Insights from DIGIN 2024

People on sitting on a stage behind a screen that reads AI Impact on Talent Strategy: Transformative Approaches for Workforce Planning.

Sessions held on June 27 and 28 in Boca Raton, Florida included panels and discussions around innovations within the insurance industry like the impact of artificial intelligence on attracting talent, upskilling current employees and customer experience.

With AI being top of mind for many, several workshops and roundtable discussions focused on the opportunities, risks and challenges that new technology brings to the industry. Bias in data, cybersecurity and fraud prevention were also major areas of interest.

Visionary and Innovators Panel

During a session, "Visionary and Innovators Panel" several speakers discussed what they see ahead for insurance.

Ashley Phillips, senior vice president of operations at A-MAX Insurance Services, said data privacy and security is essential as the industry deploys more AI.

"The more data collected, the more exposed you can be as a company. Make sure you are securing that data and understand the privacy laws in various states. Do your checks and balances," Phillips said. She added that clean data is critical.

Mary Boyd, CEO of Hiscox USA, also mentioned AI is top of mind for her.

"It is one of the most exciting things that I have seen in terms of where we are going next. … AI will be one of the places that will allow us to accelerate the industry. We have to learn how to do it safely and carefully," Boyd said.

She added that AI will also attract and keep talent within the industry.

"Many of us have lost talent because they were frustrated with our technology," Boyd said.

AI Impact on Talent Strategy: Transformative Approaches for Workforce Planning

In this session, panelists shared the ways in which carriers and tech firms are using AI in upskilling, talent recruitment and management.

Gordon Hui, SVP of product management and marketing, applied technology solutions at Hartford Steam Boiler, part of Munich Re, said that technology like AI is changing how the industry is attracting the next generation of talent.

"When you think about all these technologies that we want to build into our products and services, it means more data scientists than ever before, more data engineers than ever before, more UX/UI designers than ever before and more software front-end, back-end developers than ever before," said Hui. "That's on top of all these other people who've been a part of the insurance industry having to upskill, and so even though it's a little easier now, because insurance is a little bit more interesting and compelling, because we are using these technologies, supply is not keeping up with demand trends, but the need to do so is ever more important."

Alexander Tuff, founder and CEO of Evertree Insurance, emphasized the importance of purposeful, intentional hiring practices and in selecting vendors.

"In this massive ecosystem, there is a lot of money, there is a lot of opportunity for everybody. But if you're not purposeful with vendors, if you're not purposeful with how you're filling the c- suite and if you're not purposeful in how you're building that next generation… I'm not looking for pedigree, I'm looking for someone that wants to hustle, for someone that wants to run, that they want to become something. And it's my job to place that person in a role where they're going to succeed…" said Tuff. "Talent attracts talent. And diversity attracts diversity. If you can get it right in the very beginning, it makes it way easier."

Insurance leaders are prioritizing diverse hiring practices, looking for fresh perspectives and bringing excitement to the industry through new innovation and tech talent upskilling.

Peilin Corbanese, vice president of analytics at EXL Service, questioned who carriers are recruiting?

"What are your talent priorities? English and philosophy majors are going to be very important going forward because we all have to learn to write prompts for Gen AI," Corbanese said. She continued to suggest offering Gen AI training courses to people within HR departments so they can find new talent who have the skills necessary for the changing insurance industry.

AI is the new UI

Terry Jones, founder of Travelocity and founding chairman of Kayak.com, spoke during a keynote "AI is the new UI."

Jones said customer expectations are moving faster and faster and organizations need to change with them.

"They expect you to communicate their way, they don't care about channels because they only care about solutions," Jones said. "AI is going to unlock so much power. … If we understand what the user wants we can give them a better answer."

Jones added that he sees voice, computer vision and augmented reality playing a bigger role in the future of the user experience.

He also suggested that corporate data is the key to success and that having a combination of public and industry data as well is necessary.

"How can you combine data in a new way for your success?" Jones asked.