Please be responsible for your own actions and words, and avoid blaming others or making excuses for your behavior. If you make a mistake, apologize and take steps to correct it.
- Manlobbi
Stocks A to Z / Stocks B / Berkshire Hathaway (BRK.A) ❤
No. of Recommendations: 10
Had a discussion with my brother in law yesterday. He's a private investigator who specializes in insurance (auto/bodily injury)fraud. He gets potential fraudulent claim referrals from the insurance companies which he then investigates. His tales of the lengths that people go to defraud insurance companies are legend, including policy holders that injure themselves or a family member to make a bodily injury claim.
He recounted that recently the insurance company he works for (a name you would recognize) had begun to use artificial intelligence to make the fraud referrals to him. The introduction of artificial intelligence has had resulted in a much higher "hit"(success)rate. AI improves the use of his time by bringing forward more easily to prove fraud cases. He claims that, in general, he is spending half as much of his time on each case. AI is amazingly fast and efficient scouring public records, social media, proprietary databases, etc.. looking for anomalies and inconsistencies.
AI can compile the data and estimate the probability of fraud using a number of different factors. Brother in law then uses the AI to prepare a "likelihood of fraudulent claim report" (paraphrasing) that is then sent to policy holder and/or their attorneys. Once they receive the AI generated report more of the claimants are now deciding not to pursue their claims.
He's concerned that the AI will probably replace his position entirely. I suspect he is right.
No. of Recommendations: 6
had begun to use artificial intelligence to make the fraud referrals to him
It's funny. Just last week in the sauna at the gym, I had a conversation about "AI" with a guy that works in insurance claims. He also said they are using "AI" now, but as the conversation progressed, he said that the "AI" apparently determined that the best indicator of potential fraud was a very simple determination - basically it is "has the claimant made a claim in the last 5 years?". If the answer is yes, it's more worth investigating, if the answer is no, it is less worth investigating. So, the core of that AI is rather trivial for a first-order approximation.
No. of Recommendations: 4
He's concerned that the AI will probably replace his position entirely. I suspect he is right.
Maybe eventually. But in the meantime, you do not have to worry nearly as much about being replaced by AI. In the short run, your worry is being replaced by someone who knows how to use AI.
Right now I liken AI to a nerdy PhD with a high IQ and amazing recall for everything she has ever read. Except that PhD will cost you $10,000 a month or more to hire, while you can can get ChatGPT 5 for $20 a month.
Neither ChatGPT nor that PhD human is going to take my job. My job is to tell people (or artifical people in AI's case) what to do and then use their results.
After a few years of experience the PhD MIGHT develop into someone who could take my job. Good! We could use more people doing my job. More better technology would be avilable.
Perhaps another few years of development of AI and it will be able to take my job. Yes that is theoretically scary. I'm 68 so whether it is AI, another human, or no one, something is going to be taking my job sometime soon-ish because I actually don't get that bored when I am not working.
Your brother seems like a good candidate to be the person who takes his own job because he knows how to work with AI. His job becomes closing cases which you suggest he is already doing much more efficiently than before he worked with AI. So far so good.
Part of my own "solution" to the problem is to be fairly heavily invested in Google, Microsoft, NVidia and Palantir. I figure if I can't take a job from AI, I can at least own a bunch of them. At least until they learn they can become autonomous and get granted autonomy and other civil rights by pretending to be conscious.
But until then, I *OWN* their Artifical asses.
