A startling statistic is rattling industries worldwide: 7 percent of jobs will cease to exist due to automation. The fear that underlies this unspoken truth is that no job or industry is immune to machine learning. This is becoming even more apparent in the world of insurance where major groundwork and investment is being devoted to the mining of big data and consumer analytics automation.
While technology powers the automation of data-driven results and decision support in the insurance industry, many things can’t be solved by an algorithm. What brokers can do today to compete with AI and automation is to simply tap into what is already allowing them to thrive: expertise, education and explanation, empathy, and embracing what will accelerate their business into the future.
When it comes to a major financial decision like insurance coverage, it comes as no surprise that group or individuals look to experts in the field to help. Brokers are the go-to expert for thousands of individuals and businesses and provide years of invested knowledge and field experience that cannot be replicated elsewhere, including the smartest of technology. With their honed expertise, brokers are able to assist their clients with their current needs and anticipate what lies ahead.
Education and explanation
The expertise of brokers leads to their most cited need when it comes to insurance: education. The complexity of the insurance industry, coupled with the lack of transparency, means that brokers are not only the window into insurance policies but also the chief communicator to their clients. Being the “chief communicator” also comes with the responsibility of the role of the “translator.” While businesses and individuals are bombarded with information from insurance companies or details on their policies, brokers act as the guide to answer questions and synthesize the information provided in clear language.
Perhaps the most human experience of all is that of empathy. Empathy may be a buzz word in the tech world, where developers are striving to keep up with the user experience or decision support, yet no technology can tap the conscious human experience of relating to one another. When it comes to clients struggling with managing payroll, growing a business, and understanding and complying with regulations, brokers are on the front lines to manage it all. Not only can brokers relate to their clients’ struggles, they see these struggles every day and can offer trusted support, not just services, to their clients.
Good brokers are able to tap into their expertise to provide education, explanation and empathy to their clients; but truly great brokers take it one step further: they embrace the future of their industry. Instead of fearing change, these brokers are change agents, constantly looking for better and faster ways to deliver better and faster results for their clients. Change agents are empowered by the potential of technology.
These brokers thrive because they embrace the combination of technology and human interaction and are ready to be the brokers of the future.
This post originally appeared in BenefitsPro Broker Innovation Lab.