Mass layoffs in technology and finance have reignited global anxieties about artificial intelligence (AI) and its impact on white-collar jobs.
The World Economic Forum has forecast that AI could displace 92 million jobs by 2030 but also create 170 million new ones, warning of a looming gap between where jobs are lost and where new requirements lie. Meanwhile, a new Reuters/Ipsos survey has revealed that a majority (71%) of Americans fear AI causing permanent job loss.
Stories of companies trimming workforces while investing heavily in automation have sparked the question: Could insurance follow suit?
Pravina Ladva (pictured), group chief digital & technology officer at Swiss Re, believes the generative AI boom could play out differently in insurance.
“I am definitely more optimistic,” Ladva said. “The technology is advancing quickly, but what excites me is not the technology itself; it’s what the technology enables our industry to do when combined with people and processes.”
High-profile layoffs and a challenging jobs market have led many to assume AI is the cause.
Ladva isn’t so sure. “People are putting two and two together and making a hundred,” she said. “They see companies laying people off and assume it’s because of AI. In reality, AI is still too nascent to have that kind of impact.”
Insurance, and particularly reinsurance, is not a headcount-heavy business, Ladva pointed out; if anything, firms face more work than people to handle it.
“We actually have more work, more analytics, and more responsibilities than we have people to manage them,” she said. “So, AI isn’t stopping what we do, it’s helping us shift and rebalance the work.”
Another overlooked benefit is knowledge preservation. With many insurance professionals poised to retire after decades of service, institutional expertise risks being lost.
Ladva argued that AI offers a way to capture and institutionalize that knowledge for the next generation of underwriters, actuaries, and claims professionals.
“It allows us to embed decades of experience into systems and tools that can support newer employees and even guide returning staff,” she said. “In that sense, AI helps solve our workforce challenges. It’s not about reducing headcount, but about sustaining expertise and continuity as our workforce evolves.”
While AI can enhance productivity, it also raises fears of obsolescence, fueling employee anxiety and burnout. Ladva acknowledges those challenges but stressed that the “antidote” lies in education, change management, and inclusion.
“The bigger challenge is change management,” said Ladva. “We need massive education and retraining programs. But most importantly, you need to do this with people, not to them.”
At Swiss Re, this means embedding frontline professionals into the design of new AI-enabled solutions. By making employees co-creators rather than passive recipients of change, trust and adoption grow organically, said Ladva.
So, what skills will define success in this AI-enabled industry? For Ladva, the answer lies more in mindset than in hard coding skills.
“It’s about being flexible, adaptable, and open to learning. It’s about being comfortable with 80-20 solutions, not waiting for perfection before you act,” she said. “And it’s about curiosity – asking what this technology can do for me and my clients.”
Looking ahead, what excites Ladva most isn’t the technology itself but what it enables.
“For the first time, we can create simplicity out of complex data flows that have plagued our industry for decades,” she said. “From underwriting to claims, AI can help us rethink end-to-end processes and unlock value we’ve never been able to capture before.”
She described three key areas where AI is already proving its worth:
But the ultimate differentiator, she insisted, won’t be the machines. It will be the people.
“Technology alone doesn’t create value,” Ladva said. “It’s the combination of data, tech, processes, and colleagues that will transform insurance. That’s why the human has to remain at the heart of everything we do.”
