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How can AI help in Remote Recruiting during COVID-19

4 minutes, 42 seconds read

The outbreak of Coronavirus has set off a chain reaction across industries taking the world economy into probably what can be called the worst recession so far. Various sectors like travel, hospitality, BFSI, supply chain, and logistics are getting hit due to social distancing and lockdowns. The effect of 2008 depression can be felt again and possibly more this time. This will have an adverse effect on employment as organizations will now re-evaluate their current business position. The initial wave of unemployment has already hit due to a lack of demand and limited cash flow in the economy. 

Due to the lockdown in India, the number of unemployed people increased from 32 million to 38 million in March, said a report released by Centre for Monitoring Indian Economy (CMIE). The unemployment rate crossed 23%. Many small and medium businesses have already started layoffs and furloughs. Organizations have become more cognizant of the money spent on human resources and deploying methods to simplify hiring through remote recruiting. Even though there’s less demand for workforce, this situation will prove to be an opportunity for jobs in some sectors.

Jobs in demand during this pandemic

The current crisis is difficult for businesses as they have to reassess crucial positions and develop new roles and responsibilities for its workforce. Organizations will look for multiple skills and capabilities within their workforce. In the post-pandemic world, once the crisis is under control, there will be an upsurge in the employment opportunities for people. The COVID-19 crisis will end one day but it has taught the world an important lesson about being prepared for any possible future pandemics. 

Professions like virologists and epidemiologists which were neglected earlier will now be more in demand. Much is said about supply chains being disrupted but the essential products and services still need to reach the end consumer. Organizations still have money and inventory which needs to be delivered. Those working in the supply chain system will still be in high demand. The education sector has gone under a transformation due to social distancing. The rise of online education has led to a rise in teaching jobs. 

Now that organizations have seen that ‘Work from Home’ actually works, there’ll be an increase in freelance job opportunities leading to a growth in the ‘gig economy’, which, in-turn will focus on efficient remote recruiting.  

[Also read: Enterprises investing in Workplace Mobility Can Survive Pandemics]

Applications of AI in Recruitment

In the current situation, there is a need for people with multiple skill-sets for critical positions. Temporarily, the job scene might not look good but it will soon pick up the pace and when it does, recruiters will have a lot of work cut out for them to hire the right people. In both scenarios, AI will play an important role. Here are some applications of AI in remote recruitment- 

Candidate screening

One of the most tedious and challenging tasks in remote recruiting is to screen candidate profiles for the relevant positions. AI-powered tools can investigate millions of profiles saving time and helping them to focus on other important tasks like building relations. 

Skill-set matching 

Every position needs a certain set of skills, talent, personality, and qualifications. AI can use data and match the job description with the applicant’s work experience, skill-sets, personality etc. This helps in improving the selection criteria of the potential candidates.

Recommendation for positions

Some AI-powered tools screen the pool of candidates and grade them in the ranks which are best suitable for the mentioned positions. This gives a much clearer picture to the recruiters enabling them in better decision making.

Identifying potential skills within the organization 

In many organizations, there are internal job postings which employees can apply for. Now, during the on-going crisis, companies need employees who can take up additional responsibilities. AI here can screen the profiles within the organization and identify the potential candidates for the required positions.

[Details: AI in Recruitment & Discovering Talent]

Post-pandemic world: Role of AI in Remote Recruiting

Post this pandemic, once the economic graph picks up, the market will see a rise in employment opportunities as well. This will increase the pool of candidates applying for jobs. There will be huge pressure on recruiters to screen thousands of profiles and source the right candidates for required positions. AI here can help in automating time-consuming workflows. With automation, organizations can cut down on costs and save a lot of time for their recruiters. 

AI-powered tools bring speed and accuracy in recruitment which helps improve the quality of hiring. Even after the pandemic, the world doesn’t seem likely to go back to normal. Many organizations will continue to have their employees work from home. In the recent news, TCS announced that around 75% of its workforce is likely to work from home by 2025. The entire recruitment process will will have to adapt to remote working. 

