Artificial intelligence is here, and here to stay. Whether you realize it or not, you feel its impact through the marketing appeals you receive online or in the mail; in the placement, packaging, and pricing of items in a supermarket; and in a myriad of other ways.
AI is also embedded in life insurance operations, helping agents match products with prospective clients with a precision that was previously unimaginable.
It’s understandable, however, that some life agents might be apprehensive about the growth of AI in a field that prides itself on providing thoughtful, individualized solutions to the unique situation of each household.
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Things will certainly change as AI advances in life insurance, but agents that embrace AI and the changes it brings will actually find themselves to be more valuable to the carriers and customers who rely on them.
AI and Machine Learning
Artificial intelligence is the ability of computers to independently recognize a point when a decision can or must be made and to make or recommend a decision without direct human intervention. AI can be deployed for the simplest computations or highly complex robotic operations.
Machine learning is a form of artificial intelligence that can analyze large volumes of data to identify patterns and correlations in the data that are not discernible to humans, at least in a practical sense. From these patterns and correlations, machine learning derives predictions about future relationships.
Simply put, AI provides powerful support to decision-making without displacing the decision-makers. While some decisions may be effectively automated based on the presence of highly predictive factors, the greatest value is derived from allowing decision-makers to devote most of their time and talents to complex choices where their expertise will make the most difference.