In the latest issue of Intelligent Risk, the quarterly magazine for the Professional Risk Managers' International Association, Teresa Chan explained how the insurance industry has helped to usher in some of the most revolutionary technologies in last decade and argues that the rate and nature change will continue to accelerate, placing new demands on the profession.
Insurance is being transformed by disruptive forces like new technology, climate change, and abundant data. The industry embraces disruption, but the accelerated pace of change creates a human capital challenge."
To keep pace, she says, risk management professionals and insurance providers should be "increasing collaboration between stakeholders, including risk managers, providers, and intermediaries and investing in human capital that is prepared to lead, facilitate, and foster innovation." Chan offers five areas of opportunity for insurance and risk management professionals especially as they grapple with the compounding effects of COVID-19 and other ongoing forces of disruption.
What kind of phone did you have ten years ago, in 2010? Could it warn you of virus exposure, allow you to remotely secure your home, or enable a virtual underwriting of your business for property insurance? Within ten years, these capabilities will be obsolete and surpassed by virtually endless possibilities: selfdriving cars, private excursions into space, and even apps that predict and mitigate health problems in your future. Risk management professionals support the enterprises that will lead these advancements, and the insurance industry will be their partner in making it happen."
With about half of the insurance workforce expected to retire over 10-15 years and with investors committing record amounts of money into cutting-edge insurance businesses, the insurance industry stands to gain from a new generation of "tech-savvy, curious, and resourceful" professionals who can keep the industry in step or ahead of what's to come in the next decade. This can be achieved by investing in multidisciplinary professional studies, Chan wrote.
In addition to incorporating a multidisciplinary curriculum, the Master's in Insurance Management at Columbia University — which launches this Fall — engages with insurance enterprises, risk management and professional associations to enrich the students’ academic experience. Marsh, CPCU and PRMIA are among the 14 organizations involved with the program's Corporate Advisory Network.