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Can AI Predict When I Will Die with Scott Zimmerman

• Jonathan Green : Artificial Intelligence Expert and Author of ChatGPT Profits • Episode 356

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Welcome to the Artificial Intelligence Podcast with Jonathan Green! In this episode, we delve into the intriguing world of AI in the life insurance industry with our special guest, Scott Zimmerman, a seasoned expert with 35 years in the field.

Scott shares how AI has revolutionized the life insurance industry, transforming the underwriting process from lengthy, manual procedures to instant approvals. He reflects on the dramatic shift from paper applications and in-person meetings to digital applications and rapid online decisions, thanks to AI advancements in processing medical records and prescriptions.

Notable Quotes:

  • "Now with AI, you can go online, do an application, get instant approval... within literally minutes." - [Scott Zimmerman]
  • "AI seek affirmation, not honesty... it's never gonna give you a hard truth." - [Jonathan Green]
  • "There’s usually a reason... giving people peace of mind of how quick it can be done." - [Scott Zimmerman]

Jonathan and Scott discuss the implications of AI on decision-making, the accuracy of AI predictions, and the evolving landscape of life insurance products. They touch on AI’s role in claims processing and the challenges related to AI’s interpretation of medical data. Despite the benefits, Scott acknowledges the limitations and risks of relying solely on AI for insurance decisions.

Scott emphasizes that while AI accelerates processes, the human element remains crucial in providing personalized advice and ensuring that clients receive the most suitable insurance coverage. He highlights the importance of dealing with knowledgeable brokers who understand the intricacies of the market.

Connect with Scott Zimmerman:

For those interested in how AI is shaping the future of life insurance and looking for insights from a veteran in the industry, this episode is a must-listen!

