2026-08-31 · Source: Insurance News Australia
Summary in 3 Points • AUB Group launched the BizCover ChatGPT app earlier this year • AI is prompting previously uninsured small businesses to recognise their cover needs • AUB Group is embedding AI into various workflows to improve efficiency and client outcomes --- AUB Group CEO Mike Emmett reports that the launch of the BizCover ChatGPT app has not led to any cannibalisation of the company's broker channels. Instead, AI is expanding the market by encouraging previously uninsured small businesses to consider insurance coverage. The company is also embedding AI into broking, underwriting, claims, and operational workflows to enhance efficiency, improve decision-making, and deliver consistent client outcomes. Emmett believes these initiatives will support growth, margin improvement, and offer differentiated insurance capabilities.
The integration of AI in insurance processes, as demonstrated by AUB Group, could influence the London Market by encouraging similar technological adoptions. This may lead to more efficient underwriting and claims processes, potentially affecting pricing and policy wording. As AI helps identify previously uninsured risks, it could expand the market for insurers, offering new opportunities for underwriting. However, the London Market should monitor the impact on traditional broker channels to ensure balanced growth and avoid potential disruptions.