Mass layoffs in the tech and finance sectors are raising concerns about the impact of artificial intelligence (AI) on jobs. Many people are worried that AI could lead to permanent job losses, especially in white-collar positions. A recent survey by Reuters/Ipsos found that 71% of Americans fear that AI will take away their jobs.
According to the World Economic Forum, AI could displace 92 million jobs by 2030, but it might also create 170 million new ones. This suggests that while jobs are being lost, new opportunities may arise. However, there is concern about the gap between the jobs that disappear and the new roles that emerge.
In the insurance industry, there are questions about how AI might affect jobs. Pravina Ladva, the chief digital and technology officer at Swiss Re, believes that the situation in insurance could be different. She feels optimistic about the role of AI in the industry. "The technology is advancing quickly, but it’s what it enables us to do that excites me," she said.
Ladva argues that AI is not the main reason for job cuts. She believes that many people are jumping to conclusions. "AI is still too young to have that kind of impact," she noted. In fact, she pointed out that the insurance sector often has more work than available staff. AI, in her view, helps balance workloads rather than reduce headcounts.
Another advantage of AI is its ability to preserve knowledge. Many experienced insurance professionals are nearing retirement, which poses a risk of losing valuable expertise. Ladva suggests that AI can help capture this knowledge and support new employees. "It allows us to embed decades of experience into systems that can guide newer staff," she explained.
Despite the potential benefits, AI also brings challenges. Employees may feel anxious about their job security and face burnout. Ladva emphasizes the importance of education and inclusion in addressing these concerns. "We need massive education and retraining programs, and we must involve people in the process," she said.
At Swiss Re, they are working to include frontline employees in the design of AI solutions. This approach fosters trust and encourages adoption of new technologies. Looking ahead, Ladva believes that success in an AI-driven industry will depend more on mindset than technical skills. She values flexibility, adaptability, and curiosity among employees.
Ladva is particularly excited about how AI can help solve long-standing problems in the insurance industry. She believes that AI can streamline processes and create value that has been hard to capture before. For instance, AI is already improving claims handling, enhancing underwriting decisions, and increasing productivity by automating repetitive tasks.
Ultimately, Ladva insists that technology alone won’t create value. It’s the combination of technology, data, processes, and people that will reshape the insurance landscape. "The human element must remain at the center of everything we do," she said.