Artificial intelligence, more commonly known as AI, has transformed the way that we interact with data and technology, revolutionizing how many industries leverage data to drive sales and growth. The insurance industry, which relies heavily on data to market, underwrite and administer insurance products, is no exception to this technology movement. In particular, those in the insurance marketing space (often referred to as "insurance agencies" or "insurance producers") are looking to AI as a powerful tool for streamlining business operations and boosting sale productivity. However, use of AI also raises a host of regulatory concerns, which, in an industry that already has a well-established regulatory framework, may result in significant additional regulatory burdens for insurance producers in the near future.

Use of AI in Insurance Sales

The use of AI in insurance sales presents many advantages to insurance producers, similar to other sale-driven industries. For example, AI can automate mundane and repetitive tasks, such as insurance license and continuing education monitoring, data entry, and claims tracking, to increase productivity and decrease the time and costs associated with these functions. Further, chatbots can provide 24/7 quick and accessible customer service, and AI-driven tools can assist in risk management and fraud assessment. Generative AI can even help create marketing materials and blog posts. Overall, AI, when used properly, can help insurance producers to be more efficient, decrease costs, and avoid unnecessary human error.