Artificial intelligence is becoming part of everyday life. From helping draft emails to answering questions in seconds, AI tools can make it easier to find information quickly. Increasingly, people are also turning to AI chatbots for answers about retirement, taxes, insurance, and other financial topics.
But when it comes to major financial decisions, convenience and accuracy are not always the same thing.
Recent research suggests that while AI can be a useful starting point, it shouldn’t replace the experience, judgment, and personalized guidance of a trusted financial professional.
Why AI Isn’t Always Right
A recent study conducted by financial technology firm Saturn tested popular AI models on a wide range of financial questions. Researchers found that AI-generated answers were incorrect 57% of the time on average, and performance dropped significantly when questions became more complex. Common issues included calculation errors, missed tax considerations, and even the creation of financial rules that don’t actually exist., [independentagent.com]
That matters because many financial decisions involve more than a simple question-and-answer exchange.
Questions like:
- When should I claim Social Security?
- How much income can my retirement savings generate?
- Which Medicare coverage option makes sense for me?
- How do taxes impact my retirement withdrawals?
- What type of life insurance coverage is appropriate for my family?
often depend on personal circumstances that vary from one individual to the next.
Even small mistakes can potentially have significant financial consequences over time.
The Missing Ingredient: Personal Context
One of AI’s biggest limitations is that it doesn’t truly know you.
It may provide a general answer based on information available online, but it doesn’t understand the full picture of your financial life, including:
- Your retirement goals
- Your health care needs
- Your family situation
- Your income sources
- Your risk tolerance
- Your long-term priorities
The same financial decision that makes sense for one person may not be right for another.
That’s where human guidance continues to add value.
An experienced financial professional can ask questions, identify gaps, evaluate tradeoffs, and tailor recommendations to your unique situation. AI simply can’t replicate that level of personalized understanding.
Consumers Want Technology and Human Guidance
Interestingly, consumers appear to agree.
A recent survey commissioned by the Independent Insurance Agents & Brokers of America found that 87% of consumers believe having a dedicated insurance professional remains important when making insurance decisions. At the same time, 61% said they are more likely to work with a professional who uses AI and modern technology to provide faster, more personalized service.
The message is clear: people aren’t looking for AI to replace human expertise. They want technology to enhance it.
The survey also found that:
- 67% view AI positively when it improves service and efficiency.
- Many consumers support AI only when a human professional remains involved.
- Just 6% would rely on AI alone during a major claim or loss event.
- A leading concern is losing access to a trusted professional.
The Best Approach: Human Plus Technology
Rather than choosing between technology and human guidance, many consumers are discovering that the best solution combines both.
Think of AI as a research tool, not a decision-maker.
It can help you gather information and better understand financial concepts, but important decisions deserve a second level of review from someone who understands your personal situation and goals.
Read: Why Working With a Licensed Insurance Agent Can Make All the Difference in Your Medicare Journey
When the Stakes Are High, Talk to Someone You Trust
Whether you’re preparing for retirement, evaluating life insurance needs, reviewing Medicare coverage, or planning for your family’s financial future, the decisions you make today can have a lasting impact.
Technology can be a helpful resource along the way. But when it comes to decisions involving your retirement income, financial security, and future goals, personalized guidance still matters.
AI may help you learn. A trusted financial professional can help you decide.
We’re Here for You!
Ready to discuss your financial goals with someone who understands your unique situation? Connect with a Bankers Life financial professional to start the conversation. Bankers Life is here to help customers with their financial and insurance needs so please visit us at BankersLife.com to learn more.
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