The Human in the Loop is You
When speaking to audiences in my role as an insurance and financial services motivational speaker, I am careful to differentiate the impact of technology from the critical role of the representative.
In a recent McKinsey Report on the top technology trends in insurance technology, there is no doubt that the industry (Personal, Commercial and Life and Annuities) will be dominated by trends such as Applied AI in the years ahead. It can be intimidating or viewed as a boon for the entire industry.
Don’t be overwhelmed by the currents
In terms of just the artificial intelligence (AI) aspect alone, I was interested in the McKinsey observation that with AI:
“Carriers will be able to more fundamentally reengineer core processes to be more predictive in nature. AI will disrupt distribution, underwriting, claims, and service as core processes become AI-enabled, creating a “human in the loop” model that increases productivity and allows for higher-quality touchpoints with customers.”
The human in the loop is the rep. The rep is vital, not an afterthought.
As the study found, and most in the insurance and financial services industry understand this, that while carriers have amassed a wealth of data, the full potential of those assets have not yet been harnessed. There is a universe of potential insurance and financial services instruments that can be launched on the basis of the data.
Why isn’t this happening?
The industry was fundamentally created on the proposition that people can offer people support and service in usually, their greatest times of need. Using AI and its algorithms, such services can employ details such as claims data or infusing the conversation with an instantaneous access to networks of distributors, carriers, providers, reinsurers and, of course, your clients.
As to the why isn’t this AI stuff happening at a greater pace? I believe that many in the industry are fearful of the “machines taking over,” and that reps will lose the human touch. Nothing could be further from the truth. Why not see technology with the mindset that the best way to help others is to provide the most up-to-date tools?
The fear is in not acting
The biggest fear in the insurance and financial service industry should be the fear of complacency. If we, as consumers always seek out physicians with the best education and medications, or car repair shops with the most current computer systems or even teachers with the best teaching aids, why is there fear in providing customers with the best insurance coverage?
The use of AI is not eliminating the rep, it is enhancing the rep’s ability to better serve the customer. Though popular movies have convinced us that robots can take over the world, how about a different vision where every rep has access to the best tools to help clients manage their lives when they need that help the most?
The human in the loop is you, the insurance and financial services rep, and what you can do for your clients is life changing.
To reach Scott Burrows, Insurance and Financial Services Motivational Speaker, please contact Scott Burrows today by phone at 520 – 548 – 1169 or through this website.
