The disruptive abilities of technologies are mostly discussed in the context of global impact on the businesses. We have covered the idea of new industries being established these days, and the moves taken by the traditional institutions to stay in the game. Another point of view on the disruption brought by technology is the luddite-based idea of unemployment the new developments and implementations can create. Bitnewstoday.com contributing author, Thomas Eugenio López ANGUIANO came up with the solutions and described the possible measures the labor market needs to take as the emergence of progressive business models diminishes the role of one type of jobs while creating new opportunities.
The theory of new-era luddism doesn’t come from out of nowhere: the specialists from the financial or insurance industries study the influence of tech invasion into the businesses and make various conclusions, like Clive O’CONNELL expresses his views on the possibility of total reinsurance dissolvement. These statements add fuel to the fire of an impending threat in the nearest future. Meanwhile, the theory comes to life as a practice: the case of Goldman Sachs is a great example of artificial intelligence victory over human one. So, the threat of InsurTech over the reinsurance described by Mr. O’Connell is not just a doom prophecy, it’s a great vision over the horizon.
Let’s go further: the blockchain prototype tests made by B3i this year have proved to be a success; Ken MARKE is eager toshare the outcomes of this experience, and names the challenges for technology adoption, where he stresses that “the final and possibly most significant challenge is social acceptance of the impact on the labor force of efficiency savings. However, history shows job losses are usually short term as the workforce adapts and retrains with the introduction of innovation and new technology.” The views on a quick adaptation in this context is supported by Mitchell CHAN, Fintech Analyst at DBS Bank from Singapore: “for sure, with disruptions, people tend to think that jobs will be lost. This is true, but for every job that is rendered obsolete, another job is created with the rise of this industry. Think ‘Content Producer’ replaced by ‘Influencer’, ‘Quality Assurance Manager’ by ‘Customer Experience Manager’. It is just a matter of re-evaluating our own skills, and applying them to suit the inevitable change.”
Time to become more creative: is tech a solution for monotony, first of all?
Now then, the analysis of global insurance trends by Ernst & Young is uncompromising in calling blockchain “the insurance sector’s default technology, powering the entire information infrastructure rather than being an exception,” with IoT, AI and Robotics Process Automation “emerged as the core components of an insurer’s survival and growth toolkit”.
All of this is developed and implemented under ‘Customer Care’ flag. Gustav Holst STUGE, CEO at InMyBag from London, sees this process as a natural evolution: “Most western economies are now predominantly driven by service industries, which are fueled by their ability to provide better, faster and cheaper services. Technology allows this and thus boosts employment rather than reduces it.” So, time is short to evolve, for financial and insurance industries for sure. The faster is your pace, the more you succeed in the disrupted industry. As Stig JENSEN, the MBA and Senior Executive in the sphere of Financial Services and Insurance sees the vector of services’ evolution: “InsurTech will change the way we work today but at the same time business opportunities will occur and will need highly skilled people to supervise and support. Just because it is ‘tech’ does not mean that all will be automated. For now, InsurTech is concentrating on HI/LO business meaning ‘high volume/low premium’ and this type of business needs efficiency to be profitable.”
The paradigm shifts allow us to engage in less standardized work. Ania KUBOW, the co-founder of a insurance company and a GeekGirl meetup organiser from London supports the idea: “Tech-savvy projects are there to make solutions for monotony in life, creating new more challenging job opportunities that didn't exist before, as well as open up discussions about the working society we have built today. I imagine tech giving us more time to spend on creative projects and loved ones.” The technologies in the industry are disruptive though efficient, still the highest efficiency is yet achieved by the persons behind the technology and data.The actionable insights, the creative approach and the facilitation still need the human minds, and that is the reason to evolve ourselves.