Artificial intelligence is making its way into many areas of our lives. Some people think it’s a good thing, and others…not so much. But AI, in and of itself, is neither good nor bad. Like many technological advancements, it’s all about how the technology is used.
AI is nothing to be afraid of. In fact, it’s been around for a long time, and you have probably come across it, in some form, from autocorrect on your phone to online chatbots to suggestions of things you might like on your favourite online shopping site or streaming service.
AI 101
Artificial intelligence is a blanket term for many different things. Simply put, AI is computer software that mimics the ways that humans think in order to perform complex tasks, such as analyzing, reasoning and learning.
Knowing this, we can identify how AI can best be used in the insurance industry, as well as where a human connection would be a better option.
AI could be used for…
- Helping you to summarize complicated descriptions in very clear language so that you can explain it to your clients
- Facilitating communication by translating complicated terms of jargon to a policy holder’s native language much better than apps like Google translate or other search-based translations
AI should not be used for…
- Ensuring that your client understands the details of their insurance policy
- Answering questions that are specific to your client’s situation or providing advice
- Compassionately helping your client navigate the claims process
The human touch
Think of AI as your personal assistant, rather than some sort of autopilot application. The information that it presents back to you must always be verified for accuracy and completeness. Don’t just take it at face value, review it before relying on it.
Privacy concern
There are privacy concerns with using open AI systems like ChatGPT that are publicly accessible. These systems use the prompts and inputs that people provide in order to learn and evolve. If you were to input something sensitive, or any personally identifiable information, into one of these open AIs there is a risk that this information may be presented back to a third party at some point in the future.
We may not know where AI is going to take us in the future, but we do know that AI is here to stay, and it is going to become more and more a part of our daily lives at home and at work. One way to reduce the fear and anxiety a lot of us feel about AI and its endless abilities is to become more familiar with what AI is and how it can be used. The articles below might be a good place to start. You can also listen to ivari’s Chief Information Officer Mike Daicoff go into more detail in the Generative AI episode of ivari presents…On the go.
Additional resources:
https://assets.kpmg/content/dam/kpmg/au/pdf/2021/trust-in-ai-multiple-countries.pdf
Disclaimer
This article is intended for general information purposes only and should not be considered specific advice, nor is it a substitute for advice from a qualified professional. The article may contain information obtained from third-party sources. While reasonable efforts have been made at the time of publication to ensure that the contents of this article have been derived from reliable and accurate sources, including third party sources, ivari provides the information “as is” and ivari does not warrant the accuracy or completeness of the information contained herein.
Neither ivari nor its affiliates, officers, employees or any other person accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use or reliance on the information or opinions contained herein.
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