InsurTech Futures: The rise of the machines - Insurance Age

In December, Bank of England governor Mark Carney warned that half of the UK's workforce could be replaced by robots or computers in the coming years. In the insurance industry, we've recently seen Aviva asking its staff if a robot could better perform their job in a bid to increase its competitiveness in our increasingly digital world. Specialist brokers and smaller MGAs often find themselves trapped in manual processes such as rekeying information into multiple systems or manually generating documents and reconciling payments. If your business is significantly more expensive to run than a similar competitor, there is no good outcome in the long run. At best the Christmas Party will always be a low budget event, in the worst-case scenario you could go out of business.