October 11

8 Ways AI Can Supercharge Your Agency (Interview)

Crystal Kordalchuk here … I’m the lead "untangler" and pixel polisher at Nerd HQ and I wanted to drop in while our fantastic Beth Z, aka. Your Nerdy Best Friend is out there conquering the world, one speaking event at a time.

Recently, I came across this enlightening article that was also shared with our awesome Nerd HQ team, and I couldn't help but share my thoughts on it. The piece delves into some fascinating ways AI can supercharge your agency, and I can't wait to break it down for you. Beth's insights are always on point, and today, I'm excited to offer my take on the subject.

So, let's dive right in and explore how AI is transforming the agency landscape.


Independent agents, meet your new best friend: artificial intelligence.

“New" is a mislabel, actually. AI has existed since the 1950s and we've been talking for some time about how this technology has been implemented in areas such as chatbots on agency websites or in underwriting. However, the release of Open AI's ChatGPT last November dialed up the hype to 11.


AI is not a new player in the game, but it's gaining more attention than ever, especially with OpenAI's ChatGPT turning heads. This chatbot, aptly named Chat Generative Pre-trained Transformer (ChatGPT), made waves by reaching a staggering 100 million users just two months after its launch, a feat that took TikTok nearly nine months to achieve. Now the buzz might be tapering off a bit, but the potential of generative tools like ChatGPT is just the tip of the iceberg.

If for example, we focus on the insurance industry alone, AI is projected to reach $35.77 billion by 2030 (according to Data Bridge Market Research) while another survey -- by Celent -- revealed that AI is making significant inroads, with 10% of insurers already using large language models (LLMs) in production, and 50% planning to have something in a test phase or in production by year-end.

AI's impact on independent agencies is undeniable. And this goes well beyond the insurance world.

As Ilya Filipov, General Manager at Total Expert, puts it, "AI will significantly impact the independent agency channel, revolutionizing the insurance industry by streamlining tasks, freeing up agents to focus on what matters most -- clients."

These AI tools promise increased productivity, better decision-making, and smoother customer service. It's an exciting landscape, but there are some crucial things to keep in mind ... because with great power comes great responsibility.

AI, as we know, has its share of challenges. Data security and privacy are key concerns. AI heavily relies on data, and the need to safeguard sensitive customer information is more critical than ever. In some rare instances, AI programs are even known to "hallucinate," generating false information. Predictive AI tools might be more suitable for independents when it comes to daily operations.

So, here's the question on all our minds ... will AI replace independents?

Heck, will AI replace all of us one day?

The question has been lingering with many of us for a some time now. The truth is, AI is not the "doomsday event" some make it out to be. It's a tool that can enhance the skills of those who embrace it. In fact, taking the initiative to implement AI can be a growth driver, providing a significant advantage over those who don't.

Agencies and businesses (of all sizes, in all locations) are already incorporating AI into various aspects of their operations, from marketing and sales to customer service, training, risk management, submissions, underwriting, and more. If you think about it, AI can really streamline processes, help independents (agents or business owners) make more informed decisions, and enhance customer experiences.

So, the bottom line here is that AI is not only inevitable but also a welcome addition to any industry. It's making our lives easier and, in the end, isn't that what we all want?


Quoting Beth Z herself, here's an example of how to divide and conquer AI and time management ...

With ChatGPT, the easiest thing is to plug in a sentence like, 'Write a blog post of five reasons why people might want to insure their boat,' and it will write a piece for you -- and that's the lowest thing it can do. After that you can say, 'Now divide it up into five tweets.' 'Now divide is up into captions for social media posts.'

It's important to not stop there though. In addition to verifying the facts ChatGPT oh-so-confidently spits out, you'll need to refine and edit the results. “Another tip is to capture your own style by having ChatGPT analyze your work, and then ask it to apply your style to a prompt," Beth Z says. “The first iterations are always going to be incredibly generic."

~ Beth Z, Founder of Your Nerdy Best Friend


Are you ready to unlock the full potential of AI in your insurance agency? 

Then read on to the original article (written by AnneMarie McPherson Spears, IA news editor) to explore the eight ways in which independent agents can leverage AI to increase productivity and profitability. The future of insurance is here, and it's driven by AI.

Let's aim higher together!


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