Will ChatGPT, Artificial Intelligence, Soon Replace Finance Professionals? – Insurance NewsNet

Will artificial intelligence soon replace financial professionals?

no Even ChatGPT says so.

But even artificial intelligence might have a hard time answering that accurately. For one thing, ChatGPT cannot yet be trusted for accuracy. On the other hand, changes are difficult to predict because they occur exponentially through multiple orders per day. ChatGPT itself gained a million users in five days. It took Facebook and Instagram two years to do this. And the chatbot learns with every request.

Let’s ask ChatGPT

What is ChatGPT? Well, how about we ask ChatGPT?

Question: What is ChatGPT?

ChatGPT: ChatGPT is a conversational AI model developed by OpenAI. It is based on the GPT-3 (Generative Pre-trained Transformer) model, which uses deep learning to generate human-like text. ChatGPT is trained on a large dataset of conversational text and can generate responses to natural language inputs such as questions or prompts. It can be used to create chatbots, virtual assistants and other conversational AI applications.

Is artificial intelligence an existential risk for financial advisors and life insurance agents? People are a little worried about the prospect. A recent Forbes article suggested that ChatGPT shows that AI is likely to replace the mundane of finance, but not the necessary human touch. Expect AI to provide tools for advisers and individual investors, not the guidance humans need to make decisions.

It’s a common theme running through opinions on the influence of AI on consulting – even ChatGPT agrees.

Question: Will AI Replace Financial Advisors?

ChatGPT: It’s possible that AI could replace some of the tasks currently performed by financial advisors, such as B. Portfolio management and data analysis. However, it is unlikely that AI will completely replace human financial advisors as many clients still prefer a personal relationship with their advisor and can appreciate the human touch in financial planning and decision making. Additionally, there are certain tasks that AI may not be able to perform as well as humans, such as: B. Providing emotional support and understanding a client’s personal financial goals.

Well, how about life insurance agents?

Question: Will AI Replace Life Insurance Agents?

ChatGPT: It’s possible that AI technology could eventually replace some aspects of life insurance salespeople’s work, such as: B. Providing information and answering customer questions. However, it is unlikely that AI will completely replace the role of life insurance salespeople, as they also provide personal advice and guidance and build relationships with customers. Additionally, complex and unique situations may require the expertise and judgment of a human agent.

And what happens when a person asks ChatGPT about products? Let’s take pensions for example.

Question: Should I buy an annuity?

ChatGPT: This depends on your personal financial situation and goals. Annuities can be a good option for those who want a guaranteed stream of income in retirement and want to protect themselves from the risk of outlasting their savings. However, they can also come with hefty fees and penalties for early withdrawal, so it’s important to carefully review the terms of the annuity before making a decision. It is recommended that you speak to a financial advisor or professional to determine if an annuity is the right choice for you.

Question: Are pensions too complicated?

ChatGPT: Annuities can be complex financial products that may not be suitable for all investors. This is a contract between an individual and an insurance company in which the individual makes a lump sum payment or a series of payments and the insurance company promises the individual regular payments in return. Annuity terms and conditions can vary widely, which is why it is important for individuals to thoroughly understand the features and risks before making a purchase. Additionally, annuities often have high fees and penalties for early payout, which can make them less attractive to some investors. Overall, annuities may not be the best option for everyone, and it’s important to consult a financial advisor before making a decision.

Basically, it all comes down to human advisors. Of course, all this could be an excuse to keep people’s defenses low. But insurance companies have found in their forays into AI that at some point they needed to involve humans in the process for certain products and cases.

At this point, ChatGPT still seems to be in the somewhat helpful and fun phase. So let’s have some fun.

A pension poem?

Question: How about a poem about pensions?

ChatGPT:

An annuity, a steady flow
Of income, a promise to know
That in our golden years
Our savings will not go away
But give us a steady glow

Peace of mind with every payment
find security for the future
A stable source of money
To enjoy life and make a dash
To our dreams of all kinds

An annuity, a wise investment
For a comfortable retirement
A money guarantee
So our future never runs
Get out and our worries will be less.

One more try?

Nice but not great. How about another?

ChatGPT:

Pensions, oh pensions
A steady stream of income, so wise
A contract with an insurer
To provide for your future, no terror

You invest a lump sum or payments
In exchange for regular allotments
A safe way to plan for old age
With pensions, your financial side

Fixed or variable, the choice is yours
To weather market shifts and roars
Immediately or postponed, the timing too
Annuities offer options for you

So when planning for your golden years
Consider pensions, calm your fears
A reliable source of income for the future
Annuities, a wise investment, some

A Shakespeare Essay

Better! We even have some product details in it. But what would William Shakespeare say about that?

ChatGPT:

Oh pensions, sweet streams of income are flowing
Of investments made a long time ago
A steady stream of cash, a constant flow
For those trying to alleviate their future suffering

In youth we plan and save for future days
When old age and infirmity are to rule
And annuities, these contracts that we set up
To protect us from the gaze of need and poverty

A sigh of relief at every rate
For those who fear the end of wealth and means
Pensions, a source of constant sorrow
For those who want to live their golden years with ease

So let’s praise the power of annuities
Because they ensure a fear-free future

In the spirit of Tom Waits?

Yes! Sweet streams of income! Nice pictures, but how about a little grit in the mix? What song would bard Tom Waits conjure up about pensions?

ChatGPT:

Verse 1:

I hid a little nest egg
In an annuity, it’s here to stay
It’s not much, but it’s a start
I’ll make it grow, I’ll make it smart

Choir:
pensions, pensions
I will make sure my future is secure
pensions, pensions
I will make sure that I am always clean

Verse 2:
I don’t have fancy stocks or bonds
Just a steady stream of income to respond
It’s not glamorous, but it’s reliable
I’ll make sure I’m always in fashion

Choir:
pensions, pensions
I will make sure my future is secure
pensions, pensions
I will make sure that I am always clean

Bridge:
I’m not looking for quick money
Just a steady flow of money is enough
I don’t need the fast life
Just a little security, that’s right

Choir:
pensions, pensions
I will make sure my future is secure
pensions, pensions
I will make sure that I am always clean

Exit:
So I will continue to save and invest
In my pensions my future is the best
I have no worries, no fears
Just a steady stream of income for years to come.

Steven A. Morelli is a contributing editor for InsuranceNewsNet. He has over 25 years of experience as a reporter and editor for newspapers and magazines. He was also Vice President of Communications for an Insurance Agents Association. Steve can be reached at [email protected]

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