Notebook LM deserves the hype
Synthetic podcasts are surprisingly useful for learning
Before we start, I’ve launched a new Substack, Business is Politics in which I share my takes and analysis at the intersection of business and politics. If you follow me on LinkedIn, or on my podcast, you’ll be familiar with the content. Short, snappy takes, 3x/week.
In case you hadn’t heard yet, Google’s latest beta product, Notebook LM is getting a lot of attention among AI enthusiasts. At first, I didn’t understand the hype. Everyone I follow in this space was excited about the app’s ability to convert a document or text into a synthetic podcast between two hosts.
It sounded like a gimmick.
Until I used it.
Google presents Notebook LM as “your personalized AI research assistant.”
The user flow is simple: when you upload documents into the notebook, the app “instantly becomes an expert” in the information “that matters to you most.”
This is where the magic happens, especially if you use your notes as a second brain, as I increasingly try to do.
To get started with Notebook LM, I decided to experiment using it to prepare for an upcoming keynote speech in the insurance space.
I’m far from a subject-matter expert on insurance. And I’m not expected to be an expert for my talk, but I still want to have a baseline understanding of some the core issues facing my audience.
But, a lot of the content I was provided is rather dense and dry.
And that’s how I thought Notebook LM could help. Could it take a complex topic I know little about and help me study it in an approachable way?
Turns out that yes, it can.
Let’s dig in.
Step 1: Create Notebook LM Account
If you have a Google account, this will take no time. You can access Notebook LM here.
Step 2: Create a New Notebook
From the main dashboard, click on the New Notebook button and you’ll get a prompt to upload your documents.
In this example, the document I uploaded is this position paper on climate change by the Canadian Council of Insurance Regulators.
The document has industry terms like "Nat Cats” and “DFAs” and other industry jargon that is totally foreign to me.
Once you load your documents, Notebook LM will immediately begin analyzing the content to provide you with ways to interact with your information:
Step 3: Generate a Deep Dive Conversation
Click on the Generate button underneath the Audio Overview section. You won’t get an audio file right away — in this example, Notebook LM took three minutes to compile a 13-minute podcast.
As you’ll hear, the output is scary. As in, it’s impressive. Each voice sounds human, with pauses, ummms, filler words, variability in tone and pace — it doesn’t sound like two robots talking. It sounds like two interested people exploring the substance of the document in an interested manner.
Sure, there’s no laugh-out-loud humour, and the dynamic between the two speakers sounds a bit too polished, but I’m splitting hairs here. As a learning tool, this output is amazing:
Think about the possibilities here.
I spend a lot of time on planes. And I don’t always have the energy to read a pile of documents and otherwise spend my flights listening to podcasts.
Now?
I can upload what I need to study or learn, and then create audio overviews that I consume on my long-haul flights, or on my next dog walk.
But it doesn’t end there. The notebook becomes my second brain. I can interact with the information and study it with huge time-saving prompts.
Step 4: Get a briefing note
Here’s what I get when I click the Briefing Note prompt:
Briefing Doc: Climate Change, Natural Catastrophes, and Consumer Awareness
Source: Excerpts from "Climate Change, Natural Catastrophes and Consumer Awareness Position Paper.pdf" - Spring 2023, CCIR (Canadian Council of Insurance Regulators)
Main Theme: This position paper highlights the growing gap between Canadians' exposure to natural catastrophes (Nat Cats) exacerbated by climate change and their awareness of both the risks and available insurance options. It stresses the need for urgent and coordinated action from the insurance industry, governments, and stakeholders to bridge this gap and protect consumers.
Most Important Ideas & Facts:
1. Growing Risk & Awareness Gap:
Increasing Nat Cat Frequency & Severity: Climate change is causing more frequent and severe Nat Cats across Canada, leading to increased property damage and financial losses for homeowners.
"Since the issuance of the 2017 paper, Canadians’ exposure to Nat Cats has only increased with climate change making these events both more frequent and severe."
Low Risk Awareness: Despite this, many Canadians underestimate their personal risk exposure to various Nat Cats, including earthquakes and floods.
"Canadians often underestimate their own risk profile, which includes exposure to Nat Cats."
Knowledge Gaps Regarding Insurance: There is a significant lack of awareness regarding available insurance coverage options for Nat Cats, the details of existing coverage, and how Disaster Financial Assistance (DFA) programs operate.
"There is a significant disconnect between actual insurance uptake and consumers who think they are covered."
