Biba 2025: Smaller Brokers Face a Key AI Challenge—Not Knowing Where to Start
Smaller insurance brokers are finding it difficult to begin using artificial intelligence (AI) effectively. Peter Hunter, head of research and development at Open GI, highlighted this issue at the recent Biba Conference. According to Hunter, around 60% of brokers have yet to adopt AI, with many single-office firms unsure of how to initiate AI projects.
This uncertainty contributes to a growing gap between large and small brokers. Nearly half of national brokers (46%) have implemented AI initiatives, while only 10% of single-office brokers report doing the same. Other barriers include concerns about data security, unclear return on investment (ROI), limited skills, integration challenges, and costs.
Where AI Can Help Brokers
Ben Legg, chief product officer at Open GI, outlined several practical uses of AI across different levels:
- Individual level: Automating tasks, improving productivity, and providing clear summaries and dynamic scripting.
- Consumer level: Offering personalized customer interactions, enabling multichannel strategies, and streamlining processes.
- Industry level: Optimizing underwriting, enhancing fraud detection, and improving compliance and regulatory management.
Hunter noted that current AI tools are narrow in scope, focused on specific tasks. The future lies in general AI, which can perform a wide range of human tasks with human-like intelligence.
For brokers interested in learning how to implement AI effectively, tailored training and courses can help build the necessary skills and confidence. Resources like Complete AI Training offer courses designed for various job roles, including insurance professionals.