This excellent article by Jessica Ellerm at Daily Fintech paints a worrying picture about the impact of automation technology on unskilled labour.
While the major impact on insurance will likely lag behind retail and production lines, technologies such as RPA (Robotic Process Automation) are beginning to have immediate impact on elements of the insurance value chain, while the influence of AI/Machine Learning will over time start to disrupt even some of the more sophisticated underwriting and actuarial roles.
As Jessica asks in this article, and a recent InsTech London discussion considered for insurance, how confident are we really that the "freed up" labour will be able to turn its attention to other fulfilling and similarly paid roles?
While insurance need not lead on this important societal question, it can not pretend it will not become relevant. And the faster we push change, the sooner it will...
While the unskilled workers of my mother’s generation may just be able to eke out their days on production lines, in bank teller jobs, or at supermarket check outs, their children and children’s children won’t. The finance industry won’t be spared from automation either – the robots have been after brokers and financial analysts for some time now. Kensho is one of the poster children of the ‘dehumanization’ of Wall Street. Automation, as many have realised, is a problem no social class other than possibly the 1% are immune to.
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