Conclusion

AI has been around for quite some years and is strengthening its position in across industries. Organizations have understood the importance of AI in increasing operational efficiency. The success of AI-powered tools has shown that it would be a necessity for a recruiter soon. Yet, they hesitate to invest in AI for recruitment. Sure there might be budgetary concerns right now due to the slowdown but sooner or later organizations will have to integrate AI into their recruitment process. An organization’s strength lies in the quality of its workforce. Sure AI cannot replace the intelligence brought in by recruiters but in the coming years, quality hiring will depend on how well the recruiters automate their workflows which would be possible with the help of AI.

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Retention playbook for Insurance firms in the backdrop of financial crises

4 minutes read

Belonging to one of the oldest industries in the world, Insurance companies have weathered multiple calamities over the years and have proven themselves to be resilient entities that can truly stand the test of time. Today, however, the industry faces some of its toughest trials yet. Technology has fundamentally changed what it means to be an insurer and the cumulative effects of the pandemic coupled with a weak global economic output have impacted the industry in ways both good and bad.

Chart, line chart

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Source: Deloitte Services LP Economic Analysis

For instance, the U.S market recorded a sharp dip in GDP in the wake of the pandemic and it was expected that the economy would bounce back bringing with it a resurgent demand for all products (including insurance) across the board. It must be noted that the outlook toward insurance products changed as a result of the pandemic. Life insurance products were no longer an afterthought, although profitability in this segment declined over the years. Property-and-Casualty (P&C) insurance, especially motor insurance, continued to be a strong driver, while health insurance proved to be the fastest-growing segment with robust demand from different geographies

Simultaneously, the insurance industry finds itself on the cusp of an industry-wide shift as technology is starting to play a greater role in core operations. In particular, technologies such as AI, AR, and VR are being deployed extensively to retain customers amidst this technological and economic upheaval.

Double down on digital

For insurance firms, IT budgets were almost exclusively dedicated to maintaining legacy systems, but with the rise of InsurTech, it is imperative that firms start dedicating more of their budgets towards developing advanced capabilities such as predictive analytics, AI-driven offerings, etc. Insurance has long been an industry that makes extensive use of complex statistical and mathematical models to guide pricing and product development strategies. By incorporating the latest technological advances with the rich data they have accumulated over the years, insurance firms are poised to emerge stronger and more competitive than ever.

Using AI to curate a bespoke customer experience

Insurance has always been a low-margin affair and success in the business is primarily a function of selling the right products to the right people and reducing churn as much as possible. This is particularly important as customer retention is normally conceived as an afterthought in most industries, as evidenced in the following chart.

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        Source: econconusltancy.com

AI-powered tools (even with narrow capabilities) can do wonders for the insurance industry at large. When architected in the right manner, they can be used to automate a bulk of the standardized and automated processes that insurance companies have. AI can be used to automate and accelerate claims, assess homeowner policies via drones, and facilitate richer customer experiences through sophisticated chatbots. Such advances have a domino effect of increasing CSAT scores, boosting retention rates, reducing CACs, and ultimately improving profitability by as much as 95%.

Crafting immersive products through AR/VR

Customer retention is largely a function of how good a product is, and how effective it is in solving the customers’ pain points. In the face of increasing commodification, insurance companies that go the extra mile to make the buying process more immersive and engaging can gain a definite edge over competitors.

Globally, companies are flocking to implement AR/VR into their customer engagement strategies as it allows them to better several aspects of the customer journey in one fell swoop. Relationship building, product visualization, and highly personalized products are some of the benefits that AR/VR confers to its wielders.  

By honoring the customer sentiments of today and applying a slick AR/VR-powered veneer over its existing product layer, insurance companies can cater to a younger audience (Gen Z) by educating them about insurance products and tailoring digital delivery experiences. This could pay off in the long run by building a large customer base that could be retained and served for a much longer period.

The way forward

The Insurance industry is undergoing a shift of tectonic proportions as an older generation makes way for a new and younger one that has little to no perceptions about the industry. By investing in next-generation technologies such as AR/VR, firms can build new products to capture this new market and catapult themselves to leadership positions simply by way of keeping up with the times.

We have already seen how AR is a potential game-changer for the insurance industry. It is only a matter of time before it becomes commonplace.

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