Will ChatGPT, artificial intelligence replace financial professionals any time soon? – InsuranceNewsNet

Will ChatGPT artificial intelligence replace financial experts anytime soon?

Let’s ask ChatGPT

Question: What is ChatGPT?

That’s a common theme running through the vision for AI’s impact on counseling — even ChatGPT agrees.

Question: Will AI replace financial advisors?

ChatGPT: It is possible that AI could replace some of the tasks currently performed by financial advisors, such as portfolio management and data analysis. However, it is unlikely that AI will completely replace human financial advisors, as many clients still prefer to have a personal relationship with their advisor and may value the human touch in financial planning and decision-making. Additionally, there are certain tasks that AI may not be able to perform as well as humans, such as providing emotional support and understanding a customer’s personal financial goals.

Well, what about life insurance agents?

Question: Will AI replace life insurance?

ChatGPT: It is possible that AI technology could eventually replace some aspects of the work performed by life insurance agents, such as providing information and answering customer questions. However, it is unlikely that AI will completely replace the role of life insurance agents as they provide personalized advice and guidance, and build relationships with customers. Additionally, complex and unique situations may require the expertise and judgment of a human agent.

And what happens when someone asks ChatGPT about products? Let’s take annuities as an example.

Question: Should I buy an annuity?

ChatGPT: It depends on your financial situation and goals. Annuities can be a good option for those who want a guaranteed type of income in retirement and who want to protect against the risk of outliving their savings. However, they can come with high fees and early withdrawal penalties, so it’s important to carefully consider annuity terms and conditions before making a decision. It is recommended that you speak with a financial advisor or professional to determine if an annuity is the right choice for you.

Question: Are annuities too complicated?

ChatGPT: Annuities can be complex financial products that may not be suitable for all investors. They involve an agreement between a person and an insurance company, where the person makes a lump sum payment or a series of payments and the insurance company promises to pay the person regularly in return. The terms and conditions of annuities can vary greatly, making it important for people to understand the features and risks before making a purchase. Additionally, annuities often have high fees and early withdrawal penalties, which can make them less desirable for some investors. Overall, annuities may not be the best option for everyone, and it’s important to consult with a financial advisor before making a decision.

Basically, it all comes back to human advisors. Of course, all of this can be a smokescreen to keep people’s defenses down. But insurance companies have found in their trade in AI that they have had to include humans at some point in the process of certain products and cases.

At this point, it seems that ChatGPT is in the useful and fun phase. So, let’s have some fun.

A poem for annuities?

Question: What about annuities?


Pension, continuous flow
For income, a promise to know
That is in our golden years
Our savings will not be lost
But give us a strong light

With every payment, peace of mind
Future security, finding out
A stable source of income
To enjoy life and make a dash
About our dreams, of all kinds

An annuity, a smart investment
For a comfortable retirement
Financial guarantee
So our future never runs
We are out, and our worries are lessening.

Another try?

Good, but not great. How about another one?


Annuities, annuities
Solid income, very smart
Contract and insurance
To provide for your future, there is no fear

You invest in a lump sum or payments
In exchange for ordinary shares
A secure way to plan for retirement
About annuities, your financial page

Fixed or flexible, the choice is yours
Climate change and roaring markets
Sooner or later, it’s time again
Annuities give you options

So when you plan your golden years
Consider annuities, reduce your fear
A reliable source of income
Annuities, smart investments, more

A Shakespearean effort

Better! We even got product information from that. But what would William Shakespeare say?


Oh the income, the sweet streams of income
From the investments made in the old days
Constant cash flow, constant flow
Woe to those who want to ease their future

In youth, we plan and save for the days ahead
When age and weakness will rule
With annuities, we recommend these contracts
To keep us safe from want and the sight of penury

With each installment, a breath of fresh air
For those who fear the end of wealth and means
Annuities, a constant source of grief
For those who want to live their golden years with ease

So let’s praise the power of annuities
Because they offer a future without worries

In the spirit of Tom Waits?

Yes! Delicious income streams! Lovely pictures, but how about a little grit in the mix? What song would Tom Waits write about annuities?


Verse 1:

I found a small nest egg tucked away
In retirement, it’s here to stay
It’s not much, but it’s a start
I will make sure it grows, it will make it smarter

Annuities, annuities
I will make sure my future is secured
Annuities, annuities
I will make sure that I remain pure

Verse 2:
I don’t own fancy stocks or bonds
It’s just a sequence of income to answer
It’s not fancy, but it’s reliable
I’ll make sure I’m always in style

Annuities, annuities
I will make sure my future is secured
Annuities, annuities
I will make sure that I remain pure

I don’t want fast money
Just a fixed amount, that’s enough
I have no need for a fast life
Just a little security, of course

Annuities, annuities
I will make sure my future is secured
Annuities, annuities
I will make sure that I remain pure

So I will continue to save and invest
In my pensions, my future is in something better
I have no worries, no fear
Just regular income for years to come.

Steven A. Morelli is a contributing editor for InsuranceNewsNet. He has over 25 years of experience as a journalist and editor for newspapers and magazines. He was also the vice president of communications for the insurance agents association. Steve can be found at Steve’s[email protected]

© All contents copyright 2023 by InsuranceNewsNet. All rights reserved. No part of this article may be reprinted without written permission from InsuranceNewsNet.


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