The big question everyone has been asking is: are robo-advisers going to take financial advisers’ jobs?
Anthony Miller, CEO of Simply Financial Services, says he doubts this will happen because insurtech is about making the whole insurance industry more efficient through technology. He feels insurtech will enable brokers to do their work better by giving them the tools and information they need to do their jobs better and more effectively. He does believe that job descriptions will change, however – there will be less paper-shuffling and more considered thought around advice.
“There’s a misperception that insurtech means cutting out brokers,” says Miller. “In actual fact, insurtech makes the insurance industry much more efficient. Advisers need to think about how they can leverage insurtech to add more value for their customers. If they’re open to this, the opportunities will outweigh the risks. If they’re not open to it, well, other tech-savvy brokers will eat them for lunch!”
To read more about industry views on insurtech, download the February issue of RISKAFRICA magazine now!
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