How AI Helped Me Negotiate a Higher Payout on My Insurance Claim

Summary

In this video, Steve KY shares how he leveraged AI, specifically ChatGPT, to navigate a complex insurance claims process after his car was damaged. By using AI to gain insights into how insurance companies value cars and create a compelling list of comparable vehicles, he was able to negotiate a better settlement. Steve demonstrates how AI can provide an information advantage, helping users streamline processes, make informed decisions, and achieve favorable outcomes without being experts. His story highlights the transformative potential of AI in everyday problem-solving and decision-making.

Takeaways

• 😀 Leverage AI to gain an information advantage in challenging situations like insurance claims.
• 😀 AI can help you navigate unfamiliar processes by providing clear steps and strategies, even when you're initially clueless.
• 😀 Starting with simple prompts in AI tools (like ChatGPT) can help clarify what to expect in uncertain situations.
• 😀 AI helps you understand key aspects of an unfamiliar situation, such as how insurance companies assess the value of a car.
• 😀 AI can guide you in determining the actual cash value (ACV) of assets, saving you time and effort in the process.
• 😀 Using AI to create a template for building a comparable vehicle list can save hours of tedious work.
• 😀 AI can extract relevant data from images, such as vehicle listings, to help build your comparable list quickly and accurately.
• 😀 By leveraging AI, you can easily organize and present your case in a format that is easier for others to understand.
• 😀 AI enables you to identify mismatches or issues with information provided by others (e.g., incorrect comparables in an insurance claim).
• 😀 AI gives you the tools to negotiate more effectively by allowing you to present stronger, data-driven arguments.
• 😀 Even without expert knowledge, AI allows you to gather, organize, and present information in a way that can lead to better outcomes.

Q & A

What was the initial situation that led Steve KY to use AI for help?

Steve KY's car was hit while parked in front of his house, resulting in significant damage. This unexpected incident led him to seek ways to navigate the insurance claims process and negotiate a better settlement using AI.

How did Steve KY first approach the insurance claim process using AI?

Steve started by using ChatGPT, asking it to simulate a conversation as an attorney. This gave him a basic framework of what to expect during the claims process, such as how insurance companies determine the actual cash value of a vehicle.

What did Steve learn about the insurance company's process for determining the car's value?

Steve learned that the insurance company typically uses comparable vehicles to determine the value of a car. They consider the pre-accident condition and use a third-party company to help identify comparable values.

Why did Steve feel the need to create a list of comparable vehicles (comps)?

Steve wanted to ensure he had a list of accurate and fair comparables to argue for a higher settlement offer. He suspected the insurance company might undervalue his car by using inappropriate or mismatched comparables.

How did AI assist Steve in creating a list of comparable vehicles?

Steve fed information into ChatGPT, asking for help to build a template that met the insurance company’s criteria. AI then helped him extract and organize data from vehicle listings to create a detailed, comparable vehicle list quickly.

What was the major challenge Steve faced when negotiating with the insurance company?

The major challenge was that the insurance company's list of comparable vehicles included several that were not suitable matches for his car. These vehicles had lower valuations, which negatively impacted the settlement offer.

How did Steve use AI to validate the comparability of the vehicles on the insurance company’s list?

Steve used AI to check the VINs and details of the vehicles provided by the insurance company. This helped him identify discrepancies, such as differences in model or features, which made some vehicles unsuitable as comparables.

What specific advantage did AI give Steve when negotiating the insurance settlement?

AI allowed Steve to create a well-organized, accurate list of comparable vehicles that the insurance company could easily review. It helped him build a solid case with detailed evidence to justify a higher settlement amount.

What feedback did Steve receive from the insurance adjuster about his submission?

The insurance adjuster was impressed by the format and clarity of Steve’s comparable list, saying it was one of the easiest and most organized submissions he had ever received.

What key takeaway does Steve want viewers to learn from his experience with AI in the insurance claim process?

Steve encourages viewers to leverage AI to gain an informational advantage in situations where they might feel at a disadvantage. AI can provide valuable insights, help organize complex tasks, and improve decision-making in unfamiliar processes like insurance claims.