If everyone has AI, where does competitive advantage move?
06 — AI Workforce
One employee. A workforce of agents.
In 2026 a person had tools. In 2029 a person has colleagues who never sleep, never forget and never own the outcome.
TUESDAY — 17 SEPTEMBER 2029A normal day. Nothing unusual.
Switch roleOne employeeEight specialised agents reporting in
Research AgentReads the market before you do
Data AgentAssembles exposure without a data request
Meeting AgentPrepares, records, commits actions
Underwriting AgentBuilds the risk view and the price
Portfolio AgentWatches accumulation continuously
Reporting AgentExplains the numbers on demand
Negotiation Prep AgentModels the broker's likely position
Monitoring AgentNever stops looking at your book
20261 employee + toolsThe person is the throughput. Volume costs headcount.
20291 employee + an AI workforceThe person is the judgement. Volume costs compute.
What happens to the definition of productivity?
Not automatically fewer people. Capacity is an input, and where it goes is a decision. Possible outcomes:
More business written
Higher service levels
Faster decisions
More complex work attempted
Lower manual workload
A different talent mix
The human job
Before and after
2026
GatherReadAnalyseChaseUpdatePrepareDecide
2029
ChallengeDecideNegotiateSet appetiteManage exceptionsManage portfolioBuild relationships
Ask the enterprise
Illustrative scenarioThe executive stops receiving information and starts interrogating.
Three quarters of the movement is attritional property in two portfolios, not large losses.
Iberia Property Programme: attritional trend worsening, roughly 1.4 points of the combined ratio.
Expense ratio improved 2.1 points as agent-handled submissions rose — partly offsetting the loss side.
The remaining drift is rate adequacy on Nordic Marine Cargo, where we are 4.2% behind our own model.