AI in the Insurance Industry: thoughts from Wealth Strategist Mark Martiak
Artificial intelligence continues to rapidly change the world around us. Whether it be through asking Siri to do a simple task or taking mundane tasks off employees hands – it seems that AI is here to stay and takeover some tasks to aid humans. But is it all about helping humans? Artificial intelligence and taking over human jobs is a controversial topic, especially when talking about banking, finance and insurance sectors. To gain more insight on wealth management, artificial intelligence and other advanced technology we grabbed one of our speakers for the Intelligent Automation Event for Banking, Finance and Insurance, Mark Martiak. Mark is a Senior VP, wealth strategist and financial advisor at Premier Wealth Advisors.
Q: Are you implementing any AI in your company or are you looking to for the near future?
Mark: “We don’t per say besides encryption, software and having the opportunity to give our clients some firewall protection. We don’t give them a private website where they can access their data right now… we don’t have any AI within our practice but we’re are looking into adding it.
Q: What are your thoughts on robo-advisors?
Mark: “Decisions about loans now are being made by software that can take into account a variety of data and information about a borrower so obviously AI replaces that interaction between a loan officer and the borrower.”
“Investment portfolios are obviating the need for stock brokers and financial advisors – there’s a movement of AI to bring robo-advisors to bring them into the foreground. There has been some concern that robo-advisors will replace wealth managers, financial advisors and financial planners – I don’t see that happening. I see robo-advisors coming in and replacing that human interaction and substituting for human emotion. There’s nothing like a conversation between a client and a trusted advisor.”
Q: Do you think that customers and clients are comfortable with banks and insurance companies using AI?
Mark: “I think they’re comfortable in that they feel secure that insurance companies and bank institutions, if you will, are protecting their privacy from cyber crime, or from fraud, or identity theft. I still feel that the average individual family, working class, probably doesn’t have enough comprehension of what AI means to them and how it affects them – in any area of their life.”
Q: What are the pros of using artificial intelligence?
Mark: “People can submit, buy, and sell orders in the blink of an eye. They can do it without any human intervention and trading is rapid… trades get done in less than a millisecond. That’s a pro. Machines can spot trading and efficiencies on a small scale. Trades that make money according to investors’ instructions – I think that’s a key element of AI for wealth management”
Q: What do you think the future of IA is?
Mark: “The world is on the cusp of revolutionizing many sectors through artificial intelligence and data analytics. There are already significant improvements in finance, national security, health care, criminal justice, transportation and smart cities – globally, not just in the US. These developments are creating substantial economic developments. Do I think bots and AI will replace humans, no. But like everything else humans will figure out how to become more efficient with artificial intelligence."
Q: Do you think that artificial intelligence will takeover human jobs?
Mark: "Overall, no. I don’t see this large scale revolution that will replace humans, certainly not at the management or senior management level."
Q: What are you most excited about for the IA BFSI event in January?
Mark: "Interacting with colleagues in the various sectors as well as speakers and in the audience as well. I’m looking forward to not only speaking on the panel that I’m on but also through the audience – and not just through Q&A but throughout the conference to see what their insight of the world is and how AI is affecting them professionally and in life."