Interesting AI, ML, NLP Applications in Finance and Insurance

 Interesting AI, ML, NLP Applications in Finance and Insurance

Many blogs address the effect of AI in the financial and insurance industries, but many of them focus on far-fetched AI and machine learning concepts that have yet to be proven or implemented in either. The ‘uses’ list below details application approaches or strategies that are now in use, although softly, slowly, and behind the scenes.

The six ways we believe AI should be used in the banking and insurance industries are listed below.

1) Detection of Fraud

One of the most sought-after uses of AI in finance is fraud detection, which is thought to be capable of detecting billions of dollars in illegal transactions. While AI is currently widely used in the financial sector, it is predicted that by the end of 2021 the amount spent on AI in finance, with an emphasis on fraud detection, will have tripled. With 72 percent of company executives seeing fraud as an increasing problem and projections of US$44 billion losses due to fraud…

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