ChatGPT… a push-button future that could push you out?

RECENTLY, I was involved with a group of colleagues having a discussion about the impending arrival of ChatGPT. The attention focused on one key question: How likely was it to make thousands in our industry unemployed overnight? The simple conclusion was, no one knew the answer to that question. It’s impossible to know at this stage. It remains a serious question because it could cause insurance staff, particularly young talented, entrants to our industry, to decide to veer away from our industry to other industries. Industry’s, not yet perceived to be under threat by ChatGPT.

So, what is it exactly? From what I understand, ChatGPT AI generates humanlike text useful for tasks such as content origination, recording data, answering questions, scheduling appointments, calculating figures, engaging in conversations, providing information and explanations – stuff a lot of us do currently! ChatGPT AI is the result of ground-breaking, technological advancements in natural language processing. Developed through machine learning, it endeavours to engage in interactive, human-like conversations. It has to be a very attractive development for any business because of the potential cost-savings it could achieve. A friend of mine who uses it recently asked it to generate a 500 word article on a specific topic (with parameters) and within two minutes he received a superb essay …as requested. Frightening!! Most businesses regularly have an eye on cutting costs and consequently, machines are an attractive proposition to do so. A colleague in a bank recently stated to me that machines don’t need holidays or maternity leave, they work 24/7/365, they don’t need motivation or training once installed. Mental health is not an issue with machines. You don’t have to ask a machine is it OK to put another on the floor, replacing someone else’s job.

So, what specific applications could ChatGPT be used for. Let’s have a look at a few possibilities.

• It definitely could offer more streamlined customer interactions and improved experience - any time of the day and/or night because of its availability 24/7/365. ChatGPT AI is being employed by many businesses around the world now to enhance customer service offerings. It reduces the need for human customer support because it answers queries and offers solutions quickly and effectively (and frequently more correctly!) than humans, saving time and money on both sides.
• It could offer enhanced efficiency and reduced operational costs.
• It could offer personalised insurance recommendations and policy offerings.
• It could offer multilingual communication – after all, the make-up of our population is evolving. Multilingualism helps break down communication barriers and improve cross-cultural understanding, which in turn leads to better business relationships. A multilingual communication service can help companies expand their reach, enter new markets and increase sales.
• It could automate claims processing and improved fraud detection. It could be used to automatically extract information from claims documents and enter them into a company’s database. This could speed up the complete claims process and reduce the chances of errors occurring due to manual data entry.
• It could seriously help in the compliance area. Compliance as we all know is crucial to any insurance company, as non-compliance can lead to substantial financial loss and brand image damage. ChatGPT can help insurance companies fulfil their regulatory requirements by keeping track of insurance transactions and detecting potential compliance violations. This feature can help insurance companies avoid high fines and penalties and protect their brand reputation.
• With its language comprehension abilities, Chat GPT AI can be used in real-time language translation. This has a profound impact on breaking down language barriers and fostering global communication.
• It can help with the ongoing education of staff in that it has the potential to act as a personalised tutor. Staff can learn when they want to and at their pace, not dictated by outside factors.

There is little doubt that Chat GBT will replace jobs in the future. However, it will still need people to manage it. Just as the internet has drastically lowered the cost of information transmission, AI will lower the cost of cognition - that’s according to Harvard Business School professor Karim Lakhani. The one area it may not excel in initially, is in the area of creativity or problem solving. Machines are emotionless. G.I.G.O. was the computer phrase we were all introduced to years ago i.e. Garbage in, Garbage out. In other words a computer can only respond to what it receives. Dealing with customers who are upset, angry or confused requires a human touch. An understanding approach that reduces tension, friction and fosters forgiveness. Machines simply can’t do that effectively. That is where humans excel. The rise of ChatGPT AI has the potential to shape the future of humanity significantly. And while it offers remarkable advantages and opportunities, it must address the challenges it poses to ensure it’s responsible and ethical use. While some jobs that include mostly monotonous and repetitive tasks will be replaced by automation, the likely scenario is that human skills will evolve to match the needs of emerging innovation just as it has in the past. In short, I’m sure robots will not replace jobs completely. It will however, replace how we handle those jobs. Remember: If things don’t change, they are sure to stay the same. Staying the same in a world that is moving on, is comparable to being left behind.