SURVEY
For profitability, talent and AI could be key
Profitability amid uncertainty remains a top concern for the industry—but the light at the end of the tunnel could be combining the right talent with AI, respondents to our survey indicated.
The challenge of achieving sustained profits against a backdrop of uncertainties such as climate change and inflation topped the worries of delegates attending Baden-Baden this week. But talent management was not far behind, in a picture that illustrates the difficulties of getting and retaining the best people in a changing landscape.
That represents a snapshot of some of the results from a pre-Baden-Baden survey by this publication, surveying the wider markets and designed to outline the concerns of the market and potential talking points at this event.
Able to select multiple issues, respondents largely selected “profitability in the context of climate change and inflation” alongside “talent management” when asked about the big issues on their agenda. But new and emerging risks and ESG also featured strongly.
In the written responses, which reflected these themes, there was also a sense of concern. “The industry has just been through a major correction, so things are looking better. But there are just so many uncertainties. Maybe we are ahead of property now but there are new challenges all the time,” one said.
“There are new challenges all the time.”
Another specifically pointed at casualty as a concern. Others noted that new technologies, emerging risks and the ever-moving ESG landscape are causes for concern. This seemed to tie in with responses on talent.
“The industry has never made itself appealing but we need to change that and get better people,” one said. Another added: “The interconnected nature of risk means we need new brain power in the industry.”
What about tech?
The survey also assessed delegates’ views on technology. The responses were a mixed bag between developing tools in-house, developing tools with external partners—and betting on artificial intelligence (AI) to be the future.
The responses reflect an industry perhaps in flux. Again, AI attracted the most responses. “AI will change the economy as we know it—we must keep up,” one said. Another likened the advent of AI to the internet in the way it will change business.
Others were not so sure. “It is overhyped. AI has been around for a while—yes, it will make certain things more efficient, but human intervention is always required at some stage. Embrace it, but with common sense,” one respondent said.
“Embrace it, but with common sense.”
Main image: Shutterstock / Stokkete