Brokers are being replaced by Robots, see for example what our portfolio KNIP is doing. The savings of taking out the broker cost and replacing with robots can be massive and can be a EUR 20Bn savings in DACH alone
Experts have warned that brokers could potentially see themselves replaced by artificial intelligence as technology improves. John Cusano, global head of insurance at consultancy Accenture, said, at an event to discuss the future of insurtech, that "consumers are interested in interacting with machines". He also noted that research had shown that sometimes the end customer will "prefer" to talk to a machine rather than a person. He added: "It is likely the agent model will change." Opportunity On the flipside disruptive technology can also be an opportunity for the broker market. Cusano stated that it can help brokers with their "understanding the breadth of products and quickly get information". He also highlighted that machines are capable of giving "consistent advice" and that technology enables brokers to keep a clear audit trail of the advice given.