Independent agents need data support to use agentic AI

Understanding Agentic AI for Smaller Insurers

Garrett Droege, an innovation and risk executive at IMA, recently discussed how independent insurance agents can harness the potential of agentic AI. This technology is designed to enhance decision-making and operational efficiency but comes with its own set of demands, especially for smaller insurance companies.

The Challenges Faced by Smaller Insurance Companies

Droege highlighted that smaller firms often lack the substantial data infrastructure necessary to effectively implement agentic AI. The integration of this technology necessitates a robust data management system that many smaller agents currently do not possess. Without this support, it’s challenging for these companies to fully leverage AI capabilities, which can lead to imbalanced advantages compared to their larger counterparts.

Data Support is Critical

To successfully adopt agentic AI, independent agents must prioritize building a solid data foundation. This means investing in data management tools and analytics capabilities that will allow them to not only deploy AI effectively but also interpret its outputs in a meaningful way.

Potential for Growth

While the transition may seem daunting, Droege remains optimistic. He emphasizes that, with the right support in place, smaller insurance companies can significantly improve their operations, offering better service and more tailored solutions to clients. In an increasingly digital landscape, taking these initial steps can be crucial for remaining competitive.

Conclusion

In summary, while agentic AI presents exciting opportunities for independent agents, the journey requires considerable preparation, particularly in data management. The right support can bridge the gap, allowing smaller companies to thrive in an evolving market.

Original Source: https://www.dig-in.com/news/independent-agents-need-data-support-to-use-agentic-ai