Can an Insurance Agency Sell or License Its Data to AI Companies?
AITrainingDataBroker.com
Can an insurance agency
sell or license
its data to AI?
What an insurance agency holds that AI still gets wrong
Jimmy Lin
Can an insurance agency sell or license its data to AI?
Picture a client calling an insurance agency after a kitchen fire, and everything the agent does over the next few weeks to get that claim paid. That everyday work is exactly what AI still gets wrong, so can an insurance agency like yours license it to AI companies?
In this video I will show you what an insurance agency holds, what the privacy rules mean, and which details we strip out.
To start, look at what researchers found when they tested AI on insurance.
The video
Full script
Picture a client calling an insurance agency after a kitchen fire, and everything the agent does over the next few weeks to get that claim paid. That everyday work is exactly what AI still gets wrong, so can an insurance agency like yours license it to AI companies?
In this video I will show you what an insurance agency holds, what the privacy rules mean, and which details we strip out.
To start, look at what researchers found when they tested AI on insurance.
Researchers tested 13 leading AI models on insurance underwriting, and the models made up insurance knowledge even when they had tools to look things up.
That suggests AI companies need real insurance work to learn from, and an insurance agency has years of it.
Before we get to what you hold, let me tell you who I am.
I'm Jimmy. I have worked in data at Fortune 500 companies, as a data analyst, a data engineer and a software engineer, and I am trained in data science. I am also a Canadian military veteran, where I specialized in data analysis and reporting.
Are you selling your data? We are your broker and technical advisor. We get you the best price, and we guide your team through the technical side, so your data stays private.
Are you buying data for an AI lab? We find the right data for you and see it through to delivery, so you can focus on advancing AI research.
So what does an insurance agency hold? Think of the quotes and applications, the renewal emails, the notes on each claim, the coverage questions clients ask, the messages with the insurance carriers, and the follow-ups after each one.
Together they show how an insurance agency gets from a client's question to a policy, and from a claim to a payment, and that is the judgment AI is missing.
Now, insurance agencies also work under privacy rules. Under the federal Gramm-Leach-Bliley Act and the state rules built on it, an insurance agency generally can not share the private details of its personal clients with outside companies unless those clients have had a chance to opt out.
That is one more reason we strip out the client details first, before any AI company sees your data.
The rules differ by state and by type of client, so ask your own lawyer or your state insurance department how they apply to you.
Picture a 40-person insurance agency on an ordinary week. A restaurant owner reports a kitchen fire, the agent sends the claim and the photos to the carrier, and the carrier asks about the fire suppression system.
The agent finds the answer in the policy file, the claim is paid, and the cover is updated before the next renewal.
Every step of that is written down in your emails and notes, and together they show how the work really gets done, which is the part AI can not invent.
Next, what happens to the client details? Before any AI company sees your data, we de-identify it, which means we strip out the client names, the policy numbers and claim numbers, and the addresses and phone numbers.
That step is part of the deal and is written into the contract, and nothing moves until your team signs off.
What is left is the work itself, the questions, the answers and how each case ended.
Where do you start? With 6 steps you can take this month.
List the systems where your insurance agency's work lives, such as your insurance agency system, your email and your shared drives, and count how many years of it you keep.
Read your carrier agreements, because some of them limit how you can share what the carriers send you, and note what is private inside your files.
Then check your privacy notice, and ask your own lawyer how the rules apply before you share anything.
That brings me to my part, as your broker and technical advisor.
As your broker, I bring your data to several AI companies and AI labs so they bid against each other, I work through the terms with you, and you make the final call.
As your technical advisor, I guide your team through the export from your insurance agency system and your email, and we strip out the client names and the policy and claim numbers before any AI company sees your data.
I get paid only if a deal closes, and nothing moves until your team signs off.
If your insurance agency has years of quotes, renewals and claim notes, that everyday work is what AI companies need to learn how insurance really works, and it can be yours to license while you keep using it.
If you run a company with 30 or more people, the data you already have could become a new revenue stream. You can find out if yours qualifies, for free, at AITrainingDataBroker.com.
If you have further questions, leave them in the comments, and I will answer them in the next video.
Thank you for watching, and I will see you next time.
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