Search Results for: health insurance

Emerj Technical Advisor, German Sanchis Trilles, PhD, defines natural language processing as:
“...everything which is related to human language. If you have a system that needs to recognize what a human wrote, that’s NLP. If you have a system that tries to understand what a human said with his voice or with her voice, that’s NLP as well. If you want a system to speak and to do some speech synthesis, that’s NLP as well.

Many of the key processes in industries such as banking and insurance are still done on paper. That said, many large enterprises seem to be in the process of digitizing parts of these processes in order to prepare for forays into automation and artificial intelligence. 

A chatbot is a prominent type of AI application used by a variety of businesses for resolving issues related to conversations between the business and its customers, clients, staff, or business partners.

Money laundering is a financial fraud method unique to what AI vendors and other solutions providers refer to in their “fraud detection” offerings. This is because the technique centers on making fraudulent money transfers that appear to be validated by two willing parties.

Many financial institutions are experimenting with chatbots both for general customer service and for offering new and better financial services to their customers. In addition to banks and insurance companies, other types of financial services companies can benefit from this type of application as well. Financial customers can now check the status of their loan applications and stock portfolios and request refunds using AI-powered conversational interfaces.

When it comes to process automation, digital transformation leaders are now navigating the artificial intelligence hype. Although AI can yield some impressive results when it comes to digitizing processes that still involve paper and reducing the time customer service agents spend searching for customer information, leaders are perhaps too excited to jump into AI without knowing the fundamentals of what it entails.

Predictive analytics is perhaps one of the most common AI applications used by financial institutions, banks, insurance companies, and healthcare companies. This type of software allows business leaders across these industries to plan for the most probable outcomes in business areas such as credit, loans, and patient health. Predictive analytics software could make predictions about future business events based on typical company experience using historical enterprise data.

Chatbots are one of the most talked-about uses of natural language processing (NLP) software in business. Some of the most common application areas for chatbots include customer service, healthcare, and financial advisory.

Much of the artificial intelligence and automation discussion going on in the enterprise recently involves something that, in most cases, actually isn’t artificial intelligence at all: robotic process automation, or RPA.

Banks are in one of the best positions for leveraging AI in the coming years because the largest banks have massive volumes of historical data on customers and transactions that can be fed into machine learning algorithms. We recently completed our Emerj AI in Banking Vendor Scorecard and Capability Map in which we explored which AI capabilities banks were taking advantage of the most and which they might be able to leverage in the future.