Something to chat about…

Many of us grew up in business believing the way to a healthy business is to challenge the norm and look for ways to be better, faster or cheaper. Broadly, this has worked really well and this blueprint should continue to be successful. I, along with so many others recently have scratched the surface of ChatGPT and am convinced that it’s going to change a lot in many industries…including financial services. To not bury the lead, I believe it will enable financial service professionals to work more efficiently, not eliminate us.

For a quick example,…I love independent distribution and have spent the past 3 years really leaning in to get in front of as many folks looking to start, scale or re-invent their IMO/BGA and have seen a growing trend of new entrepreneurs coming in. I provided 3 sentences on what I’ve seen, why I think it’s happening and what it means for the industry….mind you 3 sentences only and here’s what ChatGPT cranked out in a matter of seconds. Full disclosure, the first version of this was a bit boring so I directed ChatGPT to write it with a more upbeat tone…so here’s the result.

“The independent distribution space is experiencing a surge in entrepreneurship and it’s exciting to see how these individuals are revolutionizing the way insurance is handled for their clients. These entrepreneurs are taking a very hands-on approach to customer experience, and building businesses that are tailored to niche markets rather than aiming for scale. They are going above and beyond to understand their clients’ needs and provide solutions that truly meet those needs.

This new talent coming into the insurance industry is a much-needed breath of fresh air. As the industry evolves, it’s important to have new perspectives and ideas to keep up with the changing market. These entrepreneurs bring a wealth of innovation and dedication to their work, which is sure to benefit their clients in the long run.

One of the major factors that’s driving this trend is the increasing demand for personalized service. Customers today want insurance solutions that are tailored to their specific needs and preferences, and independent distribution companies are able to provide that level of customization that’s difficult to achieve in larger, impersonal organizations.

Technology is also playing a big role in this trend. Entrepreneurs are finding new ways to use technology to improve the customer experience. From online portals to mobile apps, technology is making it easier for customers to access and manage their insurance policies. This is leading to a higher level of customer satisfaction, which in turn is driving more business to independent distribution companies.

But perhaps the most important benefit of independent distribution is the ability to build strong relationships with customers. Entrepreneurs in this space are able to build trust with their clients, which is essential for long-term success. They take the time to understand their customers’ needs and provide solutions that truly meet those needs.

All in all, the independent distribution space is thriving with new entrepreneurs who are shaking up the status quo and providing a better customer experience. It’s an exciting time for independent distribution and we can’t wait to see what these entrepreneurs will accomplish in the years to come!”

I’ve been at this for over 20 years and can give this response a passing grade for sure. Consider the implications of this…just incredible! Finally, for those that want to devote more time to this (and I believe you should!)…I sense there’s a lot of value to those who figure out how best to communicate with ChatGPT to get the desired result. Happy navigating!