SJL Blog 8 July 2019
Complementing the human touch with AI in the Insurance Industry
There is no doubt that AI (Artificial Intelligence) is changing the way insurance brokerages are transacting business, but the biggest challenge is to retain the human touch and the relationships we have with the clients
Where can I get AI Insurance you may ask? At SJL, we are a people business, and while we are always pioneering technology to help us be most effective, the personal relationship we have with our clients cannot be replaced with AI. The same can be said for the gut instinct of the underwriter.
New electronic trading technology is not only effective but also a valuable tool to the savvy underwriter. At SJL, we have always embraced technology. Electronic trading has sped up quoting and gives us unprecedented access to multiple insurers for one single client. That is the ultimate customer service. This technology is exciting for us since it enables us to provide some of the most competitive terms in the marketplace at different speeds. What used to take weeks can now be achieved at the click of a button, like providing documentation. At SJL, we believe that we offer the best AI insurance services choices in the UK.
As Lloyds of London is going digital, insurance brokerages are seeing an even bigger impact of access. As a Lloyd’s broker with global reach, SJL can trade on the electronic platform, enabling us to swiftly quote, negotiate, bind and endorse insurance digitally within the biggest insurance market in the world. The risks can be placed electronically or face-to-face, thus removing paper from the broking process and creating a digital information flow. Together with Lloyds of London, SJL has swiftly entered into the digital age, embraced the electronic placing platform and joined electronic trading going forward
But the gut instinct of the insurance underwriter cannot be replaced by AI. Despite the “billions of data points”, the data still needs to be applied to a real-life situation by an experienced underwriter. Insurers appreciate the fact that at SJL we “touch” and review every risk. AI will definitely take our industry to the next level fast, and the savvy insurance brokerage will know how to apply the wealth of information to use it wisely.