In the year 2028, on a rain-drenched morning, the gentle tones of Mike’s bedside alarm rouse him from slumber. Groggily, he swings his legs over the edge of the bed and pads to the kitchen, starting the coffee machine with practised ease. As the aroma of freshly brewed coffee fills the air, Mike gazes out the window, his eyes drawn to the horses grazing in the misty verdant field beyond. A sense of calm envelops him as he contemplates the day’s tasks that lie ahead, reflecting on how his life in the world of insurance has changed.

Mike appreciates the invaluable assistance that AI provides, but he can’t help but feel nostalgic for the days when insurance broking involved negotiating face-to-face with an underwriter. The digital revolution has transformed the industry, making many aspects of the job unrecognizable from what they once were. However, Mike takes solace in the fact that his line of business still requires a human touch due to the complex nuances of his clients’ needs.

With a steaming mug of coffee in hand, Mike makes his way to his desk, where his AI Assistant awaits. The soft, familiar voice greets him, “Good morning, Sir.”

Mike returns the greeting, getting straight to business, “Good morning. How are our clients doing today?”

The AI Assistant responds promptly, “Generally, they are doing well. However, we have one client with an elevated risk and another with a claim. Tanx Corp’s submersible collided with a boat. I’ve retrieved the black box data and video footage of the damaged vessel, analyzed it, and determined the repair cost to be within the 10k threshold. Consequently, I approved the claim immediately.”

Mike nods, then inquires, “And what about the client with elevated risk?”

The AI Assistant continues, “According to the US weather alert system, Panda Wells LLP is expected to be hit by a Category 3 or 4 hurricane within the next two days. The probability currently stands at 90%.”

Mike’s face turns solemn. “Alright, draft an email to them wishing them and their families safety. Include a copy of their policy and a guide on preparing for a hurricane. Let them know we’re here for them, and they should need us – to reach out as soon as possible so we can help them recover quickly. I’d like to review the email before it’s sent.”

The AI Assistant complies, and Mike reads the email thoughtfully before approving it.

Moving on, Mike asks about new business opportunities. The AI Assistant informs him, “A planning application has been approved on the government website for the expansion of the METX BioFuel plant in Cambridgeshire. We lost the original contract for this project, but if we try again and help them reduce risks, we may have a chance to win it this time. Now that the approval has been confirmed, it’s crucial to prepare a proposal promptly. I have requested to tender. Would you like me to share the details?

Mike, his eyes alight with renewed determination, responds, “Yes, please. And let’s start brainstorming ways we can help them reduce risks associated with their expansion project.”

Together, Mike and his AI-Assistant develop a comprehensive strategy to assist the BioFuel plant in risk reduction, covering areas such as risk assessment, safety measures, environmental impact analysis, employee training, regular inspections and audits, business continuity planning, cybersecurity measures, and insurance coverage review.

As Mike reviews the details of their plan, he reflects on how the landscape of insurance has shifted from risk transfer to risk reduction. Although the premiums have decreased, the value-added services offered by brokers have become increasingly important. These services, focusing on risk reduction, are now the primary source of revenue and value for brokers like Mike. Despite the sweeping changes that AI has brought to the industry, Mike remains dedicated to providing personalized service and adapting to the evolving demands of his clients, proving that there will always be a place for human expertise in the world of insurance.

Armed with this well-thought-out plan, Mike works tirelessly with his AI-Assistant, refining their approach and ensuring that every aspect of their proposal addresses the plant’s concerns. As the deadline looms, Mike feels a mixture of anxiety and excitement, confident that their hard work and dedication will not only secure the BioFuel plant’s business but also provide valuable support in ensuring a successful and safe expansion project.

After submitting the proposal, Mike pauses to recognize the strong connection between people and AI. He sees the huge potential of their teamwork in shaping the future of insurance. He understands that success comes from embracing change and using new technologies while keeping the personal touch and deep knowledge of the client’s needs that make him stand out.

No matter how much the industry evolves, Mike is determined to continue providing exceptional service, staying true to the values that have guided him throughout his career. With a renewed sense of purpose, he faces the challenges ahead, embracing the opportunities that the ever-changing world of insurance presents.