Assume 2500 words
Question 1 (1250 word count)
Evaluate the issues related to the application of AI and process automation that will impact the future of the insurance industry in Singapore.
To address this question, you will need to conduct an online literature review to understand how AI and automation have been shaping the insurance industry as well as other related industries for the future (this is not a review of old technology used in the past). Articulate your findings and evaluate the issues.
(10 marks) 330 words
Once you have done this, you will be in a better position to comment on the issues that will impact insurance practitioners, insurance companies, and consumers. Discuss the implications of these issues on the three stakeholders in this context.
As you present these issues, be ready to apply what you have learned in the course to structure your thought process. Concepts that will be useful includes the 3P framework, the concept of manufactured normalcy, etc.
(30 marks) 920 words
Question 2 (920 word count)
Based on the issues and challenges presented in Question 1, prioritise the importance of the role of the future insurance practitioner and appraise the skills and attributes needed to perform this role.
The previous question forces you to understand the background of the industry and where it is headed in the future. The current question focuses on the development of the insurance practitioner.
(a) What is the role of the insurance practitioner as we move into the future? With an augmented work relationship with AI/automation, what value add can the practitioner provide to consumers? In your answer, be prepared to support your claims based on the evidence which you have provided in your literature review in Question 1.
(15 marks) 460 words
(b) Based on your answer in Question 2(a), what attributes and skills do you think the new age insurance practitioners need to possess? Justify your answer based on our discussion from the works by either Tom Friedman or Heather McGovan or the polymath. In your answer, remember to apply the materials to the context of the insurance industry.
(15 marks) 460 words
Question 3 (330 word count)
Based on the issues which you have identified in Question 1(a), design four survey questions which you would like to ask consumers to better understand their views, needs, and expectations of the insurance advisor of the future. Give a brief explanation for the rationale of each survey question