Risk & Business Magazine Spectrum Insurance - Spring 2023 | Page 18

AI & THE WORKFORCE

" THE IMPACT OF AUTOMATION CANNOT BE DENIED . THERE IS NO ARGUING THAT MACHINES AND AI ARE FASTER , CHEAPER , AND MORE EFFICIENT "

rewarding tasks that require human attention and a deep understanding of customer needs .
In her blog How AI Will Improve the Employee Experience This Decade , Kaila Krayewski shares , “ The capabilities of AI can go far beyond automating simple , repetitive tasks if we consider how AI can work together with humans to create a team of what are essentially super employees . AI will also help to guide employees through more complex customer journeys .”
Krayewski believes AI will be a supportive , cooperative ally to agents , doing everything from offering advice to initiating related processes to updating CRM info . “ And as chatbots and virtual agents are adopted more widely and become better , automation rates will increase , escalation rates will decrease , customer service will become more efficient , and everyone will be happier .”
And Henn predicts , “ AI chatbots will identify a customer ’ s intent , and based upon what the customer needs , pass this request on to robotic process automation ( RPA ).” At times , AI will even successfully take care of requests without an employee being aware of it . “ This will give a lot of extra time for employees to do what human beings can do best : engage with a customer , empathize , and build a strong relationship .”
Krayewski agrees . “ Improving the employee experience can boost your business in a big way . It ’ s clear that AI can make employees happier . By taking away repetitive tasks , AI can work together with humans to augment their work , making them faster and more effective at every task .” Krayewski also believes AI will boost employee engagement . It will allow team members to bring their best traits to the workplace , with less focus on routine tasks leading to more time for solving customer issues and genuinely being there for them on an emotional level . Employees will bring the best of their humanity to each customer interaction . In theory , at least , this scenario will work well for everyone , particularly frontline employees . Competitive advantage and positive impact on employee retention seem all but guaranteed .
THE POTENTIAL BUSINESS IMPACT OF IGNORING NEW TECHNOLOGIES
Organizations have tried numerous strategies to cope with the lack of human labor — everything from reducing their operating hours to raising wages to offering four-day work weeks . But recently they have hit upon a new strategy , one that has them saying , “ What labor shortage ? Use AI .”
“ Those that choose to ignore the power of new AI tools may not last long enough to get to that point . There will be new jobs created and many that could be permanently disrupted , perhaps reviving debates about universal incomes and pressure for skills training ,” says Diane Brady , assistant managing editor at Forbes .
CHATGPT : AI ON STEROIDS
“ Generative AI , algorithms that generate fresh images , sounds , and content that dazzlingly – and often disturbingly – ends up being as good or better than what humans can create on our own ,” continues Brady . “ The most heralded of the bunch thus far – not to mention the fastest-growing consumer internet application in history , with more than 100 million users — is ChatGPT . Launched by OpenAI in November 2022 , the chatbot is editing research papers , passing business school exams , composing music , and proving to be a terrific customer-service rep , coder , marketer , and therapist to all .”
Chat Generative Pre-Trained Transformer ( ChatGPT ) is a chatbot built on language models powered by and trained on massive amounts of data . ChatGPT offers detailed responses and articulate answers across many domains of knowledge . Its factual accuracy needs work , however .
THINGS CHATGPT CAN DO :
• # 1 job : mimic human conversation
• Write and debug computer programs
• Compose music , teleplays , fairy tales , poetry , song lyrics , and student essays
18