AI has Already Changed the Insurance Brokerage Industry for the Better.

Alex Tuff

As CEO of a tech-enabled insurance brokerage firm, I always look ahead to develop an informed view on the “future of insurance.”? In the last year alone, the wave of AI technology that has become available and the speed it is rolling out is forcing every brokerage firm to rethink technology plans. The nimble firms are spending less time fighting for higher budgets and more time training employees on how to leverage these new tools,. At Evertree, we are well underway integrating the most powerful technology to ever become available at a cost that any sized firm can afford- all of which truly enable humans to be better at what they do.? Below, I share just a handful of AI tools that are dramatically improving how we sell, serve, and grow;

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ChatGPT: ?Currently the most widely used tool- powerful AI with exceptional general intelligence and natural language processing capabilities. This powerful assistant is already saving employees hours every day, proofreading emails, providing templates, and translating into the 6+ languages we do business in.??I recently met with our head of service, who is saving over 1 hour a day by leveraging the tool to start with strong templates for the dozens of emails she sends out daily. ?Evertree’s marketing team is currently working with several AI video and presentation creation platforms and is anxiously awaiting the ChatGPT release of Sora, which is currently?in beta. ?Sora will allow us to create?million-dollar?presentations and videos?that cost little to nothing and?can be rolled out in minutes.

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Perplexity?is an AI tool similar to ChatGPT but better for some uses.? It is highly focused on accuracy and providing original sources of information. It's a powerful tool for looking up precise and verifiable updated information.? An app on your phone can provide all the verifiable details you need to know about no-fault states, regulations, and actual answers to all the insurance information that is out there in the world- with a footnote to ensure the source is a reliable one.?

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Microsoft Copilot?is probably my favorite tool right now.? It's an AI-integrated tool into all aspects of Office 365 that's great for internal tasks. It helps connect the dots across emails, chats, people, and files, making it the go-to tool for workplace efficiency when summarizing emails, meetings, or files. It also allows you to transcribe internal meetings and gather solid summaries and next steps that can be shared with your team.?Even after three weeks, I could not imagine my life without it.?

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Power BI AI, integrated into Microsoft's Power BI platform, offers advanced analytics capabilities with auto-generated live dashboards that can analyze data and surface business intelligence insights. This enables businesses to make smarter, data-driven decisions that drive growth, improve efficiency, and gain a competitive advantage in the market. Once you start using it, you will never return to an excel created graph- ever.??

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Powerful Call Assist Tools:?We are experimenting with a new tool that?can process and analyze conversations with customers in real time. This tool can now provide live call sentiment analysis, real-time transcription, post-call summaries, and real-time AI call assistance to agents. This is an incredible function for agents to serve customers better and for managers to ensure we deliver the highest quality of service to all customers.??

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In the next three months, the list of AI tools that can help us will, without question, further “tech-enable” our firm. ?However, this technology will never replace the soft human touch?required for an agency to succeed, walking a client through filing a claim, discussing billing issues, or understanding and consulting on coverage options. ?It is a balance, and?the brokerage firms that are positioning themselves today to capture the power of AI will be able to finally deliver the superior experience that prospects, clients, employees, and carriers have deserved for decades. If we all reimagine technology’s role, experiment, and embrace AI and then share our learnings with each other, we can reinvent the insurance brokerage industry?together. This industry has thousands of the most amazing entrepreneurs in the country, and with new cost-effective AI tools being thrown into the mix, the future for insurance brokerage has never looked brighter!

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