Artificial intelligence isn’t the cold, job killing disruptor many fear it to be – at least it won’t be for many years to come, says Jeff Somers, president of Insureon. Insureon, a bit of a disruptor itself, is a national online platform for small business commercial insurance.
According a recent report from U.K.-based Autonomous Research LLP, 2.5 million financial services employees in the U.S. are exposed to AI technologies. And AI will be hard to resist for organizations looking to cut costs.
AI represents a potential cost savings of $1 trillion to U.S. companies across banking, investment management and insurance, according to the report. Somers, however, believes reports of the demise of insurance agents and brokers are premature, and that AI machine learning can actually benefit agents by augmenting what they are doing and making them more efficient and effective so they can spend more quality time on the most important tasks.
Somers talked to Insurance Journal to offer his thoughts on AI. This has been edited for clarity and brevity.
Somers: When I think about artificial intelligence and machine learning, I think about it in three waves, where the first wave is really about automating simple tasks. The second wave is effectively what I think of as an AI assistant wave. Read more from insurancejournal.com…
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