Two of Australia’s largest insurers could see their dominance in home and motor policies take a hit as customers start using AI-powered bots to automatically gather and analyse personalised quotes, analysts have warned.

Macquarie, in a research note issued last week, flagged the rise of “agentic AI shoppers” – artificially intelligent bot “agents” which act on behalf of a user to search for products, compare prices and execute transactions – as warranting the attention of both insurers and investors.

It’s a matter of time before Australians start using artificially intelligent bot “agents” to search for products, compare prices and execute transactions, experts say. Credit: Stephen Kiprillis

The Macquarie analysts highlighted the competitive threat the trend could pose to Insurance

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