Insurers need to work fast to train employees on AI, or risk losing them

Having perfunctory skills in artificial intelligence (AI) is now “table stakes” for new hires in the insurance marketing world.

Traditional ways of market research and data analytics are changing dramatically and the insurance industry is hiring to fill the need.

“We're at the forefront of an evolution that's rapidly changing the skills roles and strategies required to thrive in marketing, particularly in industries like life insurance, annuities and workplace benefits,” said Tina Beckwith, chief marketing officer for LIMRA and LOMA. “With the rise of generative AI machine learning and data analytics, we're seeing a shift in the roles that companies are hiring for, from data scientists and AI strategists to AI driven content creators.”

A recently completed LIMRA member survey revealed that 47% of technology executives say AI will have a “significant impact” on the industry over the next three years. But 48% of insurers do not have AI training programs.

Beckwith hosted the recent webinar for LIMRA and LOMA titled, “AI's Impact on Marketing Talent: Navigating the New Frontier.”

Getting the right talent

Recruiting AI-proficient talent is now the norm across the industry, panelists agreed. It is most crucial for marketing heads to have the AI experience in order to lead their teams in learning it, said Michele M. Frey, chief marketing officer, individual life insurance for Prudential.

“What we're trying to do is embed those skill sets and those skills in our marketing talent today,” she explained. “The challenge is that not everybody's had that experience, not everybody's comfortable with it, and I do think that there's a lot of learning and time that we need to provide capacity and space for people to spend the time with AI and the technology components to really start to incorporate that into their day-to-day work.”

Frey cited a new study by Acrolinx finding that 67.3% of respondents said their primary motivation for using AI was to improve productivity. The study found that only 6.8% of respondents said they do not use AI tools.

Frey quoted a Prudential executive to explain how the financial services company is treating AL: “She said, ‘AI won't replace people or jobs. It'll be people who know how to effectively use it that replace people who don't.’ To me, that has been the spirit of how we're approaching training and bringing on board the skill set with our existing employees.”

Judy Busby is senior vice president and managing director for The Jacobson Group, a boutique insurance recruiting company, offering executive and staff search services. Insurers who don’t prioritize AI training risk seeing their employees walk to a rival company, she said.

“I always say I'm pleasantly paranoid all the time, because everybody's looking for someone to do something that they don't have,” Busby said. “So, we have to make sure that we're enhancing the skills within and then making them feel appreciated, feel that they're growing and learning and adding value, because that's what we all want in every part of our organization, at every level.”

Humans still greatly needed

Frey told a story about vacationing with her husband and staying at a hotel that used a room service robot to deliver items.

“We didn't end up calling the robot to the room, but we did discover that the robot got stuck in the elevator one time, and this lady and I had to help it out,” she recalled with a chortle. “So, the machine can only get so far on its own, and it really does need the human assistance.”

Panelists warned companies to develop a thoughtful, realistic and ethical plan for the incorporation of AI. And to have realistic expectations.

A host of consumer advocates and organizations have ongoing concerns about how insurers are using AI even as regulations are still under development. Several National Association of Insurance Commissioners’ regulator groups are addressing AI.

It’s about anchoring to a culture that is true to the company and true to the insurance industry, Frey said.

“Avoid getting sort of swept up in all the excitement about it, and losing sight of that,” she said. “Because at the end of the day, especially as it starts to become more commonplace, and how we use it, the culture is what will be sustained, or won't.”

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InsuranceNewsNet Senior Editor John Hilton has covered business and other beats in more than 20 years of daily journalism. John may be reached at [email protected]. Follow him on Twitter @INNJohnH.