Despite a new report from the McKinsey Global Institute stating that automation is set to “change the vast majority of jobs” — affecting 45% of all work activities in the U.S. — within the insurance industry, advisers say they are happy with efficiency-creating technology that is reducing costs and only displacing skills needed by workers, rather than the workers themselves.
On the ground, many in the industry are singing the praises of automation and what it can do for advising. Onboarding employee groups and manually dealing with rate tables, for example, can be time consuming and costly for the provider and the employer. Coupled with that, quotes must be generated from insurance carriers for various health and medical needs.
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