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Will bots take over my insurance job?

  • Posted on October 24, 2017
  • Estimated reading time 3 minutes
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This guest blog post was written by Mark Breading, Partner, Strategy Meets Action

As artificial intelligence advances by leaps and bounds, one of the prominent questions in insurance and other industries is: Will bots take over my job? The fear of an AI revolution is growing and is real. Numerous studies predict that certain professions will be gone in a decade, and many other workers will be replaced by software in the form of chatbots or other AI-based systems. 

When I am asked this question, I offer three responses: NO – MAYBE – and YES. I say that because it depends on the type of job and on the timeframe. There are already jobs that have been taken over by bots, which may be actual, physical robots, virtual assistants, or automated decisioning systems. 

Today, there are robots in a new bar in Las Vegas that serve drinks and dinosaur-themed robots to check in guests at a hotel in Japan. There are robot bricklayers and robots that do janitorial work in factories. But many of the bots that offer promise for insurers (and cause concern for employees) are the virtual kind, chatbots and virtual assistants for sales advice or customer service inquiries, robotic process automation applications that automate tasks like data entry, or sophisticated machine learning algorithms that make decisions that previously required a human expert. 

A great debate is underway in society right now about the implications of AI and the workforce, with some people already jumping to the conclusion that there will be massive job loss and governments will need to provide a universal basic income. The politicians can debate that. But in the meantime, I believe we are a long way away from massive job loss. Instead, there will be increasing opportunities for AI and bots to augment human workers and professionals, improve efficiencies, and enhance customer experiences. 

So YES – bots are already taking over some jobs. 

NO – there are some jobs that require so much human judgement, intuition, and empathy that it will be a very long time (if ever) before AI could take over. 

And MAYBE – there are many jobs that will be impacted by AI over the next decade and longer, and it may or may not cause job displacement.

To hear a more extensive discussion of AI and the implications for insurance, I invite you to listen to the podcast below hosted by Avanade’s Steve Magennis. In it, I discuss the state of the technologies and their implications for the customer experience, operations, privacy, and other areas.  

 

 

Mark Breading, SMA Partner, is a recognized expert in advanced technologies and their implications for the insurance industry. He has exceptional knowledge of the insurance customer experience, InsurTech, digital strategies, and emerging technologies. Contact Mark at mbreading@strategymeetsaction.com or 1.614.562.8310. Follow Mark at @BreadingSMA on Twitter.

Nishita Goyal

Insurance companies involve repetitive, time-consuming, and lengthy questionnaires, and chatbots have a way of engaging customers by texting them little snippets in response to questions soliciting to-the-point answers.

December 3, 2017

Zack Scott Twitter Orange Icon@zachariahjscott

I consult with a lot of insurance companies. I look at it this way, an AI will never be able to replace the personal experience of calling in and speaking to your agent. People will always look for that personal bond, that AI will not be able to provide. This does not stop AI from taking over the online portions of things. 

October 30, 2017

Ismael Quteifan

A subject I am passionate about, this article is a realistic outlook into the future.

October 25, 2017

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