Artificial intelligence will disrupt insurers more than any other sector featured on the Australian sharemarket, according to research and investment company Barrenjoey.

AI could replace call centre workers and clerks and augment the work of analysts and investigators, it says in a report. 

For investors, there may be rewards in backing companies that can cut costs by reducing staff or that use AI to enhance human capability. 

Barrenjoey says if some worker roles can be assisted by AI it will not necessarily mean mass job losses, but there will be lower employment growth. 

“This is not to say we won’t see any job losses for specific occupations, but it is an argument against many of the doomsday predictions.” 

Previous tech advances such as computers, the internet and mobile phones created new roles and transformed old ones, the report says.