Time to teach insurance to computers | Digital Insurance

"Due to retirement and outsourcing, insurers are facing a steep drop in institutional knowledge about the industry, their products and processes" continues Digital Insurance.  
 

Photo: Digital Insurance

I’ve been noodling on an idea ever since I started working with machine learning (ML) and artificial intelligence (AI) software suites. Due to retirement and outsourcing, insurers are facing a steep drop in institutional knowledge about the industry, their products, and their processes.

This knowledge was acquired over 20-30 years through a close working relationship between the business, IT, and the core systems in use. In many cases, these details are in the heads of a select few service reps, business analysts, and programmers. The documentation may exist, but it requires a base understanding of insurance and corporate history to understand it.

When I think about the processes that led to the possession of seemingly intuitive knowledge, I conclude that it all started with a strong foundation. Many companies encouraged their employees to pursue industry designations and certifications, both for the business and technical staff. These designations are offered by LOMA, LIMRA, FINRA, and the American College. Acquiring these credentials equips the individual with a breadth and depth of knowledge about insurance products, processes, and sales. This is the building block upon which the company-specific knowledge is layered.
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Source: Digital Insurance