Artificial Intelligence has been at the forefront when it comes to building a system that can analyse data intelligently, possess self-learning algorithms and provide a forecast with higher accuracy. From our smart phones to desktop computers, the AI technology has silently made its way into our lives. These come in many forms like speech bot, chatbot, email bot and social media bot. From individuals asking Siri to help navigate to the desired destination, to ecommerce giants offering product recommendations based on the consumer interest, these smart systems are selflessly making our lives easier day by day. The Banking, Financial Institutions and the Insurance sectors are one of the keen adopters of this technology due to the various business benefits it has to offer.