AI in Insurance and Finance is applied in processing documents and communication. This typically involves data extraction from contracts, documents and forms, comparison of product terms from multiple providers, preparation of materials for the client, summarisation of insurance claims, and sorting incoming requests by urgency. It also speeds up the preparation of regular client reports and checking the completeness of documentation before submission. Critically, assessing creditworthiness, risk or entitlement to a claim payout is among the decisions with an impact on people, so it is subject to stricter requirements including human oversight and the client's ability to challenge the decision. Deployment should therefore be planned so that AI prepares the material while an advisor or claims adjuster decides. Also pay attention to what client data enters the tools and where it is processed.
See also: High-risk AI system, Human oversight of AI, Internal AI usage policy.
