Risk and Reward: Human Talent Remains Key in the Age of AI
Insurers must prioritize calculated risks and invest in their people if they want to thrive amid technological advancements and talent shortages, according to a leading industry veteran.
With the rise of artificial intelligence and an aging workforce, relying solely on AI isn’t a long-term solution, argues Krista Glenn, executive vice president and chief claims officer at Westfield Specialty. “We can’t afford to wait. The future belongs to those willing to take strategic risks and invest in the next generation,” she stated.
Glenn, who has over 30 years of experience in claims and management, has witnessed the industry’s evolution firsthand. From her time at AIG to her leadership in multinational claims at ACE/Chubb, she has been at the forefront of change. Now, at Westfield Specialty, she is focused on building a comprehensive claims organization across multiple sectors.
Glenn will chair the Woman in Insurance Summit Atlanta on April 25.
AI: A Tool, Not a Replacement
The insurance industry is facing a critical juncture. A generation of seasoned professionals is retiring, and there aren’t enough new entrants to fill the gap. While underwriters are essential, the talent shortage spans various disciplines, including claims, IT, risk management, and operational support.
According to Glenn, AI and automation, while accelerating change, aren’t the ultimate solution to the ongoing talent problem. Without a skilled workforce, technology is rendered ineffective. “We need to do more and better in our industry to attract talent that can be part of all these new things we see coming around technology, including AI, and things that are yet to come,” Glenn said.
Attracting new talent extends beyond filling roles; it means transforming the insurance industry’s mindset. Glenn believes that caution has long defined the profession. She argues that embracing calculated risks rather than fearing failure is essential for insurance leaders today.
“We can’t stay static; we have to keep driving forward. And sometimes we’re not going to get it right, and sometimes we’re going to fail, but we’re never going to do anything if we don’t try,” she said.
Adapting to the Future
This willingness to adapt is crucial as the industry faces rapid technological changes. AI and GenAI are poised to revolutionize insurance, but Glenn cautioned against assuming these are the biggest changes ahead.
“I think that AI and Gen AI are going to have a huge impact over the next five, 10 years and beyond, and I think that we’re just scratching the surface as to what those tools can do for us, how they can make us better, how they can make us more efficient,” she said.
Glenn emphasizes that adaptability is the key to being prepared for unforeseen changes. “To be open, to be aware, to stay engaged in what’s going on, and to look for those things that are on the horizon, that are coming towards us, so that we’re going towards them so that we can be ready for it,” she explained.
A major obstacle is the resistance to change. Glenn noted that many are hesitant about AI and GenAI simply because they’re new. She encourages individuals to embrace the new and meet challenges head-on, recognizing that this transformation isn’t only about efficiency.
Insurance is becoming more complex. Therefore, employees must be equipped to use the technologies, streamlining some areas so they can focus more on others. In Glenn’s view, if insurance professionals are not trained to use the new tools, the industry risks falling behind. “You have to help the people that are in the industry to be ready for it and to adopt it and to be able to use what we put in front of them,” she said.
