It’s impossible to miss the hype over AI. As an insurance agent and small business owner, you may be wondering if you’re missing out by not using AI yourself… and you might be. AI can help you work more efficiently, but there are also serious risks to consider. If you want to enjoy the benefits of AI, learn about slowly integrating AI into your business while implementing safeguards to protect your business and your clients.
What Exactly Is AI?
AI stands for artificial intelligence. It’s a broad term that can be applied to many different types of computer programs that perform tasks typically associated with human intelligence. Right now, much of the buzz around AI focuses on generative AI and large language models.
- Generative AI is a type of AI that creates new content, including text, images, sound, and code. If you use a program that generates images or text in response to your prompts, you’re using generative AI.
- Large language models are a type of generative AI that can answer questions, generate summaries, and produce text. Open AI’s ChatGPT is one example.
How Can Insurance Agents Use AI?
AI has numerous applications – so many, in fact, that it can feel overwhelming for a small business owner trying to dip their toes into the AI trend.
Here are some simple ways you can start experimenting with AI:
- Many people use generative AI to spark ideas. For example, if you’re looking for new ways to market your agency, or you need help picking blog topics so you can keep your website fresh, AI can help.
- AI can be helpful when creating a business or marketing plan.
- Polishing your messages. If you’ve written materials, such as emails, retention letters, fliers, or blog articles, you can run it through AI to catch any errors or modify your writing style.
- AI can also be used to draft written materials. For example, if you need to send an email, you can use AI to help write it. These tools generally work best when writing short snippets of content such as social media posts or email messages.
If you’re new to AI, using it to assist with brainstorming and planning is a good way to get started.
How to Get Started Using Generative AI
If you want to start incorporating AI into your business operations, one of the first steps is to select a program. There are many AI tools to choose from, and which one you should use will depend on what you want to do with it and how much you’re willing to pay.
- Free Options. Many generative AI tools are free to use. For example, you can use ChatGPT for free to brainstorm, write or create images. You don’t even have to create an account, but you may want to, so you can benefit from more advanced features. Other free AI tools include Google’s Gemini and Microsoft’s Copilot.
- Paid Subscriptions. If you want more advanced capabilities, you can subscribe to an AI service. For example, ChatGPT offers several paid plans with superior reasoning models, better memory and other features. There are also more specialized AI tools to consider, such as HubSpot’s Breeze AI assistant.
- Customized AI Tools. For even more sophisticated applications, you can use an AI that’s trained specifically for your business. For example, business owners can use AI chatbots that have been trained on their business data to interact with customers. This is a more advanced use that may require a greater investment of both time and money.
If you’re new to AI, it makes sense to start out with some of the free options.
How to Craft Effective Prompts
With AI, your output is only as good as your input. Although it seems like AI is doing all the work, you need to prompt it first. A mediocre prompt yields mediocre results, so learning how to prompt effectively is key to using AI effectively.
What is a prompt? A prompt is the input you give an AI tool, such as a question or command.
Effective prompts are specific and clear. For the best results, include details about the length and tone of the response you want, as well as some background information to explain your purpose. You can also write a quick rough draft of your message and ask the AI tool to refine or edit your message.
- Weak prompt: Write a social media post reminding clients that Medicare’s Annual Enrollment Period ends in a week.
- Better prompt: I am an insurance agent, and I need to remind my clients that Medicare’s Annual Enrollment Period ends on December 7. Write a 300-character social media post that I can publish one week before the enrollment deadline. Keep the tone professional but friendly. Include two relevant hashtags.
- Weak prompt: What are some ways to generate Medicare leads?
- Better prompt: I’m an insurance agent specializing in Medicare sales in Arizona. I currently have 100 clients and aim to add 50 more this year. Most of my business currently comes from referrals. List ten ways I can market my agency to generate new leads.
If you don’t get the output you want, refine your prompt and try again.
Avoiding the Pitfalls of AI
AI can seem like magic, but it’s not. It’s a tool, and it’s prone to certain weaknesses. When using AI, it’s important to be aware of these weaknesses so you can avoid problems.
- Check outputs. Generative AI is known to hallucinate, meaning it sometimes makes up information. To make matters worse, AI tools often present these fabricated facts with confidence and may even cite made-up sources. Professionals who rely on AI outputs can find themselves in hot water. For example, Futurism reports that lawyers have been caught using AI and including hallucinated quotes and citations in court filings. Insurance agents could likewise encounter problems if they use AI output that includes false information. Always check your outputs carefully and review for accuracy. Also, check for compliance with Medicare regulations; AI outputs may suggest things that are not allowed.
- Keep sensitive data safe. Many AI tools let you upload attachments, but this doesn’t mean it’s okay to upload documents filled with sensitive client data. AI tools can be hacked, and any data you upload could be leaked. Never upload sensitive data or personal information.
Think of AI as one more tool to add to your tech stack to increase your efficiency. In addition, be sure to leverage all available tools and resources for Western Asset Protection agents. Our agents have access to the IntegrityCONNECT all-in-one tool for quoting, enrollments, call recording, and more. We also offer training options to help agents master technology. If you have questions or need assistance, please contact us.
If you’re interested in learning more about integrating AI into your Medicare business, watch for upcoming trainings on Western Asset Protection’s events calendar.