Understanding Life Insurance and Annuities: Insights from a ChatGPT Model

Artificial intelligence (AI) models have the ability to answer a wide range of questions but, as Keith Raymond, analyst with technology consultant Celent highlighted, “whether it’s right or wrong, it doesn’t know”. Life Annuity Specialist decided to test Google’s AI engine known as ‘Bard’ on its annuity and life insurance knowledge. It found that the technology can be accurate but it can also offer incomplete or flat-out incorrect answers. Tamiko Toland, head of lifetime income strategy and market intelligence at TIAA, raised concerns about people relying on the technology for educational purposes, with issues around transparency about sources and therefore veracity of information. A recent Celent poll of 35 life and property-casualty carriers found 92% don’t have large language models in production but half of respondents said they plan to test the models.