While AI-powered processes offer numerous advantages, such as increased efficiency and accuracy, there are certain aspects where human agents still play a crucial role. One of the main concerns is the lack of human empathy and emotional intelligence that AI systems possess. Life insurance is a sensitive and personal matter, often involving discussions about mortality and financial planning. Human agents are trained to provide emotional support and understanding to clients during these conversations, which can be difficult for AI systems to replicate.
Another drawback of relying solely on AI in the life insurance sector is the potential for bias and discrimination. AI algorithms are developed based on existing data, and if this data is biased, it can lead to unfair treatment of certain individuals or groups. For example, if an AI system is trained on historical data that shows a bias against individuals with pre-existing medical conditions, it may result in higher premiums or denial of coverage for such individuals. Human agents, on the other hand, have the ability to assess each client’s unique circumstances and make subjective judgments that go beyond the limitations of data-driven algorithms.
While AI-powered processes offer numerous advantages in the life insurance sector, it is important to recognize the potential drawbacks that arise from relying solely on technology. The lack of human empathy and emotional intelligence, as well as the potential for bias and discrimination, are significant limitations that AI systems currently face. Therefore, a combination of AI and human agents may be the optimal approach to ensure a well-rounded and fair life insurance experience for clients.