Slash your writing time: Tap in to the power of ChatGPT

There was a time when writers needed a strong grasp of spelling. Otherwise, your writing time doubled because, to avoid the embarrassment of egregious spelling errors, much effort was spent thumbing through the massive dictionary on your desk.

Then came spellcheck, and writers rejoiced. Dictionaries moved online. Print dictionaries were then almost obsolete since they’re quickly outdated, as new words and spellings are never-ending in the English language.

Spellcheck isn’t perfect, of course. Still, you wouldn’t want to be without it. The time is fast approaching when we may think of tools like ChatGPT in the same way. This artificial intelligence (AI) tool can help with many of your writing tasks, from emails to social media posts to sales scripts. It can even summarize long documents.

For instance, the paid version of ChatGPT, called GPT-4, can summarize contracts, said 22-year MDRT member Brad J. Myers, of Draper, Utah, USA, a Top of the Table member.

ChatGPT is also a great way to get a running start on writing tasks so you’re not facing down the merciless blank page. Clients still want to receive communication from you that sounds authentic and like you know them. So, take the time to add your personality and insight to whatever you send them.

For example, 20-year MDRT member John R. Benton Jr., ChFC, CLTC, said he used it for a client inquiry regarding the pros and cons of a client canceling a term life insurance policy after their children graduated from college. “It gave a good answer that definitely needed to be wordsmithed to sound like it came from me, but it happened in seconds and required nearly no input from me,” said Benton, a Top of the Table member from Warren, New Jersey, USA.

AI responsibility

It’s crucial to check for errors and inaccuracies no matter what tool you use. You’re responsible for what leaves your office. Saying it came from AI isn’t an excuse, legally or ethically. AI occasionally can make up information based on erroneous data, which is called hallucinating. It’s the old “garbage-in, garbage-out” for data. Furthermore, be aware of ethical issues and compliance issues that may come up with ChatGPT. That said, ChatGPT is easy to use and worth looking at as a timesaving writing tool.

Using ChatGPT

There are two versions of ChatGPT. There’s a free version and the paid version called GPT-4, which has additional tools like DALL·E 3 for creating images and advanced data analysis that allows you to upload files and will do things such as summarize contracts. The free version is a great place to start, though, since it still can write in seconds, for example, most of an email discussing the differences between term and whole life insurance.

The prompts you give ChatGPT are the key to unlocking its potential. The more details you provide, the better. In addition, you can prime the chat by giving it information about who you are, such as a financial advisor in Singapore whose niche market is doctors, for example.

Here’s an example of the power of ChatGPT. With this prompt, ChatGPT wrote seven reasons in under 30 seconds. Below, three of the seven reasons are included.

The prompt: What are the biggest barriers to buying life insurance for doctors between the ages of 40 and 50 who live in Singapore?

ChatGPT’s response: (This was edited to fit the blog’s style.) For doctors between the ages of 40 and 50 who live in Singapore, several barriers may exist when it comes to purchasing life insurance. Here are some of the most significant barriers they might face:

1. Perceived cost. One of the primary barriers to buying life insurance for this demographic is the perceived cost. Doctors in this age group may have high expectations for coverage levels and may believe that adequate life insurance coverage is expensive, particularly if they have preexisting health conditions or engage in high-risk activities.
2. Lack of awareness or understanding. Despite their professional expertise, doctors may not fully understand the intricacies of life insurance products, including the different types of coverage available, the benefits of each policy and how life insurance fits into their overall financial plan. This lack of awareness or understanding may lead to inertia or indecision when it comes to purchasing life insurance.
3. Misconceptions about coverage needs. Doctors may underestimate their need for life insurance or overestimate the coverage provided by their employer-sponsored benefits or government schemes. They may believe that their income and assets are sufficient to provide for their family’s financial security in the event of their death, overlooking potential expenses such as outstanding debts, future education costs for their children or ongoing living expenses for their dependents.

You may find the five minutes it takes to review ChatGPT is time well-spent.

Learn more about what AI can do for you:

• Read “Artificial intelligence: Friend or foe?” (Available in nine languages)
• Watch “Elevating life insurance: Personalized client connections with AI-powered CRM”
• Watch “ChatGPT, AI and your digital brand”