Credit: Alexander Limbach/Adobe Stock
Zocks has added life insurance features to its artificial intelligence support system for financial advisors.
The Zocks AI assistant can now help with the life insurance client onboarding process.
The AI can take notes on the client's finances and household arrangements during an initial meeting, fill out carrier applications and fact finders, and process photos and scans.
The AI can also feed information into customer relationship management systems and illustration tools.
The Zocks system can send follow-up emails between meetings, and it can grade the performance of the agents or advisors who handle those meetings.
"Leaders now have data-driven insights to coach producers and close the gap between top performers and the rest of the team," Zocks says.
The list of companies using Zocks includes Carson, Kestra and Osaic.
The regulatory backdrop: The new system arrives as the rules for life insurance and annuity AI systems are evolving rapidly.
The administration of President Donald Trump is working to preempt state regulation of AI systems and has not talked about making exceptions for the life and annuity sector.
Federal law leaves regulation of the business of insurance to the states. States like California, Colorado and New York state have been busy developing strategies for overseeing life and annuity AIs.
The U.S. Labor Department recently made a move touching on AI retirement investment services oversight by overturning the preamble to a batch of investment fiduciary definition guidance.
One section of the preamble had discussed the potential value of AI robo-advisors.
The impact of the cancellation of the preamble on the Labor Department's approach to robo-advice is not clear.
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