The idea of robots taking away jobs is disconcerting, but a new report says there’s a way for insurers and brokers to co-exist with the advancements and even flourish.
According to the Insurance Market Conditions & Trends 17/18 report – released by international law firm DAC Beachcroft – “the robots are coming,” but the development should be seen as a chance to collaborate instead of something to fear.
“While insurtech has developed rapidly, it is not necessarily a revolution,” said DAC Beachcroft head of insurance Helen Faulkner. “Yes, it will cause some disruption but we expect those established insurers and brokers that embrace the new technologies to evolve and thrive.”
Faulkner believes the insurance industry has “belatedly woken up” to artificial intelligence’s (AI’s) possible impact on the sector.
“Up until now the focus has been mainly on the automation of admin-heavy processes, but academic research shows the potential of AI to replace high-level actuarial, underwriting, pricing, and claims roles,” noted the DAC Beachcroft partner.
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