AI & Chatbots: The Insurance Industry's Right-Hand or Job Thief?
Written at Jul 31, 2023 2:25:32 PM by Julie Mesi
AI is really shaking up our lives, insurance industry included! But let's not get bogged down with dry explanations of how AI and Chat GPT are doing this and that. Instead, let's focus on how we humans can use these technologies to our advantage! I was just at the #everywoman insurance forum, and there was a panel tackling the AI topic. So, I figured I'd jot down some thoughts on the matter and share them with you!
Have you heard of Chat-GPT? An AI-powered chatbot equipped with underwriting capabilities. Yeah, I know, I probably should not be defining it to you. I mean, people these days don't even ask "how are you?" anymore, it's more like "have you heard of Chat GPT?". It's everywhere! But seriously, if someone asks me that question one more time, I might just lose it. Chat-GPT is painted as this game-changer for insurance. But is it really?
During the event, the "Technology disrupting and transforming the sector" panel had us hyped to discuss AI and Chat-GPT's impact on the insurance sector (yes, we know how to have fun). With the speed of automating data collection and improved customer experience that comes with integrating chatbots providing personalised support, it's easy to promote all the benefits. But really, is it ALL sunshine and rainbows? Like everything in life, there's a yin and yang. Sure, Chat-GPT may help with things like automating data collection and whatnot. But are we overlooking the drawbacks to all of this?
There are three things in particular that it does well according to people: it’s fast, it processes information quickly and it brainstorms ideas in flash. But wait a minute, is being "fast" really a good thing? You can ruin your image fast. You can lose your job fast. Speed alone isn't enough. You need quality to go with it. Speedy chatbots don't guarantee quality output. They just throw words at you at a breakneck pace. During this panel discussion, someone in the audience asked the classic question that's haunting us all lately: "Will AI replace us?" We've all heard it a million times. But let's be real. If your bot is giving you primo ideas, you probably gave it primo inspiration. And if you already have primo inspiration, why sweat that a bot will steal your job?
I think it's time we take a deep breath and remember that AI is a powerful tool. And dare I say it, our right-hand, especially in the insurance industry. We shouldn't be scared of what we've created! Instead, let's give these technologies the power to propel us forward, making life easier and more exciting for everyone. Sure, the insurance industry has struggled to keep up with the pace, clinging to their excel spreadsheets like they're life rafts. But with AI coming in hot, there's a whole new world of opportunity before us! Case in point: distriBind, a back-office automation platform curing insurance industry from its spreadsheet addiction. So, when that dreaded question comes up again, just remember: "AI won't take your job, but someone who knows how to use it will!". And let's be honest, if insurance companies keep sticking to those spreadsheets, they'll eventually fail, but those who adopt these new technologies will surge ahead!