The latest warnings from experts is that artificial intelligence (AI) is going to kill us all, but will it kill off the role of advisers first?
Over the summer of 2023, Health & Protection gave readers an analysis asking that very question.
But AI has come a long way since, and just recently Anthropic’s Evan Hubinger warned the technology could kill us all by the end of the decade.
It seems understandable then that there is some reticence among some advisers about its use, while others are enthusiastically embracing the technology.
While some see a data protection minefield, others see how the technology is revolutionising how they work. This includes structuring recommendations, automated underwriting, the development of learning hubs and AI engines or removing routine tasks to enable advisers to get on with their job.
This all means that the winners when it comes to AI will likely be the intermediaries who can deploy the technology in the most effective way to help the most customers and deliver the best outcomes.
Admin only
“We don’t use it much because we’re in mortgage and protection and are quite restricted in what we can do,” Marta Scott-Manuszewska, director at Five Star Mortgages, tells Health & Protection.
“We work with it like everyone else – admin only – not in a significant way I would say.”
Tried and trusted methods
But Naomi Greatorex, owner of Heath Protection Solutions, admits she does not use AI at all.
“I guess you’d call us old fashioned,” Greatorex says. “But our clients are all introduced through professional connections, so we don’t do any outside marketing or lead generation in that way so we’re not using it to increase business volume.”
Greatorex reveals this is because often the cases she deals with are quite complicated and require her inhouse underwriting approach.
“We haven’t got to the point yet of looking at how that could improve our performance,” she continues.
“What we do is quite manual and very specific for clients, so it’s difficult to see how it would fit in at the moment with our business.
“I’m not saying we wouldn’t, but at the moment it’s not something we’re looking at, no.”
Building responses
Husband and wife team, and co-managing directors of Cura Financial Services, Alan and Kathryn Knowles take a different approach, with Alan using the technology to quickly structure client recommendations, and Kathryn using it to build responses to AI enquiries.
Kathryn says: “We are getting lots of people that are contacting us and they’ve used AI. Now that could be for a number of reasons, but I’m very mindful that it might be that someone has some communication difficulties and is using AI to try and help them, so you wouldn’t want to cause an issue.
“But we tend to find with a lot of the enquiries that have an AI basis that they’re very demanding, very specific and they’re asking for things that just don’t work with advice processes.
“So I’m developing a system where we can give responses to people along the lines of it’s great that you want to get in touch, but this doesn’t work for us as an adviser firm, and if you do, then you’re going to have to speak to us. We’re not just going to answer a load of demands because they can be really, really expensive.”
Using AI almost everywhere
But other advisers are keenly embracing the technology, with Kristian Breeze, director of healthcare at Ascend Health, revealing he uses AI “almost everywhere”.
“I use it for marketing, lead generation, customer onboarding, compliance monitoring, reporting, client communications and retention activities all benefit from the intelligent use of technology,” Breeze says.
“That said, our industry still revolves around advice,” he continues. “Technology can improve efficiency, but it doesn’t replace judgement, experience or human interaction when clients are making important decisions about their health and financial wellbeing.”
Use across every stage of the protection journey
In a similar vein, Justin Harper, chief marketing officer at LifeSearch, reveals the advice firm is using technology across every stage of the protection journey.
“It supports adviser preparation, insurer research, underwriting, quality assurance, customer comms, customer retention and post-sale servicing,” he says.
“One particularly valuable development has been our use of AI-assisted monitoring across adviser conversations. It helps us identify potential non-disclosure issues, vulnerability indicators and opportunities to improve customer outcomes at a scale that would be difficult to achieve manually.
“We’ve also introduced tools such as our own virtual coach to help advisers navigate insurer nuances more quickly and consistently.”
AI-supported check-ins
And Harper reveals LifeSearch’s use of AI even extends to post-sale customer engagement activity.
“This now includes AI-supported check-ins, helping customers remain connected to their protection after the sale,” he continues. “We’re seeing healthy engagement because customers appreciate timely and relevant contact.
“We’re also using technology to monitor customer interactions more effectively. AI-powered analysis helps identify potential vulnerability, risks linked to non-disclosure and areas where additional support may be needed.
“At the same time, we’re seeing growing numbers of customers arrive at LifeSearch having already researched products and providers through tools such as ChatGPT. That’s a trend we expect to continue. That has benefits – customers can be better prepared and may be more aware of product options, such as IP. But it also presents risks and challenges – they can be far more confidently misinformed.”
Tech should not replace advisers
Perhaps the biggest fear around AI is that it will replace us all, and in insurance that the process will remove advisers entirely as the march of the machines continues on unabated.
But this is not a concern shared by the people developing the technology itself.
In fact, David Eline, founder of Health Compass, believes there’s no reason the technology should replace the adviser at all.
“In a complex market such as IPMI, its real value is to remove repetitive and time-consuming work so advisers can spend more time doing what clients actually need them for: understanding their circumstances, explaining differences between products and providing advice,” Eline says.
Jacqueline Durbin, global head of product – sourcing at Iress, agrees adding there is an important distinction between using AI to support a professional and asking it to make a regulated recommendation.
