AM BestTV: New Talent Is Pushing Insurers to Innovate Faster, Says Expert Panel

In this episode of AM BestTV from the Emerging Leaders Conference in Miami, a panel of insurance industry executives said new talent is pushing the insurance industry to innovate and integrate change faster. Click on http://www.ambest.com/v.asp?v=paneltalent219 to view the entire program.

The panel spoke about talent, skills and specializations in the fields of technology, analytics and data.

“Probably more than ever before, there is a surplus of high quality talent across the country,” said Dan Hofmeister, financial analyst, AM Best. “Insurance is benefiting from that, especially in being able to scoop some of these recent college graduates.”

Jyotipriya Ajay, assistant vice president, Amica Mutual Insurance Co., said the skills companies need in their workforces are changing, and discussed the challenges her company faced in replacing decades-old policy processes and systems.

“We did not realize what skill sets would be required when we started our core modernization. We came with only a lot of legacy knowledge and legacy experience of the insurance industry. We were given a task to build a new system and new products for the consumer of tomorrow. Today, we need to select the right talent for the autonomous cars of tomorrow, as well as for the artificial intelligence technology that we need,” she said.

Looking to the future, Kunal Malhotra, vice president, innovation & product development, Assurant-Global Specialty, said he believes that, “If you are going to stay competitive, and if you are going to keep growing and attract top talent, you have to make sure that things move a lot faster in this industry. The benchmark for this has already been set by Amazon and Google.”

Agreeing with Malhotra, Hofmeister said, “Insurtech companies are coming out and being innovative beyond what we have seen in insurance for years. The insurance companies that adapt the fastest are going to be the ones that survive.”

Recent episodes of AM BestTV include:

• Learn to Manage Diversity or Be Left Behind. Says AIG President and Chief Executive Officer: At the Emerging Leaders Conference, Brian Duperreault, president and chief executive officer, American International Group, Inc., said developing leadership skills within an insurance organization involves learning to support teams, becoming comfortable with taking appropriate risks and encouraging a wide range of points of view: http://www.ambest.com/v.asp?v=duperreault219.
• Succeeding in Specialty Coverage Means Thinking Beyond Products, Says QBE Chief Executive Officer: Russ Johnston, CEO, QBE North America, said the organization is focusing on programs, property and building out coverage and support across 12 industry verticals: http://www.ambest.com/v.asp?v=johnston219.

AM BestTV covers exclusive AM Best and insurance industry information and reports, targeted topics and key developments in the insurance, reinsurance and related sectors daily. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View AM BestTV episodes at http://www.ambest.tv.

AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.

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