Amid all the buzz the InsurTech wave is generating for its potentially seismic impact on the Property & Casualty (general insurance) business, some of the industry's leading strategic thinkers are cautioning insurers not to overlook the human element.
Technological advances like telematics, artificial intelligence and blockchain alone won't give insurers a competitive edge in the marketplace, EY Americas Insurance Leader David Hollander asserts in a recent report. "Without the right people, driving the next stage of innovation and transformation for P&C insurers will be impossible."
"The right people" in this case includes actuaries. Insurers are realizing that in order to develop and deliver the innovative products, lines, service and support consumers demand, while protecting themselves and their customers from the increasingly complex, interconnected and borderless risks they face, they need actuaries with greater multidisciplinary training and a broader global perspective on risk.
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