(This article is part of our AI Essentials for Advisers series on LinkedIn – reposted here for easy access.)
In our last newsletter, we explored Google’s NotebookLM and its potential to make complex information more accessible and useful. This time, we’re focusing on ChatGPT’s new web search functionality. For those using the paid version, this feature offers real-time access to the latest information – a significant upgrade for those seeking to stay informed and access timely resources and information.
Addressing a Key Criticism: Data Recency
One of the common critiques of ChatGPT has been its reliance on outdated information, often months or even years old. This limitation made it less suitable for advisers needing the most current updates on financial products, regulations, or industry developments.
Enter the web search feature. This enhancement allows ChatGPT to fetch the latest information from the internet, much like tools such as Perplexity.ai, which has gained popularity for its ability to combine real-time referencing with summarisation. What sets tools like ChatGPT and Perplexity apart is their ability not just to retrieve information but to summarise and synthesise results into clear, actionable insights. This is a significant leap beyond traditional search engines, which often leave users to sift through a long list of links.
While Google is also advancing in this space, for now, we’ll focus on ChatGPT’s unique strengths and applications.
Why Web Search Matters: Real-Time Research for Advisers
The web search capability transforms ChatGPT into a dynamic research assistant, offering advisers up-to-date insights without the usual legwork. Let’s explore this through a practical example.
Example Query:
“Find me information on the changing labels to describe Level and Stepped premiums in Australia. Also check what information or guidance there is from Regulators, Associations, or Insurers.”
A standard Google search for this query would yield several relevant articles and resources. However, the key advantage of using ChatGPT or Perplexity lies in their ability to summarise findings into a cohesive response while still providing links to source material for further validation.
Here’s a brief overview of the results from these tools:
Perplexity Summary:
Perplexity provides a detailed summary of the regulatory landscape surrounding Level and Stepped premiums. It highlights evolving terminology, regulatory oversight by APRA and ASIC, and the roles of industry bodies like the Insurance Council of Australia (ICA) and the Financial Services Council (FSC). The response covers consumer protection initiatives and efforts to improve premium transparency.
ChatGPT Summary:
ChatGPT outlines recent changes led by APRA, ASIC, and the Council of Australian Life Insurers (CALI). The new labels—Variable Age-Stepped Premiums for Stepped Premiums and Variable Premiums for Level Premiums—aim to clarify premium structures. The response also notes regulatory concerns around premium stability and how insurers are adapting their communication strategies.
Note: ChatGPT provides a more concise and accurate result in this case, as it correctly highlights CALI’s role as a key party in the process. While both tools deliver useful summaries, ChatGPT’s references align more closely with current industry developments.
SEO Considerations
Although we’ve used the above prompt to demonstrate ChatGPT’s research capabilities, it may not be the best fit for discussing SEO strategies. A more relevant query for exploring content optimisation might be: “Tell me about premium types and policies in life insurance.” This type of query helps identify the kind of language and topics that AI tools prioritise, which can guide you in refining your online content. See more below regarding your online visibility.
Looking Ahead: Implications for Adviser Visibility
While web search brings immediate value to advisers, it’s also worth considering its implications for how clients may seek out financial information in the future. As tools like ChatGPT become more mainstream, clients may turn to AI-powered searches instead of traditional engines like Google.
How This Affects Your Online Presence
AI search prioritises high-quality, relevant content that directly answers user queries. This shift means advisers need to adapt their SEO strategies to stay visible in this evolving landscape.
Here are a few tips to future-proof your online presence:
- Focus on Client-Centred Content: Create content that answers straightforward client questions, such as “Help me understand types of life insurance.”
- Update Content Regularly: AI tools prefer the latest data, so keeping your materials current will improve visibility.
- Showcase Your Expertise: Ensure your website and profiles reflect your specialisation. AI often highlights professional, authoritative sources.
Just as you should regularly Google your name and business to understand and manage your online presence, you should now explore how your clients or referral sources might find you using AI tools. This ensures your messaging resonates, remains consistent, and effectively showcases your expertise.
Key Takeaways for Advisers
- Get to Know These Tools: Leverage ChatGPT’s web search to streamline your research, save time, and ensure you’re delivering the most accurate and up-to-date advice.
- Adapt to Changing Search Behaviours: As clients increasingly rely on AI-driven searches, take steps to optimise your online presence to ensure you remain discoverable and authoritative.
AI Use Reminder: Security and Privacy
As always, when using AI tools, be mindful of security and privacy. Avoid sharing personal or sensitive client information unless you’re confident in the platform’s protections. Ensure you have appropriate client authority when inputting their data into any tool, and always conduct your own due diligence to safeguard client privacy.
Final Thought: The web search functionality in ChatGPT is more than a productivity boost – it’s a signal of shifting client behaviours. By embracing these tools and adapting your strategies, you can position your practice for long-term success as this technology evolves.
Best regards,
Marc Fabris
Risk Hub Founder
