Sign up to save tools and stay up to date with the latest in AI
bg
bg
1

What Happened... to all the Brokers?

Jan 08, 2024 - theaiunderwriter.substack.com
The blog post is a fictional narrative set in 2032, exploring the potential impact of AI on the (re)insurance industry. The author, through the character of Louis Friend, a junior AI regulator, outlines a timeline of events leading to the disintermediation of (re)insurance brokers due to advancements in AI and machine learning. The narrative highlights key events such as the adoption of AI tools by insurance companies, the introduction of Chief Algorithmic Underwriting Officers, regulatory shifts mandating algorithmic handling of underwriting lines, and the formation of an AI-driven dark pool called "The BrokerAIge™".

The story concludes with a reflection on the societal impact of technological advancement, emphasizing the displacement of jobs and the emergence of new opportunities in AI development, data analysis, and cybersecurity within the insurance and reinsurance sectors. The narrative serves as a cautionary tale, urging the industry to balance technological advancement with its societal impact.

Key takeaways:

  • The article is a fictional pre-mortem analysis of the potential effects and ramifications of AI in the (re)insurance industry.
  • It outlines a timeline of events leading to the disintermediation of (re)insurance brokers due to advancements in AI and machine learning.
  • The narrative suggests that early adoption of AI and reskilling of employees can help companies survive and thrive in an increasingly automated world.
  • The story ends with a call to balance technological advancement with its societal impact, highlighting the importance of considering the future of employment and the need for upskilling.
View Full Article

Comments (0)

Be the first to comment!