Monday, July 6, 2020

The Future of Work in the Insurance and Finance

The Future of Work in the Insurance and Finance

The world has irrevocably changed. The novel coronavirus, COVID-19, that is sweeping across the globe has forced global business to rethink its modus operandi. 

The global economy: Setting scene

Over 50% of the world’s population has been at home under varying “stay-at-home” or lockdown orders. Companies have pivoted their business operations online. There is no doubt that the global lockdown has been challenging for everyone concerned. However, the really good news is that many countries are slowly starting to open up, people who cannot work from home are being encouraged to go back to work, and national economies are being rebooted. 

Insurance and Finance: The future of work-related prospects

Albert Einstein noted that with every crisis, there is an opportunity. Therefore, there is an opportunity in the crisis. These opportunities are waiting to be found and are fundamentally driven by the Fourth Industrial Revolution (4IR or Industry 4.0). 

Klaus Schwab, the founder and chief executive officer of the World Economic Forum explained that 4IR has revolutionized the way we relate to one another via a “fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.” 

While it is accepted certain jobs will be made redundant because of the advancements in Artificial Intelligence, machine learning, and robotics; nevertheless, this does not mean that people will be made redundant. There are plenty of opportunities for the upskilling of the global workforce, especially in the finance and the insurance industry as Industry 4.0 is opening up technology-related employment opportunities.

By way of a broader explanation, here is a simple case study describing the potential opportunity there is for employment in the insurance and finance industries. 

Let’s assume that you are an independent financial services advisor. And, your primary role is to provide insurance quotations for existing and prospective clients who need insurance. 

Several 4IR technologies changed the way you interact with your clients. Even though many of the quotation and data gathering processes have been taken over by AI applications, there is always a need for human interaction with clients and potential customers. The insurance risk assessments are now handled by AI algorithms and machine learning applications. And, because they have the potential to improve the risk assessment process, you can offer your clients better prices with improved benefits. 

Additionally, the move to the online business world with people remotely from home has not, and will not, reduce employment prospects. Employees will work from home, speaking with clients via the telephone, or conduct virtual meetings via one of the virtual meeting apps available for purchase today.

The Essential Tools Remote Workers in the Finance Industry Need

As highlighted above, it’s essential to remember that, even though we don’t know what the new normal holds, and we are getting used to navigating our way around the new normal, we need to ensure that our processes remain customer-centric and customer orientated. 

Consequently, let’s consider a few tools that you will need to attend to your client’s needs. 

Enterprise Video Communication Tool

One of the important aspects of doing business is communicating face-to-face with new and existing customers. Now that this is no longer possible, it’s critical to invest in a robust, quality video communication tool like Skype or Microsoft Teams, Zoom, and Google Meet. Email and text chats will not take the place of one-on-one or group meetings. 

Customer Relationship Management (CRM) software

Building and maintaining customer relationships has always been an essential part of a successful business. However, the COVID-19 pandemic and subsequent lockdown have driven the need for professional customer relationship management to new heights. 

Because of the increased fear and anxiety around the uncertainty of the new normal, customers want to know that the brands and products they support care about the financial, mental health, psychical, and emotional health and wellbeing. 

As a result, it is essential to implement a CRM system that helps you manage all aspects of your relationships with your customer from end-to-end.

Final thoughts 

While there might be a short-term downturn in employment opportunities, there is every indication that this trend will reverse in the medium- to long-term. Consequently, the question that should be asked is not whether there is a future for work-related opportunities in the insurance and finance industries, but how will these industries pivot to embrace the “new normal?” And, with the global countries starting to move past the COVID-19 peak, there is a general feeling of hope for the future right across the world.

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