Insurance brokers in London are showing strong support for artificial intelligence (AI) and digital innovation, even as the sector faces mounting pressure to address an ageing workforce, changing recruitment requirements and increasing client expectations, according to research published by Burns & Wilcox Global Solutions, a specialist wholesale insurance broker operating within the H.W. Kaufman Group.
The firm’s FastForward: The Next Chapter for London Insurance Brokers study, which surveyed 205 brokers working in the London market, found that 96% held favourable views of AI and emerging technologies.
Nevertheless, 69% believed the wider adoption of these technologies would bring ‘significant’ or ‘huge’ changes to the profession, while 86% anticipated a substantial increase in client expectations within the next two years.
Alongside the anticipated technological changes, Burns & Wilcox Global Solutions identified considerable uncertainty surrounding the industry’s ability to replace experienced professionals approaching retirement. According to the research, 92% of respondents were concerned about filling positions vacated by members of the Baby Boomer generation.
The survey also found that 61% considered the London insurance market to have an ‘image problem’ when attempting to attract candidates who might otherwise pursue careers in financial technology or major technology businesses.
Recruitment patterns appear to be changing in response to the industry’s increasing reliance on technology. Burns & Wilcox Global Solutions reported that 65% of those surveyed said their teams were now recruiting more heavily for data-related capabilities than for conventional insurance knowledge.
The findings suggest that London’s broking community is having to balance the adoption of new technologies with the continued importance of market expertise, established relationships and specialist advisory capabilities. The company identified the development of existing employees and the recruitment of new entrants as important issues for businesses responding to these changes.
Paul Greensmith, CEO of H.W. Kaufman International, commented: “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.”
Further results from the Burns & Wilcox Global Solutions study indicate that brokers are increasingly comfortable with the use of AI in professional decision-making. Nearly three-quarters of respondents, at 74%, expressed high or very high confidence in the technology’s ability to contribute to accurate and dependable insurance recommendations.
Respondents identified risk capture as the business function most likely to experience the greatest impact from AI over the coming five years. Client servicing, administrative and processing activities, and policy issuance were also expected to undergo changes as adoption expands.
In the shorter term, the research found that brokers anticipated a greater reliance on digital platforms over the next two years, alongside an increase in direct collaboration with clients.
However, technology was not regarded as the principal factor in maintaining a competitive position. According to Burns & Wilcox Global Solutions, respondents placed the greatest importance on strengthening relationships across the insurance market. This was followed by making greater use of data, developing digital competencies and improving familiarity with AI applications.
The report also examined how the London market could improve its appeal to prospective employees. Respondents regarded raising awareness of insurance broking as a career option as the most important step towards attracting candidates, ahead of offering clearer routes for career advancement and access to international client work.
Burns & Wilcox Global Solutions found that collaboration with universities was considered the strongest approach to encouraging graduates to enter specialist broking. Financial support for recognised professional qualifications was identified as another important recruitment measure.
The survey additionally recorded expectations of a broader workforce demographic over the next five years. Nine in ten respondents, or 90%, expected greater participation from individuals with diverse backgrounds, while 92% anticipated more women entering the industry.
Changing client industries are also expected to influence the expertise required of brokers. The company’s research found that 91% of respondents believed professionals would need to acquire additional technical and industry-specific knowledge to advise clients whose operations increasingly depend on AI or other advanced technologies.
Employee retention emerged as another area of focus. According to Burns & Wilcox Global Solutions, access to training and career development was the highest-ranked factor influencing whether brokers remained with their current employers. Workplace culture and the working environment followed, with flexible and hybrid arrangements also featuring prominently.
Financial incentives were comparatively less influential in the rankings, with salary and benefits placed fifth among the factors encouraging employees to stay.
Despite the recruitment pressures and potential disruption identified in the report, the survey recorded high levels of confidence in the profession’s longer-term outlook. Burns & Wilcox Global Solutions found that 95% of participants would encourage others to consider a career in London insurance broking, while 97% were optimistic about future employment prospects for brokers in the market.
