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Why AI’s Early Adopters Are Laser-Focused On Credit Risk And Payments

PYMNTS

These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. PYMNTS’ latest research reveals that this is changing, however: The share of financial institutions (FIs) using AI has increased dramatically since 2018. percent employ it for credit underwriting.

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The infrastructure of trust: building AI foundations for inclusive, explainable finance

Finextra

AdviceRobo has pioneered the use of psychometric data, behavioral analytics, and alternative data to assess risk far beyond FICO scores. In insurance , our agents help underwrite policies using behavioral data, making coverage more accessible for underserved or high-risk segments. The ambition?

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How Has AI Impacted the Embedded Finance Space in Recent Years?

The Fintech Times

“By analysing big data and rapidly assessing risks, AI empowers financial companies to make well-informed decisions. However, a significant revolution lies ahead – the personalisation of services based on individual user assessments. “Finally, AI is reducing risk in the embedded insurance space.

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Google Is Partnering With Cyber Insurance Giants. Here’s What It Means For The Future Of Cloud Security & Insurance

CB Insights

Allianz and Munich Re will integrate with Google Cloud in order to access customers’ data in order to better assess the cyber risks they face and provide more personalized protection. Other information like if the company uses 2-factor authentication will also be provided for underwriting purposes.

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3 insurance trends to watch in Q4’22

CB Insights

Underwriting and claims automation. Why it matters: Insurers can use geospatial analytics to quickly and accurately underwrite policies and virtually assess claims for property insurance without needing in-person inspections. What’s next: Underwriting and claims teams have prioritized geospatial analytics in recent years.

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AI Becomes the Banker: 21 Case Studies Transforming Digital Banking CX

Finextra

Research by IBM found that about 50% of enterprises in financial services have actively deployed AI, the highest of any sector. JPMorgan Chase (2024) AI Application: Employee productivity and research Experience Impacted: EX - Banking Employee Experience Internal ChatGPT-Like Research Assistant: The largest U.S.

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6 Benefits of AI Insurance Claims Processing

Nanonets

A survey by Accenture on underwriting employees found that up to 40% of underwriters’ time is spent on non-core and administrative activities. Risk Assessment and Compliance Prediction: AI can assist in proactively identifying potential compliance risks by analyzing historical data and patterns. How can Nanonets Help?

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