The future of insurance agents is changing. Automation is already transforming the way we live and work, and in less than ten years, insurance agency claims underwriting will be fully automated. This means that technology will soon be more profitable for insurance companies than paying humans to do the same work. As a result, both insurance companies and independent agents will be affected.
AI-enabled tools, intelligent personal assistants and bots are being used to find better insurance coverage for customers. Companies are also experimenting with technology to increase direct customer interaction. This means that the number of agents will be reduced and those that remain will depend heavily on technology to increase productivity. Customers can ask insurance questions, for which the chatbot will answer or take them to human experts.
AI-based platforms, such as Roadzen, are already adding value to every phase of the insurance funnel and policy journey. While there is an average salary for insurance sales agents, certain states are more financially viable, such as Vermont, Pennsylvania, and Nebraska, because they have the highest-paid agents. The invention of new technologies is unlikely to stop and the pace of change will accelerate as brokers, consumers, financial intermediaries, insurers and suppliers become more adept at using advanced technologies to improve decision-making and productivity, reduce costs and optimize the customer experience. Agents will become process enablers and product educators. They will use their skills in data analysis and machine learning to add value to their customers. The winners of AI-based insurance will be companies that use new technologies to create innovative products, leverage cognitive learning insights from new data sources, streamline processes and reduce costs, and exceed customer expectations for individualization and adaptation dynamics.