2. Consequences of the Awareness Gap:
Inadequate Insurance Coverage: Consumers may purchase inadequate or forgo insurance altogether, leaving them financially vulnerable in the event of a Nat Cat.
"Complexity and confusion regarding policies, coverages, limitations, and deductibles can limit a consumer’s ability to make informed decisions and limit the uptake of needed or suitable products that may be available and affordable."
Over-reliance on DFA & Strain on Public Resources: Misconceptions about DFA programs and the assumption of government support lead to underinsurance and potentially strain public resources.
"There is a perception among some populations that government will provide financial assistance for all losses associated with a Nat Cat."
3. Recommended Actions & Initiatives:
The paper outlines several recommendations for the insurance industry to address these knowledge gaps and protect consumers:
Improve Disclosure Practices: Implement best practices for assessing and communicating property-specific Nat Cat risks to customers at the point of sale and renewal, moving beyond basic information like postal codes.
Clearly Communicate Insurance Options: Develop standardized terminology and processes to explain Nat Cat insurance options clearly and consistently, including simplified disclosure statements.
Simplify Coverage Summaries: Provide easily understandable summaries of key product features, including coverage limits, deductibles, and exclusions, on the first page of every homeowner's policy.
Train & Educate Distributors: Ensure that those selling insurance products, including intermediaries, are adequately trained to understand and explain Nat Cat risks and coverage options to customers.
Design Innovative Products: Encourage consumer action through product design and incentives that promote risk mitigation measures and reward risk reduction efforts.
Additional Initiatives:
The paper also advocates for broader initiatives to improve awareness and information accessibility:
Publicly Accessible Multi-Peril Risk Portal: Develop a centralized, authoritative online portal providing accessible, granular, and up-to-date information on multi-peril Nat Cat risks at the postal code or property level.
Clarify DFA Coverage: Provincial and territorial governments should clearly define DFA program parameters, eligibility criteria, and limitations on their websites and through collaboration with the insurance industry.
Conclusion:
This CCIR position paper serves as a call to action for the insurance industry, governments, and stakeholders to proactively address the growing Nat Cat insurance gap. By improving consumer awareness, simplifying communication, and promoting risk mitigation, it aims to ensure Canadians are better equipped to protect themselves from the increasing risks posed by climate change and natural catastrophes.
Step 5: Create a Study Guide
Here’s what I get when I click the Study Guide prompt:
Climate Change, Natural Catastrophes, and Consumer Awareness: A Study Guide
Quiz
Instructions: Answer the following questions in 2-3 sentences.
What are the four key consumer awareness gaps related to natural catastrophes and insurance identified in the position paper?
Why is communicating property-specific risk important, and how does it differ from simply communicating general risk information?
Describe the knowledge gap regarding disaster financial assistance (DFA) programs and its implications for consumers.
What are the five recommended actions proposed by CCIR to address the identified consumer awareness gaps?
Explain the concept of “knowing your customer” in the context of natural catastrophe insurance.
Why is it important for disclosure materials about insurance options to be standardized and easy to understand?
How can insurers ensure intermediaries are adequately trained to communicate complex insurance information to customers effectively?
What kind of "innovative products" does CCIR encourage insurers to develop to address the consumer protection gap?
What is the purpose of the proposed publicly accessible multi-peril, postal-code level risk portal, and who would benefit from it?
What steps can provincial governments take to clarify DFA program coverage and manage consumer expectations?
Answer Key
The four key consumer awareness gaps are: low awareness of property-specific Nat Cat risk, low awareness of available insurance coverage options, low awareness of the content, coverage, and limitations/exclusions of existing insurance they have purchased, and low awareness of how provincial/territorial DFA programs operate.
Property-specific risk communication is crucial because it provides homeowners with a clear understanding of the risks their particular property faces. It differs from general risk information by considering individual property characteristics, mitigation efforts, and location-specific hazards, enabling homeowners to make informed decisions based on their unique circumstances.
The knowledge gap surrounding DFAs stems from the misconception that these programs will cover all losses from a Nat Cat. This can lead consumers to forgo private insurance, leaving them financially vulnerable if they are ineligible for, or inadequately covered by, DFA programs.
CCIR proposes five recommended actions: enhancing disclosure practices, improving communication of insurance options, adopting a simplified approach to summarizing coverage, training and educating distributors, and designing innovative products.
