AI Text Generation: Benefits, Limitations, and Use Cases

1 A.I Text Generation Recommendation Report William Preston 3 February 2023

2 Background The business environment is constantly evolving, more so now than ever. Technology makes major jumps more and more quickly each year. The new revolution in technology is A.I or artificial intelligence text generation. A.I. is a buzz word in business currently, so it is important to understand exactly what A.I. text generators are. According to Dennis from Castos.com, A.I. text generators are a type of software that uses natural language processing techniques to process input text and create an output text of similar style and content. They are also highly versatile as they can be trained to follow a desired style or tone (2022). The process for using an A.I. text generator is very easy. The basic process is picking a software, such as ChatGPT, entering in desired keywords or a phrase, and waiting for the A.I. to load and respond. The responses are generally well rounded from A.I. like ChatGPT due to their broad range in training sources. This allows for someone to generate a repose on almost anything. This can be shown when I asked ChatGPT ” In simple terms, what does an actuary do?” It responded with “An actuary uses mathematical and statistical methods to analyze financial risk and make informed decisions for insurance, investment, and pension plans.” Benefits The trainability and open-endedness of A.I. text generators leave it open to many possibilities. There are many uses that have been found and taken advantage of by different industries. Some examples are authors using A.I. to generate their first draft of a book, writers and brands using A.I. to write simplistic articles, and students using it to help formulate essay ideas (Ghenaiet, 2022). These uses are great and can easily be translated over to the actuarial industry. However, these are not the only abilities these A.I. possess. ChatGPT has shown many more advantages, such as reformatting data, summarizing records, translating languages, and

3 doing calculations (Sharma, 2023). All of this can be done just by asking the A.I. to preform the tasks in simple English. The A.I. has the ability to eliminate menial tasks like reformatting datasets and going as far as being able to calculate complex problems without need for a formula. This is without a highly specialized A.I. designed for the actuarial field. The ability to further train the A.I. in formatting, writing style, and mathematical abilities necessary will only create and even more effective generator. Shortcomings For all the benefits A.I text generators come with, they also come with some shortcomings. This can be expected with new technology, and some issues may soon be worked out. However, many of the problems with A.I text generators show no potential solutions. The issues with A.I. include: potential quality and plagiarism problems, the algorithm possibly devaluing content, lack of creativity, and no potential for new ideas (Hetler, 2022). These all can potential be major issues if gone unchecked. The source of the A.I.’s information links to the basis for many of these issues. Since the A.I. is essentially regurgitating information, it has been trained on, it is possible that the A.I. was fed bad information or copies the original source when repeating the information. A.I. is just a software and therefore has very hard-set limitations in creation. It can not create ideas for itself and could be shown to struggle connecting ideas it contains due to missing creativity. The final issue outlined is in the way the algorithm processes information. The value of different pieces of information may be different and information deemed “unimportant” may never be given back out. Most of these problems have a relatively simple solution: have someone review and edit the A.I. This is a workable solution, but does take away what would be one of the biggest advantages of the A.I. generators. The advantage lost is the ability to have tasks done without human intervention slowing the process down.

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4 Conclusion A.I. text generators like ChatGPT can provide many benefits and uses, but also comes with new issues to overcome. A.I. text generators are software that processes information given and uses the database it was trained on to create an appropriate response. This is not limited to just writing papers and articles, but can be used to help process datasets. The A.I. can be implemented in many ways to assist the business by saving time on simple tasks and completing higher level problems with proper training. Some of the most beneficial potential uses for the actuarial industry are the ability to reformat datasets, preform complex calculations, and summarizing data for easier processing. The other side to these benefits is the shortcomings of the A.I. The issues are exemplified in the necessary oversight needed for the generator. They can not be left alone and immediately have the results published, as it could easily contain plagiarism, lack of creativity, and the inability to create new ideas. Overall, A.I. text generators are in their early stages and will only become better and stronger. Failing to familiarize with and begin using A.I. is a mistake because the upside vastly outweighs the downside. Recommendations

5 Works Cited Dennis. (2022, December 9). The Complete Guide to AI Text Generators for Creators (How They Work, Limitations, and How to Use Them) . Castos. https://castos.com/ai-text- generators/#:~:text=An%20AI%20text%20generator%20is Ghenaiet, A. (2022, September 1). The Huge Benefits of AI Text Generators . Ink. https://inkforall.com/ai-writing-tools/ai-content-marketing/ai-content-marketing- strategy/ai-generator/ai-text-generator/ Hetler, A. (2022, December 8). Pros and cons of AI-generated content | TechTarget . WhatIs.com. https://www.techtarget.com/whatis/feature/Pros-and-cons-of-AI-generated- content Sharma, S. (2023, January 19). GPT-3-based chat data prep tool can transform data with plain- English inputs . VentureBeat. https://venturebeat.com/ai/gpt-3-based-chat-data-prep-tool- can-transform-data-with-plain-english-inputs/

Case1 ChatGPT

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