This is the first of a two-part series.
The insurance industry faces a formidable challenge: 25% of its workforce is expected to retire by 2018. One way for human resource executives to address this sizable problem is through “collective intelligence.”
By definition, collective intelligence combines the power of human capital (internally and externally sourced) with automated capabilities, or software “bots.” Together, humans and “bots” work in distinct but cooperative roles.
Through collective intelligence, insurers can resolve complex business challenges, perform specialized functions in less time and create predictive models that precisely classify risks. Assigning machines to handle repetitive, high-volume tasks can heighten overall productivity while accommodating heavier workloads — all at a fraction of the cost (and time) it would take full-time employees to perform these functions.