Just curious on how many of you in Auto U/W have started looking for another job? Automation rate is over 95% and Texas goes during the second quarter. What are they telling you? Are you getting the we will continue to evaluate your role.... blah blah blah...aka..we will string you along as long as we need to until we do not need you!
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I'm hearing there may be opportunities in Business Lines & Fire. They won't be moving out of Legacy/automating until they finish transitionion Auto.
Jumping out of the skillet into the fire. Underwriting to claims.
Plenty of claim jobs available. And having an underwriting background will be very helpful.
Imagine if the customers who agree to be recorded on service calls have voices put in AI to verify honesty so the AI can identify differences in voice inflection. Then they make a claim but instead of using their own voice create an AI version of themselves to interact with the claims AI processs. What could go wrong?
Data and privacy abuses galore in Auto and property and commercial and life
Insurance and operations has become a big mess and $ funnel
AI Agents will make it worse - just harder to audit decisions or workflows
Bad strategy and platforms
This is exactly why if I ever had to do insurance again, I wouldn't. I'd work with my hands and do custom work. More money and more rewarding. Insurance is the most non rewarding occupation and should never be recommended to anyone.
AI automation in Everthing where it is effective (or can be) can help to get rid of excess employees that are a line-item expense to any corporation.
Employees for Any corporation are just a line-item expense due to cost of salary, and benefits.
Once AI automation is in place; it can save the Corporation a ton of money; and to get rid of excess employees that just take away from our profits.
Corporations will implement AI automation more-and-more to increase profits with less employees.
This does include insurance claims, and Everything else possible.
AI Agents and Underwriting workflows and integrations with data and business rules that is biased and lacks integrity- what could go wrong?
mgt & execs lives in a bubble
I'm in business auto UW and we are pretty safe. We still have to manually review apps. If in PL I could see upskilling take place to cross train on BL Auto or even Fire policies. With the way automation has gone they still need people to check stuff lol.
They have an entire department focused on automation. Using technology to eliminate repetitive work. Makes sense. Focus is on our policyholders and premium. The way a business should be run
NYSE Stock - Lemonade (LMND) insurance company has been using AI automation for awhile.
The stock market though is headed for a Major Downwards crash retracting back down ultimately to the October 2022 bottom -
NASDAQ - 10,484.72
It will take dome time due to the Asset bubble being so huge, but it will (not if) happen over time.
If it breaches this level, the Downwards stock market crash; accelerates much faster.