Life with robots. what does it mean for brokers?
Elon Musk thinks the government will be plugging the gap when it comes to a life with robots. His prediction of the future is based on many jobs being made redundant by the increasing level of technological sophistication, which will require governments to step in with some sort of Universal Income.
For brokers, personal lines and the micro-SME segments of the market have already been replaced, however commercial brokers at the more complex end of the spectrum have an opportunity to future-proof themselves.
Robots are great at automating high volume, uniform tasks. What they currently can't do is deal with the novel. Brokers and indeed anyone at risk of automation should be focused on the elements of their job which are tricky to automate i.e. that require human consciousness.
In the case of commercial insurance brokers, client risk data is extremely heterogeneous, therefore it's key to focus career and development on the ability to give high quality, accurate advice rather than being efficient at back-end processes, which will be automated.
People will have time to do other things, more complex things, more interesting things