Jobs facing the highest risk of being done by AI are budget analysts, loan officers, accountants, insurance sales agents and paralegals.

[STIBROKER]

Well it was a good run.........

Austin ranks No. 6 for AI job displacement risk, new study says​

Austin ranks No. 6 for AI job displacement risk, new study says

The jobs facing the highest risk of being done by AI are budget analysts, loan officers, accountants, insurance sales agents and paralegals.

www.kvue.com

 

[adjusterjack]

How does the AI get past the licensing requirement?

 

[DHK]

Easy - non-licensed bots/people working on behalf of a larger company selling direct.

Insurance agents that are peddling policies, particularly based on price, they're at risk.

Those who are specializing in solving problems that only insurance can solve... they'll always be in demand.

 

[PrivClientSG]

I don't know if it's directly going to be AI, and I won't argue the point with anyone, but I have long said that as soon as insurance companies can figure out how to sell and service life insurance -- without the agent -- 99% of the insurance agents in the industry will be out of a job.

 

[Special Agent]

Well it was a good run.........

Austin ranks No. 6 for AI job displacement risk, new study says​

Austin ranks No. 6 for AI job displacement risk, new study says

The jobs facing the highest risk of being done by AI are budget analysts, loan officers, accountants, insurance sales agents and paralegals.

www.kvue.com

According to AI they won't......

will ai replace insurance agents

ChatGPT
The role of AI in the insurance industry is indeed evolving, but it's unlikely that AI will completely replace insurance agents in the foreseeable future. Here are a few reasons why:

1. Complexity of Interactions: Insurance often involves complex interactions that require human empathy, judgment, and understanding. AI, while excellent at processing data and providing information, may struggle with the nuanced and sometimes emotional aspects of customer interactions.
2. Customer Preferences: Many customers still prefer to interact with a human agent, especially when it comes to making important decisions about their insurance coverage. Trust and personal relationships play a significant role in these interactions.
3. Regulatory and Ethical Considerations: Insurance is highly regulated, and there are ethical considerations involved in providing advice and making recommendations to customers. Human agents are better equipped to navigate these complexities.
4. Adaptability: AI is improving in its ability to handle routine queries and tasks, but it may struggle with unique or unusual situations that require creativity and flexibility—areas where human agents excel.
5. Consultative Role: Agents often serve as advisors, helping customers understand their options and making personalized recommendations based on individual needs. This advisory role requires a level of understanding and empathy that AI currently cannot replicate fully.

That said, AI is already transforming the insurance industry by automating routine tasks, improving underwriting processes, enhancing customer service through chatbots, and providing data-driven insights. The future is likely to involve a blend of AI and human agents, where AI supports agents in providing better service and efficiency, rather than replacing them entirely.

 

[WinoBlues]

Here is a idea that I am sure some will say would never work. Work your book. Go back to the old Insurance Man mode.

Never mind, silly idea. Just continue to buy more leads of random strangers.

 

[DonP]

According to AI they won't......

will ai replace insurance agents

ChatGPT
The role of AI in the insurance industry is indeed evolving, but it's unlikely that AI will completely replace insurance agents in the foreseeable future. Here are a few reasons why:

1. Complexity of Interactions: Insurance often involves complex interactions that require human empathy, judgment, and understanding. AI, while excellent at processing data and providing information, may struggle with the nuanced and sometimes emotional aspects of customer interactions.
2. Customer Preferences: Many customers still prefer to interact with a human agent, especially when it comes to making important decisions about their insurance coverage. Trust and personal relationships play a significant role in these interactions.
3. Regulatory and Ethical Considerations: Insurance is highly regulated, and there are ethical considerations involved in providing advice and making recommendations to customers. Human agents are better equipped to navigate these complexities.
4. Adaptability: AI is improving in its ability to handle routine queries and tasks, but it may struggle with unique or unusual situations that require creativity and flexibility—areas where human agents excel.
5. Consultative Role: Agents often serve as advisors, helping customers understand their options and making personalized recommendations based on individual needs. This advisory role requires a level of understanding and empathy that AI currently cannot replicate fully.

That said, AI is already transforming the insurance industry by automating routine tasks, improving underwriting processes, enhancing customer service through chatbots, and providing data-driven insights. The future is likely to involve a blend of AI and human agents, where AI supports agents in providing better service and efficiency, rather than replacing them entirely.

In the end that at the very least means less agents needed and you can bet your bottom $ carriers will think of cutting comp to save money . Look at the chaos in p&c . State Farm is asking for a crazy 30% rate increase increase for all of California for homeowners . They could care less if most of California drops their policys . Why would they pay much if any commission for something they don’t even want ? I read many p&c CO’s went to zero or low commissions in some areas . What’s happening in p&c is slowly spreading to Medicare and even fe ( 4 or 5 carriers have exited fe). If Medicare carriers profit margins are under assault why would they pay the same commission to agents or even overrides ? Agent comp is one of their biggest expenses . I was looking at the financials of royal neigbors a fe and annuity com. They bright in $170 million or so of premiums . Their commissions paid out was a staggering $49 million . State Farm agents in the old days made 12 to 15% commission . Now must make 8-9%. It only makes sense if the carriers not as profitable then the agents comp gets cut . In all industries things change . The agent still very needed . Maybe just not at the same commission levels

 

[Allen Trent]

I don't know if it's directly going to be AI, and I won't argue the point with anyone, but I have long said that as soon as insurance companies can figure out how to sell and service life insurance -- without the agent -- 99% of the insurance agents in the industry will be out of a job.

agree.

However, a lot of Insurtech startups have tried & many have burned through so much cash so quickly that they went bankrupt or suspended.

Time will tell

 

[PrivClientSG]

agree.

However, a lot of Insurtech startups have tried & many have burned through so much cash so quickly that they went bankrupt or suspended.

Time will tell

Absolutely. However, I think there is a very big and distinct difference between an insur-tech startup's and providers, as opposed to the insurance company. Some people don't think so, but I definitively and confidently do. Money people buy out brains people, LOL.

 

[whatyouwantfinally]

Absolutely. However, I think there is a very big and distinct difference between an insur-tech startup's and providers, as opposed to the insurance company. Some people don't think so, but I definitively and confidently do. Money people buy out brains people, LOL.

True, but if the brains people aren't making it work yet the money people aren't going to.