A GlobalData survey reveals that 64.5% of UK SMEs are comfortable with AI assessing their insurance needs and recommending coverage options, with 26.7% extremely comfortable. Meshed, an AI-native insurance broker, raised £950,000 to reshape the commercial insurance market for SMEs, aiming to address underinsurance and improve efficiency through AI-powered agents.

Despite the potential benefits, only 5.2% of UK Commercial Insurance Brokers see AI as a major threat, with most citing competition from other brokers and direct players. Adoption of AI-driven policy tools remains low, with 78.6% of brokers having no plans to adopt them. Brokers risk falling behind competitors by not embracing AI technology.

Read more at Yahoo Finance: Brokers risk falling behind as AI disruption accelerates