How likely are you to face automation?
A new study of hundreds of professions aims to predict the likelihood that they will be replaced by automation. The University of Oxford and Deloitte considered 366 roles from a wide range of sectors including legal, professional services and healthcare. The most at-risk job is telephone salesperson with a 99 per cent chance of being replaced by some form of automation, possibly a robot with artificial intelligence. Typists and keyboard workers come second. For the insurance sector the only role specifically analysed is that of underwriter. The role is deemed “fairly likely” to be automated with a 66 per cent risk and coming 136
th out of the 366 jobs. The reason? The researchers assessed roles for how much creativity and empathy is required against the level of set-processes and algorithms that could be implemented. While not good news for underwriters it could mean that brokers and agents are in a stronger position as creativity and empathy could not be replicated by a machine!
Californian doctor charged with insurance fraud
An orthopaedic surgeon has been accused of being the ringleader in a $150 million insurance scam. The Californian doctor, Munir Uwaydah, is accused along with 14 associates of scamming insurance companies by charging them for surgery which was not performed by the surgeon but by his physician’s assistant. The surgeon was not present according to the indictment. ABC News
reports that the doctor was arrested in Germany and awaits extradition. There are two indictments, one with 57 counts and another of 75 counts with charges including insurance fraud, illegal referrals, money laundering and false tax claims. One of the surgeon’s associates, Kelly Soo Park, was acquitted of the murder of Dr Uwaydah’s girlfriend two years ago and was arraigned Tuesday for the fraud scheme.
Goldman Sachs-backed insurer plans to go public
A UK-based insurance company majority owned by US bank Goldman Sachs is planning a floatation on the London Stock Exchange in an IPO which could value the firm at $2.31 billion. Hastings Insurance Group which focuses on auto insurance saw gross written premiums grow by 24 per cent in the first half of 2015 to $435.3 million and is expected to raise up to $277.17 million from an IPO.
