London Brokers Are Embracing AI, Says New Report

The latest research from Burns and Wilcox Global Solutions;

Research from Burns & Wilcox Global Solutions reveals that London insurance brokers are embracing AI and emerging technologies as they look to future-proof the profession, but face growing challenges in attracting and developing the next generation of talent.

FastForward: The Next Chapter for London Insurance Brokers, a report based on independent research involving 205 London brokers, finds that 96% view AI and emerging technologies positively, despite 69% expecting ‘significant’ or ‘huge’ disruption to the profession as adoption increases. Meanwhile, 86% expect client demands to rise significantly over the next two years.

The research also highlights emerging succession challenges, with 92% of brokers concerned about replacing retiring colleagues from the Baby Boomer generation. Compounding these challenges, 61% believe the London market has an ‘image problem’ when competing with fintech and big tech for talent. At the same time, the skills required in broking are changing, with 65% of respondents reporting that their teams are recruiting more for data skills than traditional insurance expertise.

FastForward’s findings highlight the importance of combining technological expertise with the specialist knowledge and relationships that have long underpinned London’s broking industry. As firms adapt to changing client expectations, attracting new talent and developing the skills of existing brokers will be critical to maintaining London’s position as a global centre for specialist risk.

Paul Greensmith, CEO of H.W. Kaufman International, said: “FastForward paints a picture of broking as a profession that is both optimistic about its future and actively preparing for change. The London insurance market has needed to adapt before, and our research suggests it is ready to adapt again. As technology continues to reshape the role of the broker, the challenge for the industry is not simply to attract new talent but to equip people with the skills and confidence to seize the opportunities that follow.”

Additional findings from the FastForward report include:

AI and the changing role of brokers

• 74% of respondents report high or very high trust in AI to assist with accurate and reliable recommendations in insurance broking.
• Risk capture was identified as the area where AI is expected to have the greatest impact over the next five years, followed by client servicing, administration and processing and policy issuance.
• Brokers expect greater use of digital platforms to be the most significant change to their work over the next two years, followed by more client-facing collaboration.
• When asked how to remain competitive, brokers ranked building deeper market relationships first, followed by adopting more data-led approaches and improving digital skills and the use of AI tools.

Future-proofing London’s talent pipeline

• Greater promotion of the London market as a career destination was identified as the most important factor in attracting new talent, followed by clear career progression and opportunities to work with global clients.
• University partnerships were identified as the most effective way to attract graduates into specialist broking roles, followed by sponsorship of professional qualifications.
• 90% expect more people from diverse backgrounds to enter the industry over the next five years, while 92% expect an increase in the number of women entering the profession.

Developing the skills needed for the future

• 91% agree that brokers will need new technical, sector-specific skills to support clients operating in AI-enabled or technology-intensive industries.
• Training and development opportunities ranked first among factors encouraging brokers to remain with their employers, followed by workplace culture and environment and flexible or hybrid working. Competitive remuneration and benefits ranked fifth.
• 95% would recommend a career in London insurance broking, while 97% are confident about future career prospects for brokers in the London market.