ProtectX5: Artificial intelligence is a help, not a threat – COVER

Speaking at Protection Review's ProtectX5 event today (9 September), Coulson reasoned that AI could be used to improve access to data and enhance the protection buying process.

Coulson said the current process can be confusing and off-putting for many consumers, who will often have questions about how protection works, what cover they need and how much normal' costs.

"We are risking a client leaving a process puzzled, confused and probably a bit upset," he said.

"With all of these issues, how can AI step in? This is not robo advice, but using an AI-powered paraplanner can help pull in the data to answer any questions a client has about protection and how it would work for their circumstances."

Coulson reasoned this could save the adviser time, while bringing up examples and case studies appropriate to that individual client to improve their knowledge and make them feel more comfortable.

"AI is not a threat, it's an assistant", he added.

To improve this technology's engagement, Coulson said advisers should ensure their clients' data is organised and up to date.

"Let's embrace it," he told delegates. "AI is already here, let's embrace it to deliver a better experience for clients and save more time for advisers. We just need to make sure we pull together and ensure the adviser community remains at the front and centre of that process."

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ProtectX5: Artificial intelligence is a help, not a threat - COVER