Speed or quality: The AI dilemma disrupting the insurance sector

Speed or quality: The AI dilemma disrupting the insurance sector

In the dynamic landscape of insurance, artificial intelligence (AI) has emerged as a game-changing element. The central subject of many debates at recent forums is an AI-powered chatbot, Chat-GPT. InsurTech company distriBind has explored the role of ai and chatbots in insurance. 

Chat-GPT boasts underwriting capabilities and is hailed as a potential game-changer for the insurance industry.

distriBind marketing manager Julie Mesi was at the recent #everywoman insurance forum where Chat-GPT, along with other AI technology, was the prime topic during the at the “Technology disrupting and transforming the sector” panel.

Participants discussed the significant impact AI could have on the insurance sector, with particular emphasis on automation and customer experience. Chat-GPT is capable of automating data collection and delivering personalised support, undoubtedly beneficial attributes. However, like all technology, it comes with its own set of challenges.

Three key traits are often attributed to Chat-GPT: speed, quick information processing, and instant idea generation. While speed is usually perceived as a benefit, it is not without its pitfalls. Rapid, poorly executed decisions can tarnish a brand’s reputation or even result in job losses. Quality is as essential as speed, and swift chatbots do not always guarantee high-quality output. This has led to widespread concern about AI replacing human jobs.

At the panel, someone asked the all-too-familiar question, “Will AI replace us?” This sentiment, although common, overlooks the fact that AI is a tool developed by us. The onus is on us to harness its potential and use it as a catalyst to propel the insurance industry forward.

Case in point, distriBind, a back-office automation platform, is helping the insurance industry break free from its dependence on spreadsheets. While some may see AI as a threat to traditional jobs, the real danger lies in not embracing these new technologies. The future belongs to those who can adapt and utilise these powerful tools to stay ahead. Therefore, the next time someone questions if AI will steal their job, remember this: “AI won’t take your job, but someone who knows how to use it will!”.

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