AI is like a wildfire, once lit, it is unstoppable. There is no escape from phrases such as “AI-powered”.
As many businesses worldwide scramble to understand and find ways to leverage AI-powered tools, we look at the very first AI-powered insurance broker and AI-powered taco ordering system in this edition of Enable Possibilities.
An interesting idea:
If you are a small or medium business owner, you may have your own struggle to share when it comes to securing a comprehensive business insurance policy. It turns out, historically, commercial brokers are not interested in quoting for small and medium businesses.
Drafting proper commercial policies requires considerable effort and expertise. Since brokers are only compensated with successful quotes (about 1 in 4), they tend to forsake small and medium businesses and focus on large enterprises.
The result? It is a pain for small and medium business owners to secure good policies to manage their commercial risk.
Things may be changing with the help of AI agents.
California-based speciality wholesaler, Flow Specialty Insurance Services (previously known as Capitola Insurance), introduced the industry’s very first AI insurance broker, developed using the GPT 4.0 Omni core, in late January. These AI agents are trained on a vast (and still growing) amount of insurance materials, communication materials and key decision points. They have learned to understand tradeoffs and considerations.
Image credit: Image taken from Flow Specialty
This “platformless AI” setup allows Flow Specialty to better service small and medium businesses with their insurance needs.
The AI agents will perform labour-intensive tasks such as matching risk appetite, generating quote comparisons and constructing review materials. Human brokers then oversee the process and output, revising as required, to provide an expert outcome for the underserviced clientele.
Go deeper:
A fun one:
While AI agents are assessing the risk exposure of your business, an AI-powered system may order you a taco.
Working with the voice AI company SoundHound AI, Torchy’s Tacos implemented a new smart ordering technology in its 130 stores across the US late last year.
Image credit: Image taken from Torchy’s Tacos
The AI-powered phone ordering system speeds up the ordering process while answering customer questions about menu, specials and store hours. The new system manages 100% of the incoming calls for Torchy’s Tacos.
This is not the first gig for SoundHound AI. Voice-enabled customer service for restaurant goers has become a trend in the States. According to SoundHound AI, they have deployed their smart technology (phone tech and drive-through AI) “across upwards of 10,000 restaurant locations“.
