyst positions that will be needed to understand and properly apply to these new insights will be significant.  For more mature organizations, some of these analysts will also be tuning various cognitive services to support advanced assistance functions.

Change is on the horizon.  We will all need to adapt to the insurance companies of the future.

Comments? You can contact me directly via my AdvisoryCloud profile.

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