Will AI Replace Insurance Brokers? Only If You Take the Red Pill

I believe AI is coming to insurance, not coming for insurance.

You will choose a pill - Red or Blue (hopefully Blue).

I will tell you three weekend stories of insurance brokers.

OpenAI approved its first insurance app - and the market panicked with ~10% decline in stocks of all major insurance brokers.

Today, this reaction seems like crazy (it is!). Five years from now, it might seem reasonable - if brokers treat AI as an enemy today.

As an insurance broker, you have a choice:

I can help you with Blue Pill. Are you with me?

Let's bust some myths first.

1. AI is too technical --> If you can use email, you can use AI.
2. AI is inaccurate or not good enough --> Yes, if you don't know how to use it. Treat it as a fresh college grad - it will make mistakes, but also learn fast.
3. AI can't replace me --> Well, it is a good thing - for now. AI is improving fast, are you improving with it?

Are you still with me? Remember you took the Blue Pill.

So how do you use AI now?

You can use AI to think, create, and do.

I will tell you three stories.

Think: Story 1: How AI can save your weekend trip?

On a fine Saturday morning, you are getting ready for your weekend trip with family. Your biggest client calls up. You are intrigued, anxious, annoyed - all at the same time. There is no choice but to pick up the phone.

It's Sarah.

"Hey - look we have to finalize a bid on this construction project by Monday. I totally forgot about our insurance coverage. Are we good?"

You know Sarah's policy coverage, but don't know the contract requirements.

"Hey Sarah - can you send me your contract requirements?"

"Didn't we send the doc earlier? Oh Gosh! Sorry - I am sending now. Do you have time today? I know it usually takes a day for you to analyze this 100 page doc."

"No worries - I will call you in 15 mins. Let me look at it."

You open up your favorite AI tool, give the contract, run the analysis, apply your own judgement and are ready with a gap analysis for Sarah – all in 15 mins.

Now call Sarah and be the best ever client partner!

From One Day to 15 minutes –> that's the power of AI to help you think faster.

Create: Story 2: How AI can save your Thursday evening tennis match?

It is 4pm on Thursday and your mind is running all the tactics to win the local tennis tournament in the evening. You are super excited to get out and play.

Your CEO calls up!

"Hey - our client's renewal is due tomorrow. This new carrier came up with a quote just now. We have to send them a comparison report this evening."

"Ok - it usually takes a few hours to create this report. Can we do it tomorrow morning?"

"Unfortunately - no! I would have done it, but I have a pickleball game this evening."

You fire up your favorite AI tool - which you have tuned and trained to do this kind of analysis. You feed both the quotes to this tool, the tool analyzes, and gives you a ready-to-go comparison report. You quickly glance through it and email it to your CEO. Done - all in 20 minutes!

And now you are ready for your tennis game.

Do: Story 3: How AI can run your renewals for you?

You look at your upcoming renewals - 120 hitting all on Jan 1. You want to focus on the top 10.

Ask your AI Renewal agent - this agent can run your long tail of renewals for you. You have trained this agent on your renewal process - from creating a proposal, to drafting an email, following up, responding and alerting you on the next steps. The entire process is run by this AI agent - not in your mind.

So - you can focus on your top 10 clients!

Takeaways:

1. Take the Blue Pill - Think of AI as a tool to get to your goals faster and better.
2. Understand the basics of AI in simple English - AI101.
3. AI can help you think, create, and do.
4. Save your weekend trip, or your tennis game - by using AI - today.