Thread regarding State Farm Insurance layoffs

Intesting quote from iNSURANCE JOURNAL.

Insurance Industry Is Rethinking Cat Modeling After Last Year’s Disasters

July 16, 2018 by Elizabeth Blosfield

You have this sort of tug-of-war between actual experience and models and trying to make sure that as you’re thinking about it both from a pricing perspective and from a capital perspective, you do have a total view of what’s going on,” he said.

Not “directly” related to the State Farm layoffs but the concept is eerily similar.

Experience being thise who, obviously, lnow their job versus theoretical models of “future state” conditions.

Jsw you hit the nail on the head. Supposed technical resources with no outside experience. Combine that with a business model that doesn’t embrace the digital age and instead only attempts to be my Great Gtrandfathers insurance company from yesteryear and you have a recipe for failure. A failure for its policyholders and a failure for its employees.

Everyone, all that’s left is Tipsord and the inept board of directors. And theres also a mountain of cash and a large city of pissed off policyholders. Just how the dictator envisioned it. Remarkable isn’t it?!?!?

What new layoffs were announced?

This is why organisations get stuck in the past. Also one of the reasons why management should never come from the union. Without outside knowledge and skills organisations are stuck doing the same thing and once they fail to adapt they get left behind. I have heard the argument for hiring people from the poorly trained staff as management, that they know how things are done, but what they know is what they know, and much of it may be out of date, or wrong.

More layoffs were announced yesterday. Expecting more to come.

For some reason most business managers can't see the technical shortcomings of their staff.

They do not come from a technical discipline they are trying to manages and as such CAN'T see the problem of the employees not well versed in that skill set.

I have seen managers that boast that they have coders under them. When in fact most have been doing code monkey work ( something done repetitiously for a long period of time that gives the appearance they have all the skill of that particular language.

Ask them to do something other than that and they fall flat on their face.

Managers will try to serve the argument their employees are wonderful coders when in fact the manager is even more inept to make such a statement than the code limited "monkey". This also makes it more likely for the coder monkey to give the manager BS answers to where they are in the project...think Dilbert and his explanations to the wire head boss. the sad truth is the manager will not question it...they will not want to appear as if they don't understand.

You shouldn't manage skills you have no background in...period.

If the "fixers" of this organization would clean house correcting the above situations AND get with the digital age business model most of the problems would solve themselves.

My best guess is they won't recognize the real solution because the top brass, like the managers, lack the necessary technical experience and education !

Enjoy and sit back and watch the "cluster" continue.