Are ChatGPT and AI Affecting the Insurance Industry?
The largest buzz on most social media platforms involves the discussion of how artificial intelligence (AI) and applications like ChatGPT are affecting today’s world. ChatGPT itself almost scares people as much as Skynet from the famous Terminator movies due to its AI-generated content.
If you haven’t heard about it yet, ChatGPT (Chat Generative Pre-trained Transformer) is a natural language processing tool driven by AI technology that allows people to have human-like conversations and much more with the chatbot. The language model can answer questions and assist you with tasks such as composing emails, essays, and code.
You already may have noticed ChatGPT’s effect on most web content, including websites, social media, news articles, and books. More than 100 million users are currently using the ChatGPT platform. You may start seeing more AI tools in your everyday life, as articles have talked about how students have used ChatGPT to create term papers and college exam papers for them.
As AI and ChatGPT continue to grow, AIP Marketing Alliance ponders how this technology could affect the insurance industry as a whole. At this time, we don’t know of any insurance carriers, broker/dealers, or FMOs/IMOs leveraging ChatGPT’s capabilities, as industry standards and compliance rules affect all content for marketing and advertising.
The thought of asking ChatGPT to create a consumer advertisement promoting a fixed indexed annuity or an indexed universal life insurance product to a consumer could involve a lot of challenges and flags due to non-compliant content. Does AI/ChatGPT understand what disclaimers need to be included based on the respective product? Could these platforms “learn” to write and create these marketing and social media advertisements?
We will learn as the respective AI platforms learn. More insurance carriers are opening up to AI resources and platforms through accelerated underwriting applications that assess a consumer based on multiple characteristics entered by a consumer into an e-application.
AIPMA also has relationships with a couple of insurance companies who have mobile applications that can generate a term life insurance policy in under 10 minutes. The user enters specific information about themselves, connects a credit card, and the policy is booked all through an AI-built process.
You also should anticipate more AI in customer service as chatbots focus on providing answers and guidance when a consumer goes to a website needing assistance. Calling a customer service person has been replaced by typing with a chatbot to get an answer to your question or need. It’s becoming even more common in the marketplace now, and a fear of losing people to a computer is starting to gain momentum.
We’ll see how ChatGPT grows as AI becomes even more mainstream within the insurance industry and the world. Until the Terminators take over, AIP Marketing Alliance will answer your phone calls and emails through our amazing human team of professionals.
If you have any questions or would like to work with AIPMA, please contact AIP Marketing Alliance at (800) 783-5206 (Press #1 for Case Management, Press #2 for Business Development). You also can email email@example.com. We’d really enjoy talking to you and helping you with case updates or sales strategy. We also can connect you with technology to make processing your business much easier for you and your clients.
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For more than 40 years, AIP Marketing Alliance (AIPMA) serves as a premier life insurance and annuity distribution partner to provide full-service support to independent wholesalers, brokerages and agents from our Troy, Michigan office. Copyright 2023