Insurance Business Brokers are “doomed” by robots, website claims

Brokers are “doomed” by robots, website claims The end is nigh according to a website making predictions on the future of human employability. estimates there’s a 92% chance of insurance brokers losing their jobs to automation.

Brokers, however, be they in life and health or property and casualty, will fair marginally better than claims adjusters, examiners, and investigators (98%), appraisers of auto damage (98%), claims and policy processing clerks (98%), and underwriters (99%) forecasts the site.

Of course brokers are used to “doom and gloom” forecasters making approximations amid an explosive wave of insurtech. But what can they do to adapt?

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Andy Barile, a chartered property and casualty underwriter with 40 years of insurance consulting experience in insurance distribution, offered both advice and a sobering outlook.

“Insurance brokers will have to be proactive with their clients to compete and will be trained to handle the more difficult insured,” he said.

Barile said more traditional forms of insurance are under threat, an area most brokers are operating in right now.

“Insurance brokers will be replaced with robots for personal lines insurance. Then the technology firms will attack the small commercial insurance policy,” Barile said. “They will go through the small business insurance associations and insureds will become more adept to buying insurance on the phone.”

What do you think? How seriously do you take the threat of a robotic revolution? Leave a comment below with your thoughts.

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