Connect with Jonathan Green

Can AI predict when I'll die? Let's find out what today. A special guest, Scott Zimmerman. Welcome to the Artificial Intelligence Podcast, where we make AI simple, practical, and accessible for small business owners and leaders. Forget the complicated T talk or expensive consultants. This is where you'll learn how to implement AI strategies that are easy to understand and can make a big impact for your business. The Artificial Intelligence Podcast is brought to you by fraction, a IO, the trusted partner for AI Digital transformation. At fraction a IO, we help small and medium sized businesses boost revenue by eliminating time wasting non-revenue generating tasks that frustrate your team. With our custom AI bots, tools and automations, we make it easy to shift your team's focus to the task. That matter most. Driving growth and results, we guide you through a smooth, seamless transition to ai, ensuring you avoid policy mistakes and invest in the tools that truly deliver value. Don't get left behind. Let fraction aio help you. Stay ahead in today's AI driven world. Learn more. Get started. Fraction aio.com. Now, as an expert in the world of life insurance, one of the first things we're always looking for AI to do is predict things, and we know that. Every time I'm making an insurance decision, I'm trying to figure out what does it cost versus the odds this is gonna happen, and one thing that is inevitable is death. We're all gonna die at some point, whether it's now or later. And I really wanna get a baseline of like, how has the life insurance industry changed basically across your career? Is it that different now than it was 10, 20, or 30 years ago? Yeah. Don. It is. Thanks Jonathan. Life insurance I've been doing, this is my 35th year of doing life insurance. When I got first, got started, it was, everything was different back then. You'd see people. Everything was done in person. Now, every. Very rarely do you see anybody, it's on Zoom and every once in a while you get to see somebody. Just as far as the underwriting process, the way it used to be, it used to be a paper application go through the process, blood tests. First one would have to do a blood test to get approved. It matter what the size of the policy was. Getting retrieving medical records was a huge process. It was a very long process. Now with ai. You can go online, do an application, get instant approval because they're running, all of these companies are running your, all your medical records in running all prescriptions. And they can easily make an approval within literally minutes while you're on the phone with the person filling out an application. And some of the other processes just get how they're getting, just things are out there on people. It's just so much easier with AI just to gather that information. So things are, things in a way have been really good because it's really fast, it's efficient for people at the same time AI is not perfect, for that type of thing. Yeah. You brought up something really interesting to me, which is, I remember when I was younger and you would switch doctors, you'd have to go to the first doctor and get a copy of your records and bring it to the new doctor. And I've lived around the world a lot of different places, so I had to do this a few times or fax your records or what have you done here? And it's was like really hard. And now it's like everything's much more organized. Everything's digital, so it's so instant. So for the person who's. I know in certain industries there's this risk that like you could, if you are on certain, if you have depression or certain things or you go to the doctor, you could lose your career. And so there's this trend, especially in like military and police and different public service areas where they're like I go to the doctor and they say I have this, I can lose my job, which kind of makes the cycle worse. And it's that's a thing that needs to get solved as well. But I know for a long time people have always tried to like. Stay one step ahead of life insurance. You get a diagnosis, you go I better get the insurance before they figure it out. Now that loophole seems to have closed. I guess the next really bigger area I kind of wonder about is that, exactly that is the accuracy of ai.'cause one of the challenges is that you could put your thumb on the scale with the way you ask a question can affect how the AI answers it. Because AI seek affirmation, not honesty, like it's never gonna give you a hard truth if you ask the same question in different ways, it's gonna give you two different answers. So have you seen that it's been a net positive or a net negative in recent times? Just as the, what I do with would help I'm a, I have an agency here, but we, I still, I'm a producer. I, I help people with insurance. I feel it's a positive over the long positive, over negative, just meaning I. How fast you can get somebody approved that if somebody's interested in life insurance use, 'cause they love somebody, they wanna take care of somebody there. There's usually a reason, just giving people peace of mind of how quick it can be done. I would say total positive. The negative is it's fixable. The negative is when you're running these. Prescription. Who, who's these companies are running, who, what prescriptions are being taken. It doesn't really say the full picture, meaning maybe someone had anxiety totally making stuff up and the doctor prescribed it, but the person never took it. So it doesn't, the, that doesn't show anything. So that could be a negative effect on getting somebody approved.'cause they're seeing these records that. Don't give the full picture, but overall as a positive, how fast things are done. It's been amazing. Amazing. You used to be, like, as I was saying before, you, somebody was buying $25,000 a life insurance, they'd have to do the full medical exam, everything. Now you, some people can get up to 2 million. A lot of companies are up to$2 million instant approval. Some companies are much higher. So it's just it's pretty amazing. Has AI become a part of the claims process as well? Like you always hear these stories and I certainly, with every health insurance company I've ever worked with, it's always been a nightmare getting payouts. They go, oh, actually this, and this. And actually, so we constantly deal with that challenge. No one ever says, oh, I had an amazing experience with my insurance company. It's always like a negative experience. Like it's positive they're getting negative at the end of the payout. And then how much is AI getting involved in like different parts of insurance? Like I'm more familiar with, let's say you have like renter's insurance, which is like, where people always, let's just say massage the numbers about how much stuff was in the house when