AI brokers disrupt insurance sales
Autonomous AI platforms are disrupting insurance broking, changing processes and growth for human intermediaries amid rising agency demands for speed.
AI's increasing capabilities are prompting significant discussion about its role, with some fearing complete disruption of the insurance broker role. However, some analysts suggest AI will likely augment, not replace, human brokers, especially in complex commercial insurance markets. This means AI could handle parts of underwriting submissions, improve workflow efficiency, and better match risks with insurer appetite. The rise of AI brokers is forcing the industry to re-evaluate which parts of broking require human expertise and which can be automated. For example, a Melbourne-based company facilitated Australia's first fully autonomous, compliance-cleared health insurance sale using AI. Insurify also launched an AI tool using ChatGPT to compare auto insurance rates. For Vertafore, this means focusing on solutions that integrate AI to enhance the agent experience and streamline processes. Vertafore emphasizes technology should strengthen relationships, connecting agencies, carriers, MGAs, and regulators. Vertafore has expanded AI capabilities in Surefyre to automatically convert PDF submission forms into web applications, saving time for MGAs and wholesalers.