“Knowing your customer” in the context of Nat Cat insurance means insurers and intermediaries must make reasonable efforts to understand the customer's property-specific risk, considering factors beyond basic application details. This involves gathering information about location-specific hazards, building characteristics, and mitigation measures to offer appropriate advice and coverage.
Standardized and easy-to-understand disclosure materials are vital to enable meaningful comparisons between different insurance policies. This clarity helps consumers make informed decisions by readily understanding key features, exclusions, and coverage limitations across various offerings.
Insurers can ensure intermediaries are adequately trained by providing them with comprehensive materials, resources, and ongoing training programs. These should cover product knowledge, risk assessment methodologies, and effective communication strategies to ensure they can clearly explain complex insurance information and guide customers toward appropriate coverage.
CCIR encourages the development of innovative products that incentivize risk reduction and enhance consumer engagement. Examples include offering premium discounts for mitigation measures, creating user-friendly tools for assessing property-specific risk, and designing policies that cater to the evolving needs of homeowners in a changing climate.
The proposed publicly accessible risk portal aims to provide a centralized, authoritative source of information on multi-peril Nat Cat risk at a granular level. This would benefit homeowners, developers, prospective buyers, and the insurance industry by offering transparent and readily accessible data to understand property-specific risks and make informed decisions regarding insurance and mitigation measures.
Provincial governments can clarify DFA program coverage by providing clear, accessible information about eligibility criteria, coverage limitations, and the application process. They can also partner with the insurance industry to develop educational resources and awareness campaigns that effectively communicate DFA parameters to homeowners, managing expectations and encouraging informed decision-making regarding insurance coverage.
Essay Questions
Analyze the four consumer awareness gaps related to natural catastrophes and insurance identified in the position paper. Discuss the potential consequences of these gaps for individual homeowners and the insurance industry as a whole.
Evaluate the effectiveness of current efforts by governments, industry, and other stakeholders to educate Canadians about natural catastrophe risk and insurance options. Identify areas for improvement and propose specific strategies to enhance consumer awareness and understanding.
Discuss the ethical considerations for insurers and intermediaries when communicating complex insurance information to customers, particularly regarding natural catastrophe coverage. How can they balance the need to provide transparent and comprehensive information with the goal of promoting product uptake?
Critically analyze the potential benefits and challenges of implementing a publicly accessible, multi-peril, postal-code level risk portal. Consider the perspectives of homeowners, the insurance industry, and government stakeholders in your assessment.
In light of increasing climate change risks and the evolving insurance landscape, propose a comprehensive policy framework that addresses consumer awareness gaps, encourages risk reduction, and ensures affordable and accessible natural catastrophe insurance coverage for Canadians.
Glossary of Key Terms
Natural Catastrophe (Nat Cat): A natural event that causes significant damage or loss, such as earthquakes, floods, wildfires, and hurricanes.
Property-Specific Risk: The probability of a specific property experiencing damage or loss from a natural catastrophe, considering factors like location, building structure, and mitigation measures.
Disaster Financial Assistance (DFA): Government programs that provide financial aid to individuals and communities affected by natural disasters when insurance is unavailable or insufficient.
Insurance Coverage Gap: The difference between the actual insurance coverage held by a homeowner and the amount of coverage needed to fully recover from a natural catastrophe.
Intermediary: A person or organization that acts as a go-between for insurance companies and consumers, such as insurance brokers and agents.
Disclosure: The act of providing information to consumers about insurance policies, including coverage, exclusions, and limitations, in a clear and understandable manner.
Mitigation: Actions taken to reduce the risk of damage or loss from natural catastrophes, such as reinforcing building structures or installing flood barriers.
Hazard Map: A map that identifies areas prone to specific natural hazards, such as flood zones or earthquake fault lines.
Climate Change: Long-term shifts in temperatures and weather patterns, primarily caused by human activities, which can exacerbate the frequency and intensity of natural catastrophes.
Resilience: The ability of individuals, communities, and systems to withstand and recover from the impacts of natural disasters.
This is source-grounded AI. You always know that the AI is using trusted authoritative information that you have curated, not whatever was fed into the large language model.
Imagine uploading all the quotes you’ve ever highlighted in books?
Or exporting every Snipd quote you’ve captured from podcasts, and then being able to interact with this content in this way?
Better yet, all the legislative or regulatory documents you need to wrap your head around?
It’s exciting, especially if you’re looking to go from little knowledge to baseline knowledge.
The best parts?
It’s free
The documents aren’t used to train other models.