something happened. Is AI getting involved in kind of that part of the process as well as going, did you really have the entire collection of these DVDs and that DVDs and is it analyzing to look for inconsistencies and things there? Not on a death, not on a claim. The claims I'm dealing with are usually a death claim or long-term care claim. And so when it comes down to it, it's like finite. Like somebody passed away, the rules are with, in, with life insurance, there's a two contestability period. The first two years that someone passed away, they have the right to look and see if there's anything that somebody was not sharing. So if there's any fraud or if somebody commits suicide in the first two years, they just refund the premium. But other than that, that a lot of claims, and I haven't had any issues with ai who's gotten involved as the claims part yet? I don't even think it's involved. So is the main type of fraud, either they hit a disease or they fake their own death, are those the types of things that used to happen? It seems like that's harder now. Yeah. The, that the, I haven't had any fake your own death stuff, but yeah, people, if somebody were to pass away in the first two years and they. They checked off. I don't have any heart issues. And maybe something wasn't seen in the, by doing, running the MIB the Medical Investigator Bureau, where they're looking at the medical records, if somebody passed away, somebody had a, the first years, the insurance company does have the right. To investigate, to make sure there's nothing hidden. So those are the type of things that would normally come. Someone hid that or they hit a cancer, or they hit, things of that nature. Those are things that they're looking for. So as long as you live for two years after you start a policy, you're pretty much golden unless it's total fraud. Yeah, told, there's a two year contestability period, but there's other things, there's other things they look for also, but that's the rules with about this two year contestability period. Look, I haven't had anybody my business partner and I have written thousands of policies. We haven't had anything weird happen where they've question like missing did somebody really die? They're missing, maybe th thousand claims over our time. Maybe more, I'm not sure. But nothing bad. And truth of the matter is I've had some, we've had some, a very few claims that were denied. And those were with the first two years or someone in that type of situation. They had heart disease. They hid that they had someone had, a mental illness disease, a total mental illness disease where an insurance company would never have given them life insurance. They ended up finding out through the, they went through their own s psychologist, psychiatrist, they didn't put it through insurance, but they ended up finding it, things of that nature. But we haven't had any things happen, but we know it's out there, and I would say this also, Jonathan, you would see if there's claims not being paid, it be in the news every single day. You almost never see things like that. But when you do hear the negatives on health insurance the way claims are being done that way when it comes to life insurance, things are really paid. So we see that there's a lot of different types of products get developed as market shift. And now that we're seeing a shift towards more working from home and more remote working and more AI working, more technological working like, we used to have just life insurance and those term life insurance and are you seeing that? There's more different types of products. Like now we've definitely seen the thing where it's oh, you can get insurance from an app. And you've seen a lot of those companies that have shifted to really fast decision making and. Rather than the kind of having a relationship with your insurance person where it's like someone, you know when you go to a summer barbecue and like you always go back to the same person. Now it's really shifted and become much more of an impersonal industry. I think that's seems to be the direction it's going in from my experience. So I. For like when people are making decisions, are you seeing there's new types of products getting developed or people are making using a different decision making process? Totally. I will say most of our businesses based on relationships, but we do see, you can see it in social media, just ads being put out. A lot ads on tv, just things of instant approval. Yeah, so they're usually, and I'm not saying this for a hundred percent fact, usually what I see happening on those type of policies, somebody doesn't know an agent. Somebody sees something like, oh, I'm interested. They're buying something without a relationship. And usually those are just, one trick point, I don't wanna say, not in a negative way, but it's like one company where you're dealing with a broker. They're able to shut the market based on someone's health or each situation. It's just one company sign up here and get instant approval. It's amazing 'cause they're bringing the, these ads and ai, it's bringing. Insurance to people who probably haven't not thought about it or they don't have a relationship with somebody, they're able to see it and go, oh my gosh, I'm interested. Sign up and apply and get approved. So I guess my question is, does that change the product?'cause usually if something's faster, there's a, it either costs you more in the long run. Is it because it changes their algorithm, like when they do the blood tests and they have those other elements, they have a little bit more of data. So they're, I think the. ACT tables are more accurate, are they still maybe to maintain that accuracy or does it mean you're gonna, you do the instant approval company, you're gonna end up paying a little bit more for that convenience. A lot of those companies, if you were to shop the market. They are more expensive and you're not having a somebody to walk you through the right type of policy. People are maybe buying the wrong policies when they should be buying different policies. That would be the part where I think it, it's not maybe not helpful for people. It's helpful for to get people insurance, but they never thought about getting insurance or, and they make it super simple, but I don't feel as a, fiduciary guidance, giving the right people the guidance. It's not fully there yet, because I think one of the areas that's really murky is you see, if you try to do research, then you're gonna end up going through like a comparison website or someone's reviewing programs, but they have a financial interest because they have get an affiliate payment or some type of commission. So they're. Financially motivated to whoever pays them the largest commission. And maybe it's the same for any type of insurance broker. So