A survey from SMA shows that 23% of personal lines insurers are not addressing the structure of their workforce at all. (Photo: Shutterstock)
For me, one of the happiest, most inspiring headlines I've seen in recent months read: "Nationwide announces five-year, $160M Future of Work investment." Finally, an insurer was putting a stake in the ground, announcing a major commitment to address a looming and significant reality — the nature of work is changing. The article addressed the "how" of their initiative with phrases such as "reskill and upskill," "future-ready skills," and "technology-enabled."
A recent SMA research report, 2020 Strategic Initiatives: P&C Personal Lines, shows that personal lines insurers are strategizing and deploying around transformative technologies such as AI/ML, IoT, and blockchain. Successful execution is not going to occur without the supporting skills, so there is a clear need that must be addressed. Nationwide is stepping up, and that is very important.
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