Understanding How AI Will Impact the Insurance Industry
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In today's episode of Agent's Influence, Jason Cass interviews Daniel Faggella, CEO and Founder of Emerj. Daniel gives us the 401 on artificial intelligence, insurance, and how we can apply it to our own agency.
- Introduction of guest, Daniel Faggella
- How the banks and the process of receipts needs a refresh
- Merge is a company created to keep a pulse on what is working and what is possible for AI in different industries
- Agents who use AI will replace those agents that don´t
- The building of AI is delegated to companies with robust profitability and bigger companies
- AI will impact the smaller companies with smaller pieces of AI like answering emails and customer service.
- AI is mostly going to work with teams with lots of data and data scientists
- How security will be improved with AI
- How insurance agencies need for technology is strangled
3 Key Points:
1. The artificial intelligence wave is upon us.
2. Artificial Intelligence will be a key tool for larger, more profitable companies.
3. For smaller companies, AI will automate the more administrative tasks.
- "You have to understand the applications and implications of the tech." –Daniel Faggella
- "There are some tools that will come pre-trained that will help insurance people." –Daniel Faggella
- "Machine learning is being used to detect what is fraud and what is not." – Daniel Faggella