for someone who wants to find the right information, because even an AI is just trained on the information on the internet and what's publicly available, like you're going to get murky answers. I think that's what's really challenging is that how can you tell if a company is handling claims directly or they're a reseller. Even like some of the banks I work with, like the bank is actually just part of another bank with a different name, and it's just can get really confusing. And so sometimes you're buying insurance from a company, then they resell all their insurances as like part of a larger package to another company, to a secondary insurer. So what all of that murkiness? What's the right way? Or how can someone start to navigate? The information that's out there to separate the and find the most accurate information. Are we talking ai, using AI or just as a, or even not like whatever the right method is? It is an opinion. Strictly an opinion. My opinion is dealing with a. Broker or somebody who represents most, most of the companies out there, it gives somebody a fair chance of getting the right insurance. What's the right type of insurance to get? What what, how much insurance should you have? Somebody's got health issues or certain companies that are best. Than other companies. Somebody's heavy, this company's usually the right one. A broker could usually do the work to find the right company and the right plan to fit each person's needs. It's interesting, Jonathan, when you run, like I'm giving you a an example. I was running a million dollars of term life insurance, which is an inexpensive type of policy to buy. It's like the least expensive type of policy to buy. You can go into a program and I can say, Jonathan, age this. Spill up every, almost every single company. And I'm looking at it going, I wanna do the right thing for the right person. And there's different reasons why you've used other companies. Conversion options guarantees, strength of the company, et cetera. But I'm able to do that. So I think using a broker, you're able to find the right company for each person. Sneeze instead of just going to one company where you're just buying their one company. And I see a lot people doing that. That's one thing. Just having the experience of a, an advisor to help you, I think makes more sense. Unless it was just something really small where, it wasn't a big deal. Yeah. It's really hard to see a lot of these shifts where we always think that technology's the answer. So we've seen it happen in the travel industry. It used to be you'd go to a travel agent that would help you plan the trip, and it was like. Everything was really organized. I can tell you now that traveling is a nightmare compared to 20 years ago. Like it's so much worse. There's nobody out there who says, oh yeah, flying's, way better now. Nobody says that. No one says traveling's better. And you use like one website to book these typically, and even when I book flights roughly with an airline, they. Always mess up their own connecting flight. So I have to book two sets of separate flights because they can't, they'll charge you like double to make the flights connecting and all of this stuff. So it's always a hassle. When I travel, I always have to do two buffer days into each direction because of flight. Cancellations are so common and I think that it's has it actually made things better? Yeah, I guess you're not paying the travel agent whatever their fee was, but I don't know. I wish those, that industry would come back. And I wonder if it's the same for insurance, because as you see commercials, then you think they're running a lot of commercials. They must be paying to run those commercials. There's something else going on. And that these shifts and it's it is very complicated. Like we're in the middle of actually, doing a cybersecurity insurance policy for the main company I work for. And it's a whole thing. And it's first we asked our lawyers and lawyers as never wanna give your real answer. And I was like. If you're talking hundreds of dollars a month, thousands of dollars a month,$10,000 a month couldn't really say. I was like, I feel like you could, you can't be that vague. And it's like you, it's very hard to you either get really vague recommendations or you get like something that someone's personal experience. And the problem is that people always tell the story where they're the hero. No one ever says I messed up, so that's why they canceled my policy. No one ever tells it that way, I can see there's a big value because there are so many vendors. Even with these new vendors in the market, there's always a downside. It's when you're in Las Vegas and they have a new version of blackjack. Where oh, you could see the dealer's cards. It's like whenever they've changed the rules, the one thing I know is that my odds have gone down, like for whatever is happening, and I don't understand it, right? They're like, oh, this is a different version, or you could do this and that. Oh, cool. They're never gonna bring out a new version. That increases my odds as the player, right? There's a reason they have really big buildings with lots of lights and air conditioning for a million people, and no clocks like they can afford all that stuff. So it's. All of these offers that kind of seem too good to be true. And it's like I always say that we look at something and oh, this is free. I'm like, it just seems like it's free. You're probably paying with your personal information or something else. They're, if you're not paying, then they're selling your data seems to be the case. So when you are I guess this is a big question is like when you're analyzing like a policy, what are some of the big things you look for from a company or from. Or when a new company enters the market, what is something you see an ad that makes you go, something's not right here. Like your sniff test. What are some things you might see in an ad that make you go, wait a minute? When I'm analyzing a company, I'm usually analyzing. They're big, they're safe, they're strong claims, how they pay claims how they run how they are looking at most of the companies out there, most, these are long, stable, they've been out there for a long time. They're safe, they're strong, they're big. Otherwise again, you'd see writeups nonstop. Not working. But I do see with these new companies, there's very few, there's some that have come and actually gone. We're using the ai just as far as how quick and the process of how they do things. I do feel they're actually, I think it's a positive in a way. Just to, again, just to be able to help people how they price things. I don't wanna say it's o it's more expensive, but it seems like those quick companies are more expensive than the other companies are. They really are. I, there's a new