If McKinsey has done their due diligence, the global insurance industry is going to look very different by 2030. By their estimates, the continued introduction of new technology like the internet of things (IoT) and artificial intelligence will radically change the way that most insurance providers do business—paving the way for smart, automated workflows that reduce much of the need for paperwork and manual interventions. As a result of these changes, McKinsey estimates that fully 25% of positions in the industry could be automated or consolidated by 2025, and that by 2030 the number of personnel associated with claims in particular could be reduced by more than 70%.
Today, the insurance industry is in the midst of a digital transformation. Sure, there are gradations from one insurance provider to the next in terms of how far along they are and how they envision the future of the industry—but the general trend is that the world of pens and paper needs to give way to connected, intelligent workflows that can generate, validate, and pay out claims digitally. The result of this impulse is already being felt by end users—who are already more likely than they were a few years ago to make use of an app when interfacing with their insurers—but it’s being felt just as acutely by internal staff at insurance companies. After all, they need solid UX in order to do their jobs quickly and efficiently.