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AI’s Influence on Financial Services  and  Insurance

AI’s Influence on Financial Services and Insurance

Published By: Research Desk Released: Apr 08, 2020

For the final webinar of 2019, our focus turned to one of the largest sectors of the world economy: finance. Artificial intelligence is transforming the way that FSI functions, bringing a game-changing approach to the fore. You can view the whole webinar for free now. It’s clear that AI is going to transform finance, as it will many other sectors. Knowing that, the time is now to look ahead to other issues around AI, not just how it’s being implemented but what people think of it. David claimed that AI in FS and insurance is fast becoming an ethical and trust issue. For instance, claim optimisation algorithms are able to predict the amount of pay out a customer will be happy with and could therefore offer a lower pay out than average to certain customers. Banks and financial institutions are taking action before legislation has been passed to regulate AI use, further exacerbating this crisis of trust.