Will Agents Be Replaced by AI?

Episode Summary

In this Broker link podcast, host Gillan explores the impact of artificial intelligence (AI) on the future of insurance agents. He asks whether AI will replace agents or simply change their roles.

Gillan notes that while some agencies are adopting AI tools, Brokerlink has not jumped heavily into AI yet. The company prefers to watch how technologies develop before utilizing them. As an example, Gillan points to fitness apps with macro tracking capabilities, which overlap somewhat with ChatGPT's functionality. However, existing tools may already meet agents' needs sufficiently.

According to Gillan, one downside of AI is its reliance on past internet data, which can often be outdated or incorrect. AI cannot always discern truth from falsehoods. So while AI can generate content, there are flaws in accuracy and relevance.

That said, Gillan outlines several use cases where AI could aid insurance agents:

- Using AI tools to generate policy review letters, with the ability to write in different styles
- Integrating services like Zapier with AI to automate administrative tasks
- Formatting emails through AI
- Transcribing meetings using AI
- Creating digital assistants to answer common customer queries

However, Gillan emphasizes that human relationships remain essential in the insurance industry. Clients strongly prefer working with real human experts, not just AI chatbots. Regulations also favor human agents over AI. So while AI can enhance business functions, it is unlikely to replace the core role of agents.

Gillan recommends agents focus first on growing their knowledge and sales skills. Adopt supporting technologies second, to avoid the "shiny object syndrome" of chasing every new tech tool before mastering the fundamentals. AI can help agents with content generation, data processing, and automation to improve productivity. But the human touch remains critical for sales and service.

In conclusion, Gillan believes AI will augment rather than replace successful insurance agents in the foreseeable future. The key is finding the right balance between leveraging AI while keeping the human component central to client relationships and expertise. Agents who embrace this hybrid model will see the greatest gains from AI. However, the core of insurance will remain human-driven through sales, service, and connections.


(0:00:04) - Broker link podcast explores whether agents are being replaced by artificial intelligence
(0:00:25) - Today we talk about practical uses of artificial intelligence in your insurance business
(0:01:27) - We are starting to see some good use cases for AI in business
(0:06:15) - Chat GPT can help you convert your term life policy into a permanent policy
(0:14:04) - You can train AI to be a digital assistant for you in meetings
(0:15:20) - What are some other things you can use AI for? I tested this out myself
(0:22:48) - Zapier: There's no need to panic about artificial intelligence
(0:30:02) - The Brokerage, Inc. helps insurance agents grow their businesses

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