An Unlikely Duo: AI and Life Insurance

Bringing AI to Insurance and Democratizing Wealth-Building Strategies

SAN FRANCISCO, Nov. 13, 2024 /PRNewswire/ -- With a groundbreaking approach that fuses AI with a traditionally "low tech" life insurance industry, WealthSmyth has officially announced the arrival of its two-pronged approach to making advanced wealth-building strategies more accessible to the masses: WealthSmyth AI and WealthSmyth Agency.

Pairing an AI platform for independent brokerages (WealthSmyth AI)  with an affiliated but independent agency (WealthSmyth Agency) to work as early adopters of the technology, WealthSmyth is connecting innovative technology with real world scenarios to actually help everyday people.

Co-founder and Chief Product Officer Andrew Kass says, "Life insurance has been around since ancient Rome, yet none of the innovation helps clients make better decisions and leverage life insurance as the wealthy would. There has been modernization in internal areas like underwriting and claims, but we're bringing AI to independent brokerages to help them better impact their clients."

In fact, a June 2024 survey of 200 US insurance executives conducted by the Deloitte Center of Financial Services reported that 76% of respondents said that their organization has already implemented AI in internal functions, customer service, or operations. The data does not show AI usage for client and wealth-building advisory in the way WealthSmyth AI will deliver.

Innovation that Brings Real World Impact

Traditionally, only those who can afford costly advisors benefit from the wealth-building potential of life insurance, but WealthSmyth AI changes that by using artificial intelligence to help agents bring these strategies directly to their clients. The WealthSmyth AI platform goes beyond generic advice, tailoring financial plans to each clients' unique needs, from people just starting out to passing along hundreds of millions in multi-generational wealth.

"We believe that everyone deserves access to the best financial strategies available," says co-Founder and CEO Sam Henry. "WealthSmyth brings this vision to life, revolutionizing InsurTech while empowering agents to help more families secure their futures and create lasting legacies for generations to come."

WealthSmyth is targeting independent brokerages, which add 250K new agents every year and have a greater affinity for innovation than national insurance corporations. Sam Henry continues, "We chose to focus on the entrepreneurs within the insurance industry to be our early adopters. These people are already business operators, visionaries, and disruptors. It's the perfect fit for our mission to create innovation opportunities that make a real world impact for families and everyday investors."

A Self-Learning Method: Connecting AI with Real Brokers

WealthSmyth doesn't stop with AI, as they've paired the launch of the AI platform with dozens of insurance agencies, including WealthSmyth Agency; a related but independent financial agency. WealthSmyth Agency not only functions as the primary testers of the AI platform, they also create a new dynamic for how the platform will continuously learn and improve. By connecting their cutting-edge WealthSmyth AI platform with WealthSmyth Agency; the team envisions continuous evolution of the AI to meet real-world demands, setting a new standard in financial planning and InsurTech.

WealthSmyth Agency President Wendi Henry notes, "When we started WealthSmyth AI, we didn't want to just build another piece of software. The world doesn't need more tech for the sake of tech; it needs transformation—real, practical change that makes a difference in people's lives. That's why we launched WealthSmyth Agency in tandem with WealthSmyth AI. We want our technology and our agents to mutually inform one another. We think this helps us stay nimble, unencumbered by the slow, outdated ways of the financial industry, and focus on one thing: client outcomes that matter."

Media Contact

Ben Reisler - Elkordy Global Strategies
[email protected]

For more information, visit www.wealthsmyth.ai .

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SOURCE WealthSmyth