InsTech - insurance & innovation with Matthew Grant & Robin Merttens Garrett Koehn, CRC Brokerage & Gordon Wintrob, Newfront: Brokers using generative AI today (284)
Jan 14, 2024
Garrett Koehn, President of CRC Brokerage and AI enthusiast, and Gordon Wintrob, Co-founder and CTO of Newfront, share insights on the integration of generative AI in insurance brokerage. They discuss real-world applications, like using AI to streamline submissions and improve client interactions. The duo explores how AI can enhance underwriting and identify coverage gaps, while also examining the vital build vs. buy decisions for tech solutions. They emphasize the need for brokers to adapt, empowering professionals to thrive in an evolving landscape.
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Episode notes
AI Needs Business Logic And Data
- AI must sit on a solid business idea and quality data to be useful.
- Garrett warns generative models are useful only when paired with meaningful workflows and data.
Brokers As Data Processing Hubs
- Brokers act as data processors mapping unstructured customer data to insurance market formats.
- Gordon says LLMs can parse documents then let humans review, speeding workflows dramatically.
Automate Submissions To Free Brokers' Time
- Automate submission structuring and initial market targeting to accelerate quotes.
- Let LLMs produce quotes and options so brokers can focus on client conversations and decisions.