2026-08-09 · Source: Carrier Management
Summary in 3 Points • AI is not expected to replace insurance agents, but may change their roles • The market share for insurance intermediaries has remained stable at 57-58% over the past decade • AI can enhance insurance processes by understanding context and analysing data patterns --- The article discusses the potential impact of AI on the insurance industry, particularly focusing on the roles of agents and brokers. Despite predictions that AI might replace human intermediaries, the market share for insurance intermediaries has remained stable at 57-58% over the past decade. The author argues that while AI can enhance the insurance process by understanding context and analysing data patterns, it is not expected to replace the need for human guidance and support. Instead, AI may change how agents and brokers operate, potentially reducing the number of human intermediaries while maintaining the demand for their services.
For the London insurance market, the integration of AI could lead to changes in underwriting practices and policy wording. AI tools may assist underwriters in assessing risk more accurately by analysing vast amounts of data and identifying patterns. This could result in more tailored insurance products and potentially impact pricing strategies. However, the role of brokers and underwriters in providing personalised advice and maintaining client relationships may remain crucial, even as AI becomes more prevalent in the industry.