Today, every facet of business has become technology-driven. A lot of tasks that require physical visits to banks can be done online. | Photo: iStock/ Getty Images
The insurance and retail sectors are undergoing a significant transformation due to the increasing integration of Artificial Intelligence (AI). As AI technologies are deployed across various functions such as customer profiling, underwriting, policy servicing, and claims management, the demand for technical talent in these industries is evolving.
Currently, the most notable changes driven by AI can be observed in areas like underwriting and claims processing. These advancements not only streamline operations but also pose new challenges for educational institutions training future professionals. With many entry-level roles being automated or enhanced through AI capabilities, students must cultivate skills that extend beyond what machines can accomplish.
Educational institutions are responding by adapting their curricula to equip students with essential skills in data analytics and business intelligence. Programmes now emphasize practical applications of AI tools to foster productivity and informed decision-making within a tech-driven environment.
To delve deeper into these transformative shifts within the insurance and retail sectors, The Hindu hosted a live webinar titled, ‘How AI will Reshape Careers in Insurance and Retail’, on April 12 at 5:00 p.m. Panellists included Sudip Indani from Lockton India and Dr. Prabina Rajib, Director, BIMTECH.
Bridging the gap
Today, every facet of business has become technology-driven. A lot of tasks that require physical visits to banks can be done online. This has resulted in a switch in the identity of financial institutions like banks and insurance companies. They are no more looked at just financial companies, but also tech companies.
Institutes, therefore, need to upgrade their courses and include AI education in banking and insurance programmes. To bridge this gap, BIMTECH has tied up with different stakeholders in the industry to provide certificate programmes and more. “It is a challenge we do not have a full-fledged full-time faculty members who possess significant amount of AI talent but, we are depending on industry to fulfill that gap at this point in time”, said Dr. Rajib during the webinar.
Importance of domain knowledge
It is crucial that companies are clear about their end goal and the problem they are trying to solve through the use of AI. Dr. Rajib warns against the presence of bias in those who develop AI tools. “Such biases can unintentionally influence outcomes and may lead to long-term harm for the company,” she said.
To resolve this issue, it is important that students should have domain knowledge. Technological knowledge in itself is not enough. Therefore, professionals with a technology background must also work on particular domain knowledge like insurance, law, finance, or retail. “They have to understand what the market is all about, know sells and what does not sell”, said Dr. Rajib.
Data accuracy
Sudip Indani emphasized that AI helps enhance customer acquisition processes by improving data accuracy and reducing time spent on underwriting decisions. For instance, insurance providers can now complete risk assessments much faster than before, thanks to automated systems that analyse vast datasets efficiently.
On the other hand, Dr. Rajib highlighted how retail businesses leverage AI for personalised marketing strategies aimed at meeting specific consumer needs based on their buying habits. She noted that technology enhances not just customer-facing operations but also supply chain efficiencies within retail environments.
The tedious task of getting insurance papers approved can also be accelerated. AI models can auto-fill claim forms, check for missing data, and submit them for review. As a result, delays that happen in insurance processing can be significantly reduced.
As traditional job roles evolve due to automation, both educators and industry leaders stress the importance of ongoing skill development among students entering these fields. Future professionals must embrace a mindset open to learning about emerging technologies while honing their domain knowledge relevant to insurance or retail.
With rapidly changing market dynamics fueled by technological advancements like AI, both employers and educational institutions play crucial roles in preparing candidates who can thrive alongside intelligent systems rather than compete against them.
Published – April 18, 2025 03:14 pm IST