The insurance industry is facing a threat to its relevance, with a range of disruptive new threats on the horizon. Amid stagnating growth, escalating costs and shrinking profit margins, companies are starting to explore innovative means to stay relevant and competitive. Already, companies are leveraging on artificial intelligence and machine learning technology to automate key decision processes in actuarial and pricing; risk selection and underwriting; claims handling and settlement; as well as smart contracts.
How can today’s workforce respond to this challenge? How can today’s practitioners stay relevant with the new skill-sets and competency equirements for the future job roles. Where do you want to be in the skills value chain? These isses were addressed at the SRA Leadership ‘Lunch-and-Learn’ Talk #2, where Mr Desmond Tan, Chief Underwriting Officer, Treaty of Asia Capital Re, shared an anecdotal account of his personal career journey as an underwriter who had experienced the ups and downs from past to present.