AI and the future of insurance broking

June 27, 2023

Is my job as an insurance broker safe from takeover by artificial intelligence? I am sure we have asked ourselves this question at some point in time with the advancements made in AI making the news almost daily. This is in addition to the pressure already being experienced by brokers from today’s clients who are savvier than ever before and have access to a wealth of information at their fingertips and are not afraid to use it to make informed decisions about their insurance needs. With sophisticated and predictive technologies now available, brokers are nowadays under more pressure to demonstrate their value in the insurance value chain.

Artificial Intelligence (commonly known as AI) deals with the creation of computer systems that can reason, learn, and act autonomously (simulate human intelligence). It encompasses everything from machine learning, automation, chatbots, predictive recommendations, and algorithms. Thanks to these technological advancements, AI systems are now able to perform tasks that previously required human intelligence – things like visual and speech processing, decision-making, and language translation.

It’s only natural to link technology and artificial intelligence to industries like telecommunications, marketing, and manufacturing. In the insurance sector, perhaps not so much. Yet technology is transforming the way insurance carriers provide coverage and how policyholders receive service.