PriyaPatel
TLDR:
- AI technology is revolutionizing the insurance industry, offering automation and efficiency improvements.
- Insurance agencies need to consider confidentiality, integrity, and availability when implementing AI into their workflows.
This year’s Applied Net 2024 conference highlighted the importance of AI in insurance agencies, brokerages, and carriers in improving operational efficiency. Expert panelists discussed how AI can free up time for interpersonal interactions with clients, leading to reduced wait times and improved customer experiences. Jason Call from Blue Ridge Risk Partners emphasized the benefits of implementing AI, such as improving underwriting efficiency and claims processing.
Ryan Smith from RLS Consulting offered tips for agencies looking to implement AI, including considerations of confidentiality, integrity, and availability. He stressed the importance of researching tech vendors and understanding how they address risks and handle failures. Panelist Jason Gobbel advised organizations to assess their pain points and carefully evaluate AI solutions instead of indiscriminately applying them.
In conclusion, while AI offers numerous benefits for insurance agencies, it is essential to strike the right balance and not be swayed by the hype. Understanding the potential risks and benefits of AI and implementing it strategically can help agencies prepare for the next generation of insurance.
