6 Uses of AI, Machine Learning and NLP in Finance and Insurance

There are swathes of blogs covering the impact of AI on both the financial and insurance industries, however, many look at farfetched AI and ML concepts, not yet tested or applied in either. The below list of'uses' documents application methods or techniques which are currently being implemented, albeit quietly, slowly and behind the scenes. The below are six ways in which we think AI is best being utilised in both the finance and insurance industries. Considered one of the more sought after applications of AI in Finance, it is suggested that the use of AI for fraud detection could detect billions of dollars worth of fraudulent transactions. Whilst AI is already somewhat prevalent in the financial industry, it is expected that by the end of 2021, the amount spent on applying AI in finance with specific focus on fraud detection is set to triple.