“Advisers need to remain in control, information needs to be traceable to an approved source, and the technology needs to improve customer understanding and outcomes rather than simply speed up the process,” Durbin says.
“Insurers and other providers are also developing their technology with investment in APIs [application programming interface], real-time quotes and applications, pre-filled journeys, digital underwriting, richer product information and better connectivity between provider systems and adviser platforms.”
Reducing admin
For Lilla Dilliway, managing director at ClientTree, the technology should allow advisers more time with their clients.
“Brokers are increasingly using technology to reduce admin and to improve the client journey,” Dilliway explains.
“Client portals, automated messages, online fact-finds and document sharing can all reduce the amount of time advisers spend on admin, while clients gain greater visibility and a better experience.
“We’re seeing a shift from technology being transaction-focused to relationship-focused.
“Good technology helps advisers stay engaged with their clients long term, rather than just until an insurance or mortgage transaction completes.”
New developments
But the technology clearly has wider uses than just reducing admin for advisers.
Nilesh Patel, chief revenue and customer officer at UnderwriteMe, tells Health & Protection: “Earlier this year, we launched AI Engine, a solution designed to help insurers identify potential misrepresentation within post-issue audits by comparing application disclosures against medical evidence and highlighting potential discrepancies for review.
“By automating what has traditionally been a resource intensive process, AI can help insurers expand audit coverage, improve consistency, and reduce the manual workload associated with reviewing complex medical documentation.”
Vitality AI benefits beginning coming through
But what of the providers? One of the key developments over the last year was Vitality’s partnership with Google in launching Vitality AI.
Justin Taurog, CEO at VitalityLife, tells Health & Protection: “In bringing together AI technology from Google, and the unique data sets we hold as a health and life insurer and through the Vitality Programme, we can deliver highly personalised support and recommendations at scale.
“We’re beginning to see the impact of this in our members, with more people than ever before engaging proactively in their health and taking steps to improve it today and in the long term.”
OLP Connect
But Vitality is not the only provider embracing the technology.
James Shattock, managing director of protection and retail retirement at Legal & General, tells Health & Protection: “At L&G, we’ve continued to invest in digital tools, such as OLP Connect and our pre-sales underwriting capabilities, to help advisers access information, understand underwriting considerations earlier, and manage customer journeys more efficiently.
“In addition, we’ve collaborated with Microsoft to deliver an AI-powered customer service platform, built on Microsoft Dynamics 365 Contact Centre, helping our colleagues provide faster, more seamless support to advisers and customers.
“AI and advanced analytics are also increasingly being explored in underwriting, claims, pricing and risk management, with the potential to improve efficiency, speed up decisions and better support customers needing to access cover or make a claim.”
Learning Hub
Louise Colley, director of retail protection at Zurich UK, reveals the provider has used the technology to create the Zurich Learning Hub.
“This enables advisers to access learning content on demand, revisit topics when they need to and engage with material in the format that suits them best,” Colley says.
“The platform also gives us valuable insight into how advisers interact with content, helping us understand which topics resonate most and adapt our support accordingly. This allows us to continually refine our offering and deliver more relevant learning experiences.”
Personalised communications
Ian Douglas, head of architecture at Guardian, reveals speed and accuracy have proved the cornerstones of the challenger brand’s work with AI.
“We’re finding AI can help to improve responsiveness by providing easier access to information and can have a positive knock-on effect for our turnaround times, supporting us to underwrite cases and process claims quickly,” Douglas explains.
“AI can also help with validation and consistency checks at the very start of the client journey, helping firms maintain clear records of customer interactions and decisions.
“Because adviser client books look very different, we’re also exploring ways of using AI to help layer on personalised communications, conversational assistance for routine queries, and multilingual support.”
Supporting underwriting and claims
Gary Beyer, LV= protection proposition director, says: “Across the wider industry, insurers and providers are investing in AI-enabled solutions and modern data capabilities to support underwriting and claims processes.
“This greater integration between advisers and providers is helping to create a more seamless customer journey, improving efficiency and enabling more people to access the cover they need more quickly.”
Building connected ecosystems
Rich Glassborow, distribution, propositions and marketing director at Axa Health, maintains insurers and providers are focusing on building connected ecosystems where platforms for CRM, underwriting, provider management, research and servicing exchange data seamlessly.
“This integrated approach aims to improve data flow, increase transparency and enable advisers to offer more timely and tailored advice,” Glassborow says. “Overall, the development of these technological solutions is geared towards supporting advisers in delivering better service and fostering stronger customer relationships.”
Continuous improvement
Looking ahead to future developments the industry can expect, John Underwood, director of technology at Cirencester Friendly, awaits them with excitement rather than fear.
“We are continuously looking at ways to improve our technology offerings to better support advisers in delivering the right outcomes for their customers, from improving our first-time digital underwriting rate to better integrating with the tools emerging distributor side,” Underwood says.
“As the collective use of technology grows, we’re excited to see how these solutions work together to help bridge that protection gap and provide support to customers when they need it most.”
