Let's face it, people don't exactly think of insurance as the most glamorous industry to work in. They tend to associate a job in insurance with their uncle Irving; who is boring, bespectacled and about a hundred years old. So it doesn't come as any great surprise that the biggest trend influencing hiring and employment in the insurance industry is the generational shift that is taking place as so many current employees are rapidly reaching retirement age and Millennials are stepping in.
Another reality is that Millennials have different expectations about work. Expectations that don't include mountains of paperwork, "green screens," or performing the boring, repetitive tasks that continue to plague the insurance industry. Consequently, insurance companies are facing an impending shortage of talent that could alter business performance and significantly impact the bottom line. According to a study by Deloitte Research, these can be the underwriters, claims adjusters, sales professionals, actuaries, and others who can make the difference between 10 percent and 20 percent annual growth — or between underwriting profit and loss.
As a Robotic Process Automation (RPA) provider, we spend a lot of time thinking about how we can help organizations innovate their workforce - and not just their virtual workforce. We've highlighted three ways that RPA can help insurance companies improve their talent management processes and create a happier and more productive work environment:
1. Doing the boring stuff
Millenials want to be appreciated for they intellectual ability, analytical skills, and creative thinking. They do not want to feel burdened with "the boring stuff." According to Deloitte’s 2016 Millennial Survey, only 28% of Millennials think their current employer makes full use of their skills and nearly half say they would prefer to be hired based on their professionalism, teamwork and creative thinking.
In addition to relieving employees of these type of tasks, automating manual labor-intensive processes such as sorting, data entry and validation, and routing of documents can have a dramatic impact on the optimization of claims processing, making it more expedient, efficient and accurate - a win win for both the employee and the organization.
2. Providing better training and support
While most companies understand the need for digital transformation and the necessity to move their data to a more modern infrastructure, the reality is that insurance organizations are still locked to outdated legacy systems. Training Millennials on these outdated systems is both costly to the employer and results in low productivity levels and poor job satisfaction on the behalf of millennial employees. In addition, it has been found that the new generation of underwriters and claims professionals generally don’t learn well in classroom settings.
Kryon’s RPA platform can help on both accounts by helping Millennials navigate those “pesky” business applications and accomplish any task, quickly and efficiently, so they can concentrate on the work they do best. With Kryon's attended RPA, the application uses visual recognition technologies to "see" the screen just as the user does, and constantly monitors the user's activities live within the application. Employees can learn on the job with directed guidance or choose desktop automation to complete tasks with a click of the mouse. This reduces training time and costs and relieves Millennials from feeling that are wasting time on old technologies.
3. Letting your employees know they matter
At the end of the day, employees want to feel valued and connected to the company where they spend so much of their waking hours. This means instilling purpose in your employees by showing them that what they do every day in the workplace has a big effect – such as impacting the customer experience or increasing revenues.
Realizing that change is imminent, HR departments are taking a closer look at their talent management processes and concentrating their efforts on training and retention programs that meet Millennials’ expectations, as well as improving productivity and job satisfaction. RPA allows organizations to offload mundane, repetitive, error prone processes to a virtual workforce (software robots), while freeing up millennial employees to pursue the more innovative, collaborative, and cognitive tasks that they desire.
To find out more about how RPA is transforming the insurance industry download our use cases!