How can you promote a positive workforce culture to draw a younger generation of professionals to the insurance industry? A survey by SALT Associates and RGA Group Research explores how culture influences disability and life insurance claims operations in the US and Canada. Results indicate that insurance technology will play a role in improving culture in claims administration by easing workloads and scaling processes. At the same time, positive culture will help foster insurtech adoption in this space.
Researchers analyzed the survey findings for positive and negative sentiment, uncovering what makes a positive workplace culture. Across the board, claims analysts scored communication and collaboration highly. In addition, they associated the ability to maintain reasonable caseloads with a good work environment.
Opportunities for improvement surfaced, too. For example, managers find it difficult to provide the work-life balance workers crave. Other negative influences include workload pressure; process inefficiencies and inconsistencies; and lack of training opportunities. Keeping up with technological change is a source of near-term struggle, yet respondents also note that automation could ease workloads as well as enhance cost efficiency and overall value.
While the survey focuses on claims administration, the learnings can be applied to the insurance industry at large since the adoption of insurtech impacts the entire value chain. Its impact is especially important considering that within the next few years an estimated 400,000 employees are expected to retire from the general insurance industry workforce in the United States alone. Consequently, many insurance carriers are concerned about their ability to replace them. But fear not. As we shared earlier, a strong culture can support innovation.
These five best practices can help you promote a positive culture when adopting insurtech. View the infographic below to see how a positive culture, insurtech, and scaling innovation fit together.
5 Best Practices for Promoting Positive Culture When Adopting Insurtech [Infographic]
While the insurance industry is rich in tradition and long-established processes, it’s also undergoing rapid change. Quickly adapting to the new norms requires traditional carriers to be more innovative than ever. Promoting a positive company culture can aid in scaling innovation.
Applying these best practices can improve engagement and retention for employees (and clients).
- Let everyone in on the plan. Communication is the #1 positive influence on culture. Be transparent in the why and how to promote buy-in to new ways of doing things.
- Don’t rush change. Change management is the #1 negative influence on culture. Implementation takes time. Go at a pace that gives everyone time to adjust.
- Avoid uncertainties with training. To encourage adoption, demonstrate the value innovation brings to careers and how innovation enables employees to be more effective in their current roles.
- Use technology to attract the right talent. As seasoned professionals retire, they’ll need to be replaced. Most of the younger generations expect to work with technology.
- Make sure the insurtech fits the business. Inefficiencies/inconsistencies and workloads tie for the #2 spot of negative influences on culture. New technology should support defined processes and increase productivity.
73% of U.S. workers think AI will eliminate more jobs than it will create. (Source: Gallup/Northeastern University 2019 AI Survey)
Company culture can help foster insurtech adoption, and in turn, insurtech can be used to create a more positive workforce culture.
