After that, it was time to take out the lawyers. And the brokers. And the data aggregators.
White-collar cubicle farm jobs and “middleman” jobs are being wiped out by AI… if not in reality (yet?), at least in the minds of investors who imagine the future.
This week, because of the steady drumbeat of headlines and press releases about new AI tools being released by companies large and small, the fear mostly focused on insurance salesmen, real estate brokers and managers, asset managers, and tax advisors.
Who’s going to cry because some lawyers and insurance agents lose their jobs? Maybe not many folks, but a shockingly large number of us work in industries where artificial intelligence is expected to have a major impact on either employment or productivity, or both. It’s a turbulent environment, especially for those just entering the workforce at a time when some traditional “entry level” white collar jobs are being made much more efficient by AI chatbots (and therefore there’s a smaller opening at the top of the hiring funnel, perhaps), or those closer to retirement, who might be seen as being too inflexible to adapt to a changing environment (or too expensive).
And no, we still don’t know how AI will change work, or change the economy… but we sure know that investors are FREAKING OUT about it maybe changing their companies.
So… what actually happened this week? Here’s one example:
ChatGPT just approved its first insurance app, with Tuio, a Spanish insurance MGA (managing general agent, which is an agent who makes underwriting decisions) — this is essentially still a pretty small “insurtech” firm, and they’re now completing transactions through their ChatGPT-powered app. This is how Insurance Business describes it:
“The application processes user intent, gathers required information through conversational exchanges, and returns quotes from a regulated carrier in real time without requiring users to exit the AI interface. Policy purchasing functionality is expected to be added to the application.
“Rather than using the consumer ChatGPT website directly, insurers typically integrate OpenAI’s APIs into customer service platforms, claims systems or agent workflows, industry specialists note….
“Data from WaniWani indicates that AI currently generates approximately 20% of new business for digital insurers. ChatGPT accounts for around 15% of website traffic in declarative surveys among …
