Insurance brokers are hesitant to jump on the Artificial Intelligence (AI) bandwagon until insurers and tech vendors can demonstrate the value of AI and ChatGPT. At the Insurance Age Broker Breakfast event in Bristol, sponsored by Applied Systems, industry experts shared their thoughts on the potential of AI in the insurance industry. David Chapman, Chief Revenue Officer for Applied Systems Europe, believes that while AI has a place in doing mundane tasks, the industry should invest in it.
The general consensus among attendees was that AI will not replace human brokers but rather provide them with tools to improve their efficiency. Brokers may be wary of AI because it’s still very new and there’s scepticism over how AI can provide an accurate assessment of the insurance needs of customers.
AI is becoming increasingly popular in the insurance industry but it is ultimately up to brokers to decide if it’s something they want to actively embrace. The industry has yet to fully understand AI’s potential and how it can improve their business, but brokers are open to considering new technologies that can help with their daily tasks.
The takeaway from the event was clear: AI has potential in the insurance industry, but brokers need more information and education on how to use it to their advantage. Until then, brokers will wait for insurers and tech vendors to demonstrate the value of AI and ChatGPT. In the meantime, human brokers will continue to provide invaluable advice to their clients.
Frequently Asked Questions (FAQs) Related to the Above News
What is the general attitude of insurance brokers towards AI?
Insurance brokers are hesitant to fully embrace AI until insurers and tech vendors can demonstrate its value in the insurance industry.
What do industry experts think about the role of AI in the insurance industry?
Industry experts believe that AI will not replace human brokers but rather provide them with tools to improve their efficiency.
What are the concerns of some brokers about using AI?
Some brokers may be wary of AI because it is still new and there is scepticism over how AI can accurately assess the insurance needs of customers.
Is AI becoming more popular in the insurance industry?
Yes, AI is becoming increasingly popular in the insurance industry.
What do brokers need to understand before fully embracing AI?
Brokers need more information and education on how to use AI to their advantage in the insurance industry.
What will brokers do until they see the potential of AI demonstrated by insurers and tech vendors?
Brokers will wait for insurers and tech vendors to demonstrate the value of AI and ChatGPT before actively embracing it.
Will brokers continue to provide advice to clients even if AI becomes more popular?
Yes, human brokers will continue to provide invaluable advice to their clients even if AI becomes more popular in the insurance industry.
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