company that came out. There's so many AI companies coming out, especially when it comes to financial financial services. There's a company out there that just came out where they do 48. They ask 27 questions. They're looking for 48. Points don't quite understand how they're doing it all. AI showing how much somebody needs, what kind of policies they need, how much they should be saving for retirement. All these D things, all through ai and it's pretty amazing and I've tested it multiple times and it's pretty on. And so I do feel AI is gonna. Make people or help people, I shouldn't say, make make really solid decisions. I think people are relying on AI right now. Just, Hey, I want, I got a question for chat cpt. They ask a question, it's oh, the answers are pretty good, right? You know it way more than I do. I'm just a, I'm a consumer myself, but, see, I feel it's gonna change the industry big time. But again, some of the bigger, some people really need real planning. AI may not be able to help them find the right companies just yet. I could see that happening in the future. I. I think that's an important thing to understand is that we're in this time of transition, so there are a lot of these school, like everything with AI gets funding right now. Every venture capital fund will give you as soon as you add AI to your name. And I've definitely seen a lot of companies that just add AI to their stock ticker and it boosts their value even though they have no AI component and it's. The thing is, do you have something that's actually unique or there's a unique value? We've seen some insurance companies that use some AI component and it turned out was working out good for them. And so we've seen that not in life insurance, but in health insurance and some other industries where, and I think it was in car insurance, we've seen all these like things where they go, oh, now we use ai. So one of the bigger examples is in these companies aren't buying and selling houses online and they go make you offer in 20 minutes. And it's like all the companies that were doing that. Like it turned out it was a terrible idea, right? Because there's a lot to a house. There's a reason you get a house inspected. There's a re like there's so many things. Like every time I move into a new house, there's always a surprise. Maybe it takes a month to find it, maybe it takes six months. So there's all, there's a lot more complexity that. Speed isn't the only solution. There's other components to it. So I think you're onto something there. I just think that like sometimes we demand too fast of a shift from a market. We go AI exists. AI should completely revolutionize the insurance market. AI should revolutionize this market, and it's. Not the answer to everything. Like people often surprised to hear me say that, but like I only use AI for work. Like I don't use it in my personal life. I don't have voice on any device I own. I don't talk to any machines. Most of the time I don't have my phone with me, so I get phone calls all the time. Like I don't even know where my phone is. I know it's in the house somewhere. I never turned the sound on. I actually turned the sound on today'cause one of my friends said he was gonna come over to look at our roof 'cause he wants to see about hiring the same roofing person. So I turned the sound on. I got a message later today and I was like, oh my gosh, I left the sound on. That's so weird. I forgot. That's what my phone sounds like. So like it is important to calibrate these things and we are shifting towards this like disconnected society, which isn't always a good thing. It's like everyone lives in their house. It's almost like we live in all these tiny spaceships and we're separated from each other too much. And I think that this is a really. Where we're wondering like, because everyone wants to basically get the right amount of life insurance, and I think one things I. We are trying to factor in, how long am I gonna live? Do I really need to get it? Is it the right decision for me? How much should I get? And it's a very tricky thing. How much can I afford? What happens? And there's all these different insurances, like I know now you can get insurance for in case you get fired or you can get pet life insurance and all of these things that are big distractions from trying to figure it out. And one of the things I was thinking about is like with, we've seen a bunch of FinTech companies come and go, FinTech banks come and go, and then. The real question. It's not just how much, can I get the best price? But it's will they actually pay out when the time comes or how long do they take? That's a really important factor that I think that we forget to look at because it's like you can have a really great policy at a really good price, but if they don't pay out until three years after your debt, like that's a really big problem. Like I have five kids. That's a huge problem. So that's what I find. Is important to factor in and maybe if you have a good enough ai, it knows to factor in all those other things. One of the things that's important for me is always tell the ai is there anything I forgot to ask? It's like that's the critical component is factoring in with your math, and I think that's what's missing from doing comparison research and just trying to look online. It's like unfortunately. This other, there's always a component that gets forgotten, right? So you look at flights, there's whichever website is selling the flight for the cheapest price, but it's how often does this website have a customer a complaint problem? How often does airline cancel their flights? There's like other factors that are really important, like getting a great deal isn't so great if the flight gets canceled even worse if you get stranded in between two flights. So I think this has really been helpful and really been good for people that are thinking, oh, you know what? Maybe Scott can help me out. Where can they find you online? Where's the best place to find out more about the things you talk about and to find your company and all the things you're doing. Yeah. No, I appreciate Jonathan. It's been great. They can reach out to me anytime. Scott Zimmerman name of my company's called Corp Strut. You could cut. Reach atScott@corpstrat.com. My number is 8 1 8 4 8 1 9 3 4 2 and I appreciate the opportunity to be on the show. No, this was great. I know everyone's gonna love it. Thank you for having another amazing episode of the Artificial Intelligence Podcast. Thank you for listening to this week's episode of the Artificial Intelligence Podcast. Make sure to subscribe so you never miss another episode. We'll be back next Monday with more tips and strategies on how to leverage AI to grow your business and achieve better results. 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