AI will impact low skilled insurance jobs while brokers and adjusters will thrive

Published: July 23, 2019

Updated: August 1, 2019

Author: Luke Jones

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Over time, artificial intelligence (AI) will transform many aspects of the insurance industry, including impacting on brokers, insurance agents, and adjusters. However, according to one expert in the field the job roles most at risk from AI are low-skilled.

“Jobs at call centres are going to disappear slowly with chatbots,” predicts Eli Fathi, co-founder and CEO MindBridge Analytics Inc., an Ottawa-based firms that makes AI financial analysis products.

Fathi spoke to Canada underwriter after being named as a finalist in EY Canada’s Entrepreneur Of The Year award running.

One area of consistent AI innovation is in natural learning, whereby machine learning techniques are employed to understand and engage in conversations. Brokers and insurance companies are already leveraging this technology in the implementation of chatbots. These are becoming familiar tools for consumers when they visit a brokerage, allowing them to make queries and receive virtual responses in real-time.

“There is a lot of success with [chatbots] in all industries, not only the insurance industry and there will be a lot more development over the next two or three years,” Fathi said.

He says insurance industry professionals in a high skilled area, such as brokers and adjusters “are going to become more powerful” through AI development. Through the use of AI, these professionals will be able to make better decisions and provide more services to consumers.

“Startups are going to nibble at the low-hanging fruit – offering more customizable products and that is obviously going to take away jobs,” said Fathi.