Jeff Gill, EY Americas insurance sector leader, shared insights with Digital Insurance around navigating emerging risks and how to attract and retain talent in the industry.
The responses have been lightly edited for clarity.
What technologies are insurance companies using to assess climate risks?
Many insurers still rely on historical catastrophe models to estimate losses from events like hurricanes and floods. However, an increasing number are shifting toward long-term climate trends for more precise projections. By leveraging Generative AI (Gen AI) and machine learning, insurers can analyze vast datasets, including satellite imagery and property characteristics, to enhance underwriting accuracy. Geospatial analytics further improves real-time risk monitoring, enabling insurers to respond proactively to events and automate payouts through blockchain contracts.
How do insurers strengthen risk management frameworks?
Insurers reinforce risk management frameworks by integrating advanced data analytics, enhancing regulatory compliance, and continuously monitoring emerging risks.
Additionally, fostering a culture of risk awareness within the organization ensures that all employees are actively engaged in the risk management process.
What are insurers doing to address the talent gap and how are they investing in upskilling and reskilling to meet technological demands?
Tech-savvy talent and high-performance cultures will be key differentiators for insurers in the age of AI. To stay ahead, insurers should conduct a thorough assessment of current skill sets and align them with future needs. Building external partnerships can provide access to scarce expertise, while refining the organizational model will support new ways of working and foster collaboration.
Additionally, closely monitoring industry trends and tracking employee preferences regarding compensation, benefits, and overall work experience will be essential for attracting and retaining top talent.
How does an insurance company transfer knowledge from its retiring workforce to other people within the company?
Insurers are transforming their workforce and culture for the AI era, a key theme highlighted in our recent
These elements not only create a more agile, dynamic environment but also lay the foundation for long-term success in an increasingly competitive landscape. By prioritizing these strategies, organizations can stay ahead of the curve and unlock meaningful value.
Anything else you would like to tell me?
The insurance industry is poised for growth, driven by innovation and new market opportunities. To better serve their customers, insurers should focus on simplifying operations, driving product innovation, accelerating speed to market, and effectively leveraging ecosystem partners. By doing so, they can create more value and enhance the customer experience.
