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The High — and Unexpected — Cost of Automation

Posted By staff reporter, Tuesday, January 29, 2019


Automation is the coming thing. The World Economic Forum said 1.4 million workers will lose their jobs due to automation in the next few years. Those employees will need to be “reskilled.”

The U.S. Bureau of Labor Statistics disagrees with that number and says the 1.4 million is just a fraction of the actual number that will be replaced. Those being displaced will need to find different occupations entirely. The forum’s report says 25% of that $34 billion will be covered by government so it will be up to business to handle most of the task.

And that leads to another aspect of the crisis. Some 252,000 of those who are displaced — or 18% — will not be able to economically reskilled.

That means government is going to have to step in with public assistance.

For insurance, automation does have some benefits. It can automatically handle claims processing and finance which means workers can concentrate on what is really important to insurance and that is customer interaction.

 

 

Source link: Axios

 

 

Tags:  The High — and Unexpected — Cost of Automation 

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