As artificial intelligence (AI) continues to revolutionize businesses large and small, independent insurance agents are examining what AI means for their agencies. Although many agents are still early in their AI journey, understanding and implementing AI strategies will be crucial for future success.
The 2024 Agent-Customer Connection Study conducted by Liberty Mutual and Safeco Insurance, surveyed over 1,100 independent insurance agency leaders and an equal number of insurance consumers. The study reveals key takeaways for how agents view AI, how it could meet rising customer expectations, and potentially change agencies.
The report is part of a growing body of content and resources from Agent for the Future to help agents better understand AI, explore practical use cases, and usher in the next generation of AI adoption in insurance.
Key Findings: Agents are interested in AI, but skeptical
AI tools have been present in insurance for years, assisting with underwriting, claims management, and customer service. Recent advancements in generative AI have sparked wider interest and usage. Technologies like ChatGPT have made AI tools more user-friendly, opening up new possibilities for agencies.
While there is high awareness, the research uncovers a significant gap between interest and implementation. While only 6% of agency principals surveyed said they have already adopted AI solutions, 36% anticipate utilizing AI within the next five years. Despite this growing interest, skepticism remains prevalent. While 64% of principals are interested in how AI could improve their business, only 17% trust AI technology, and 27% see it as a threat.
For agents seeking to spend more time on growth activities and less on routine tasks, AI offers significant potential. AI-powered tools can help streamline administrative work, enhance marketing efforts, and improve customer communications. Chatbots, for instance, can save businesses up to 30% in customer support costs, while professionals adept at using AI can reclaim up to 12 hours of their workweek, according to various studies.
For comprehensive insights and resources on how AI can transform your insurance agency, visit Agent for the Future. Stay ahead of the curve by understanding AI's potential and how it can drive your agency's growth and efficiency.