$15 billion of the insurance industry is at risk from AI, BofA says [Fortune]
MUENCHENER RE GP UNSP/ADR (MURGY)
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Source: Fortune
A new report from BofA Global Research estimates more than $15 billion in insurance industry commissions are considered “low complexity” and face a not immaterial risk of AI disintermediation. In other words: a real possibility. Recommended Video The warning comes on the heels of a volatile period for insurance broker and agent stocks. On February 9, the subsector plunged 9% following news that two digital insurance companies—U.S. auto comparative rater Insurify and Spanish homeowners' insurer Tuio—had launched chatbot assistants utilizing ChatGPT technology. However, over the next three weeks, insurance distribution stocks rallied 7%, outpacing a broader S&P 500 decline of 1%. The marketplace appeared to digest the AI threat and decided it was not a material risk to revenue growth, adopting a broadly optimistic “‘nothing to fear' and ‘far away'” sentiment. BofA disagrees. “Our view is that large-language model digital agents can effectively do a non-immaterial portion of the
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