Could AI replace human insurance brokers?

I was recently reading a book where one of the main characters was AI – a computer, called Winston. The human characters interacted with Winston as though he was a human, almost forgetting at times that he wasn’t. And it got me thinking, could AI do my job?

Artificial Intelligence is already making significant inroads in the insurance industry. It can handle large amounts of data in a short space for time for things like spotting possible fraudulent claims and making underwriting decisions. The technology is developing at the fastest pace we have ever seen. But how does it compare with a human? Here’s an honest (and very human) reflection…

Enhancing your experience

It is often argued that AI can improve customer service via chatbots answering questions quickly and efficiently. But I can hear you groaning at the mere mention of a chatbot. Because who hasn’t been stuck going round in circles messaging a chatbot that doesn’t understand your question?

My take? Chatbots may have their place but if they don’t understand your question you’ll probably get nowhere fast. Whereas if I don’t understand your question, I will be honest and tell you which means we’ll work it out together. And if I really can’t help, I’ll definitely be able to find someone who can.

Predictive analytics

AI can use analytics to forecast market trends and emerging risks. And I’ll admit, AI can analyse data a lot quicker than I can. But AI doesn’t know what’s relevant to you personally.

My take? Stats don’t mean anything without context and explanation. So AI still needs me to interpret its findings and review what is relevant to you rather than throwing lots of stats at you.

The personal touch

One of the key aspects of insurance broking is the personal interaction between us and you. Building trust, understanding your needs, and providing personalised advice are areas where humans excel. When you call me with an issue, I can hear in your voice that you need extra support so I can provide the reassurance you need.

My take? AI may be able to find you an answer to a question or problem, but it can’t  pick up the phone to an underwriter and persuade them to provide the cover you need at short notice on a Friday afternoon – it’s our relationships that will solve this one.

So, is Winston going to take over my job? I don’t think so, not yet any way. Over the coming years he is going to become more useful in certain tasks allowing me to focus on more complex, value adding activities.

My job may change with the use of AI, but relationships and the personal touch are key in insurance broking, and that isn’t going to change any time soon.

If you’d rather speak to a real person than a self-service chatbot, we have a whole team of lovely humans at Macbeth (even our web chat is managed by real humans).

Call us on 0118 916 5480