About this Video

• Video Title: 5 Critical Mistakes to Avoid When Using AI Against Insurance Companies
• Channel: Data Science With Dennis
• Speakers: Dennis
• Duration: 02:03:08

Introduction

This video details the speaker's experience using AI to fight insurance companies after his parents' home was destroyed in the 2023 California wildfires. The primary goal is to demonstrate how AI can be used to build a strong case against insurance companies that undervalue damages, using multiple AI engines to create a robust, well-supported argument. The speaker also aims to educate viewers on this process, providing a framework for others facing similar situations.

Key Takeaways

1. Insurance company liability: Insurance companies remain responsible for the outcomes of using algorithms and AI in assessing claims, and cannot evade liability simply due to automation.
2. AI model approach: The speaker proposes a two-pronged AI model approach: a simple model based on square footage and construction costs, and a complex model accounting for unique home features and finishes.
3. Multi-engine framework: A multi-engine AI framework is recommended, iteratively refining arguments and estimates using different AI engines to achieve consensus and stronger evidence. The speaker demonstrates this by using ChatGPT, Grok, and Gemini.
4. Importance of citations: Using AI tools to provide readily available, up-to-date cost information and citations strengthens arguments and makes them more defensible.
5. Human-in-the-loop: A human needs to oversee the AI process, validating results and making necessary adjustments, especially concerning AI's potential shortcomings in formatting or calculation.

The video focuses on the speaker's efforts to receive payment for the total rebuild of his parents' home, which was a total loss due to the wildfire. While the transcript doesn't explicitly use the term "dwelling," the context makes it clear that the claim was for the complete reconstruction of the house itself, encompassing all its components and features.

The speaker's initial AI model (using ChatGPT) estimated the cost to rebuild the home at approximately $1.4 million. A more complex model, using multiple AI engines, later arrived at an estimate of around $1.2 million. However, the speaker notes that his parents' actual insurance coverage was significantly less than either of these figures. The exact amount of their coverage is not specified in the transcript.