In The End, “AI” is No Match for Your Intelligence
As a keynote speaker for insurance and financial services groups, there is a new fear I am hearing that has swept across the industry: the fear of AI or artificial intelligence.
While we know that the post-pandemic period has seen one of the biggest resurgences in decades (since 1983, actually), with virtually all of the major insurance carriers reporting double-digit growth in new policies in First Quarter 2021, fears exist about the diminishing role of humans and the increased role of “machines.”
Jesse Gospodarek writing for Insurancenewsnet.com said (September 7, 2021):
“Two main factors are driving increased demand. One is the pandemic. Years and years of diminishing sales were brought to a stark halt by the reality of the pandemic…The second factor driving the boom is the removal of barriers for selling policies. Technology had already advanced to the point where underwriting decisions could be made instantly and at the point of sale.”
Does this signal the end of the industry as we know it? Yes – and no. Gospodarek pointed out that:
“Behind the scenes, they [carriers] will create platforms that use cutting edge AI and automation to ensure that underwriting decisions can be performed within moments and at the point of sale, saving carriers and end users time and resources.”
This doesn’t mean an end to the industry but a diminishing of lengthy and time consuming in-person meetings and an increasing rate of customization.
Don’t Fear AI, Adapt to It
In March 2021, McKinsey & Company presented an important article to the industry entitled Insurance 2030—The impact of AI on the future of insurance. One of the important conclusions was:
“As AI becomes more deeply integrated in the industry, carriers must position themselves to respond to the changing business landscape… with this understanding, they can start to build the skills and talent, embrace the emerging technologies, and create the culture and perspective needed to be successful players in the insurance industry of the future.”
Technology Changes, People Don’t
When I first joined the industry there was fear over the new-fangled, rapidly growing internet and then the thought that carriers could actually advertise their products and services online. We seemed to have adjusted quite nicely.
Those agents with a service mindset and a determination to provide their customers with superior products and services, true customized solutions and a sense of responsive, personalized commitment, will win as always.
Despite artificial intelligence, customers making important insurance decisions will still rely on agents to help guide them. The setting for discussion may change from in-person to teleconferencing, but the customer service spirit will still be in place. Insurance and financial services sales will change as all developments in the industry change. That has always been a given.
What should not change is your vision of providing customers peace of mind. It is an intangible that only you can deliver. AI is a huge timesaver and cuts down on the paperwork and monotony but in the end, “AI” is no match for your intelligence.
For more information on booking Scott Burrows, Insurance and Financial Services Speaker for your next event, contact him through this website or his office at: (520) 548-1169