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Analysts pressed the Toronto-based insurer about the potential for artificial intelligence to displace insurance brokers on an earnings call Wednesday, after an insurance app launched on ChatGPT in the U.S. this week, sparking a sell-off in related stocks. “I do think that large-language models will certainly have an impact on our ability to capture traffic… this is an area that we’re very, very focused on,” said CEO Charles Brindamour. (The Logic)
Talking point: Intact’s unlikely to be the last insurer to face tough questions about ChatGPT’s incursion into insurance. Intact’s fourth-quarter earnings beat analyst expectations compiled by S&P Capital IQ, with net income up 44 per cent year over year. But the stock fell about 3.8 per cent Wednesday, despite Intact executives’ assurances that it has a plan to win business through LLMs. “The market just doesn’t share your enthusiasm for the robustness of the results,” TD Securities analyst Mario Mendonca told executives on the earnings call.
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