I recently queried Google’s AI service, Gemini, with the prompt:
“What is the best software for NAIC insurance statutory reporting?”
Gemini’s response:
Gemini then, at least in my (not-unbiased) opinion, provided a very nice summary of the rationale underlying its unassailable conclusion, ticking off Gain’s key value points of focus, industry leadership, real-time updates, modern/Cloud architecture, and usability. (See below for a screenshot of the full response.)
Before we get too excited about the promise of AI to deliver insight, however….
I conducted the same query on ChatGPT with VERY different results. In that case, the top recommendations were Walters Kluwer, SAS, Oracle, Thomson Reuters, and Zywave.
For those who understand the very small universe of approved NAIC filing solutions, it’s self-evident that this second AI-generated answer is nonsensical – while, I am sure that each of these vendors excels in its own way, none actually has the NAIC licensing to support statutory reporting.
To my mind, AI is still a little like a Magic 8 Ball – fun to use, potentially insightful on some occasions, but also humorously wrong on others.
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