Generative artificial intelligence (AI) has been an industry hot topic since ChatGPT was born in 2022, but how can brokers harness the technology to grow their businesses? Peter Hunter, head of research and development at Open GI, shares his top tips
1. Don’t be intimidated
Artificial intelligence (AI) isn’t new. It has been around for more than 30 years and is probably already part of the systems and products you use – particularly when it comes to pricing data and decision-making.
The reason it has now risen to public consciousness is the advent of cloud computing, which has made it cheaper and easier to scale and commoditise – with ChatGPT being a great example.
2. Don’t rush in
There are pitfalls to AI adoption, but the biggest is rushing to get your AI badge without considering if you want, need or are able to use it.
3. Get to know AI
The best way to get to know AI is to use it. Access ChatGPT and get familiar with how it works, what it is good at and, more importantly, what it is not so good at.
I personally use ChatGPT every day to ask me questions and provide feedback on my work. This challenges me to think differently.
4. Start from the problem, not the solution
The trouble with AI – and any new technology for that matter – is that it’s easy to see it as a shiny new hammer, with nails ripe for tapping littered across your business.
However, it is just one tool in a whole technology toolkit – and you have to pick the right one for each job. Start with the problem you’re trying to solve and then see if AI is the correct solution.
5. Use AI to augment your people, not replace them
AI is most useful when put to work to help people do their jobs better. For example, things like virtual assistants can help with routine enquiries and sentiment analysis tools can identify potentially emotional or vulnerable callers.
The use of these tools means staff are then freed up to deal with customers properly, build relationships and add value to the user journey where it is needed the most.
Document intelligence platforms and fraud detection software can also check, compare and even automatically fill forms in seconds, allowing agents to make faster, better decisions.
6. Build in guardrails
AI is only as intelligent as the data you feed it. And we know that data can be flawed, misinterpreted and biased. Every AI system needs human checks and balances built in.
For insurance businesses, where compliance and due diligence are already hard wired into processes, that should be the easy part of AI deployment.
7. Choose wisely
When looking for AI software that’s going to help drive efficiencies, improve accuracy and enhance customer service, you have to choose wisely.
Make sure the AI you choose is fit for purpose, can integrate easily with existing systems and that it is able to scale and flex with your business.
Whether you like it or not, generative AI is here to stay – it is already changing the industry.
Brokers that engage with it early will find new and exciting ways to use AI to augment their staff and give a better customer experience. It’s time to celebrate, not fear, the opportunities AI brings.
