Commercial Brokers' perspectives on AI: Balancing optimism and concerns
A recent survey of 500 commercial brokers, commissioned by Close Brothers Brokers Solutions, has shed light on the growing impact of artificial intelligence (AI) on the sector.
The data reveals a mix of optimism and concern among brokers as they navigate the integration of AI into their business processes.
Impact of AI on business
According to the survey, 34% of brokers believe AI will have a large impact on their business, while 36.6% think it will have some impact. However, 18.4% feel it will not have much of an impact, and 11% believe it will have no impact at all.
Concerns about AI
When it comes to concerns about AI, 15.6% of brokers are very concerned about its increasing presence, while 42% are somewhat concerned. On the other hand, 25.6% are neither concerned nor unconcerned, 14.6% are somewhat unconcerned, and 2.2% are very unconcerned.
Incorporation of AI
The survey also reveals that 74% of businesses are looking to incorporate AI into their business processes, such as analytics, proposal management, and fraud management. Meanwhile, 23.2% are not looking to incorporate AI, and 2.8% are undecided.
Impact on jobs
Despite concerns about job losses, with 72% of brokers feeling that AI will lead to large-scale job losses in their profession, there is also a recognition of the opportunities AI presents. 64.2% of brokers believe AI offers opportunities for growth and employment in their sector, while 33.2% do not see AI as presenting such opportunities, and 2.6% are unsure.
Opportunities for growth and employment
These insights provide a comprehensive view of how AI is perceived and utilised in the commercial brokerage sector. The data suggests that while there are concerns about job losses and the impact of AI, there is also significant interest in incorporating AI into business processes and recognising its potential for growth and employment opportunities.
