Annual Survey Results

Artificial
Intelligence

Brokers and SMEs expect that artificial intelligence (AI) will deliver productivity and efficiency gains but introduce new liabilities.

The advent of new technologies is opening up challenges and opportunities for the insurance sector. Eight in 10 SMEs think AI innovations will expose them to new liabilities such as cyberattacks, and they are acting on their concerns by purchasing insurance to cover issues stemming from implementing automation. What’s more, a strong majority of brokers think AI will significantly disrupt traditional insurance distribution models. Yet, not all change is bad; brokers do not think such disruption will be detrimental. Nearly seven in 10 brokers believe AI will enable them to work smarter and offer personalized solutions to clients.

Survey Key Findings

AI Adds Value

Nearly three quarters (73%) of brokers agree or strongly agree that AI is a complement to insurance brokerage service, up from 66% in 2018.

Fueling Efficiency

Seventy-eight percent of brokers say advances in AI will make work processes more efficient for their companies.

SMEs Manage Own Risk

Nearly six in 10 SMEs (58%) say they have purchased or plan to purchase insurance to cover issues that may arise when their business implements more automation or AI.

“Hybrid models – where underwriters use machine learning and artificial intelligence to analyze massive amounts of data, such as that acquired by the internet of things – are the most powerful at providing a broader perspective and producing far more accurate risk evaluations. ”

Farah Gasmi, Director of AI Products, Argo Group

Most brokers say AI will bring new opportunities

Do you agree that using artificial intelligence for processes like interpreting data and responding to inquiries will make brokers work smarter and offer more personalized solutions to their clients?

Strongly Agree

Agree

Disagree

Strongly Disagree