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March 10, 2022

AI accessibility

Anyone Can Now Access OpenAI

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What: OpenAI, a non-profit research laboratory founded by Elon Musk and others, is now allowing anyone to use their AI engine. 

Why it matters: Increased accessibility of AI could accelerate the development of AI applications as more people can now experiment and learn from each other. The potential applications are vast, including accelerating the development of autonomous vehicles, medical treatments, and more.

Read: OpenAI’s API Now Available with No Waitlist

Industry Challenge

Will Artificial Intelligence Replace Life Insurance Agents?

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What: A recent Forbes article suggested that advances in AI could lead to the elimination of the need for investment advisors, accountants, and life insurance agents. Consumers will soon be able to turn to an app to address these needs. 

Why it matters: AI is simply a tool for agents to help them better serve their customers – just like emails and the internet. Who wouldn’t want prompts before a meeting based on the client’s personality type? Or to get context and pain points for the business one’s about to pitch? 

Read: How AI And Aging Research Can Help Life Insurance Companies?

AI and Insurance

Hiscox AI Strategy: Automation to Empower its People

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What: Hiscox is using natural language processing to help automate it’s internal processes, aiming not to replace its workforce but to enable its people to focus on the more interesting aspects of their work. 

Quote: “It’s freeing up our underwriters and our claims handlers so they have more time to work on the things that are interesting,” noted the CIO. “It’s reasonable to think they will value the work more and so do a better job.”

Why it matters: AI allows for better processes to be built. People should work on finding those better processes and then automating those processes. This would improve not only the productivity of businesses, but also the quality of work that is being done.

Read: We want Artificial Intelligence – but not to replace humans, says Hiscox | Insurance Business America

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