AI Articles and Analysis in Finance

Progressive is one of the largest auto insurers in the US. The company has been experimenting with AI since the middle of the 2010s, with customer-facing applications that update insurance premiums based on driving habits and answer questions in a chat window. In this article, we discuss both of these AI use-cases. More specifically:

The top 100 global banks, including Goldman Sachs, are beginning to take AI strategies very seriously.

The AI conversation has made it into the C-suite at large banks. Leaders from Citi to JP Morgan are considering how to respond to their competitors' press releases and looking to craft winning AI strategies and adopt low-hanging fruit AI applications in their business.

In banking and finance, chatbots have the potential to improve the customer experience by allowing customers to check their account balances, transfer money, learn about interest rates, change their billing addresses, and more.

Many large insurers are finding ways to digitize parts of their business process in preparation for future projects involving machine learning. This is especially true in claims processing, which could become faster and less error-prone if claims adjusters did not have to search through large amounts of data or paper documents manually.

Several key insurance carriers began to experiment with AI in the last decade, including Progressive, All-State, and State Farm. Although not as large as the banking and retail industries, the AI vendor landscape in insurance is growing.

In the past, we’ve explored the need for insurance companies to adapt to millennial buying preferences through customized policy offerings and a more personalized customer experience. AI could help to these ends, but how could insurance carriers reach this point of AI transformation?

The thoughts and opinions expressed by the author of this piece and the interviewee, Maruf Hossain, are entirely their own and do not reflect the opinions, views, or stances of the companies at which they work.