ARTIFICIALINTELLIGENCE

No one knows what the future holds, but we firmly believe that no matter how sophisticated AI becomes, it can never replicate the interpersonal value and expertise provided by agents.

On the Bright Side

With that being said, AI can potentially eliminate the need for agents to perform repetitive and mundane tasks and empower them to focus on where they provide the most value: Advising and servicing their clients. How will it do this? Let’s take a look:

Customer Service

The use of AI chatbots to answer basic customer questions is an increasingly popular feature that more and more companies are utilizing. These chatbots help companies stay connected to consumers and are especially useful outside normal business hours.

For example, imagine a customer needing information about your agency’s renewal process after you’ve locked up shop for the day and your customer service team has gone home. Featuring an AI chatbot on your website that is capable of answering this customer’s questions will add value to your customer and in turn strengthen their loyalty to your agency. Even today, using AI to enhance your level of customer service can reduce service costs by up to 30%, according to Entrepreneur. Imagine what that number will be 10 years from now as AI continues to advance. Additionally, companies such as synthesia allow users to create AI videos that could potentially be used for employee training or continuing education purposes.

It is important to note that AI chatbots are best used in tandem with your customer support team and should primarily be utilized when your team is unavailable (holidays, weekends, non-business hours, etc.) or as a fast reference for your team members when issues arise outside of their circle of competence. In our opinion, having a live person responding to customer inquiries is the preferred method (especially since being an insurance agent is a service-driven role), but when a live person is not available an AI chatbot can

Continued from page 36 provide an acceptable level of support in the interim and is certainly better than no support. Remember, AI should not replace your customer service staff but instead work in tandem with them to increase the amount of value your agency can provide to your customers.

Underwriting

AI and machine learning (ML) technologies are already transforming the underwriting process by improving data collection and risk assessment methods. For example, instead of relying on potentially inaccurate data provided by customers on an application, insurance companies are beginning to utilize technology that can automatically gather data through many different sources and more accurately discern the level of risk present in each policy. According to management consultancy McKinsey and Company, by 2030 underwriting processes will be almost entirely handled by machines and most policies will be quoted instantaneously. This removes the need