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Finance
Trading Exchange Forecasting
As early as the 1990s, AI researchers had speculated that AI would change the forex market. A groundbreaking article called Managing Foreign Exchange for Competitive Advantage published in the MIT Sloan Management Review underlined the importance of computerized models, how they’d become indispensable in the foreign exchange market, and by extension, trading exchanges. Traders are increasingly relying on predictive analytics, and sophisticated big-data AI algorithms are capable of real-time data collection and eventually making accurate forecasts.
Finance
Risk Analysis Use Case
Risk management in banking means figuring out ways to deal with potential losses. Risk management usually focuses on managing a financial institution’s exposure to losses or risk. It also tries to protect the value of its assets. Banking can be broken down into many different types. However, this focuses on traditional banking and trading activities. Overall, banking activities create many unique risks related to a bank’s credit, liquidity, trading, revenues and costs, earnings, and solvency issues.
Finance
Sentiment Analytics
Sentiment analysis involves indexing social media comments and using algorithms to determine whether they are positive or negative. By combining NLP (Natural Language Processing) and ML techniques, a sentiment analysis system for text analysis reads different texts from a variety of sources. It then stacks them against a sentiment library (a repository of adjectives that have been assigned a sentiment score based on usage and feedback from readers. It then assigns weighted sentiment scores to the entities, topics, themes, and categories within a sentence or phrase.
Finance
Property and Casualty Subrogation Analytics
The property and casualty (P&C) insurance industry is being rapidly transformed by AI. Improved computing power in the cloud, cutting-edge algorithms, and big data are some of the tools that make implementation easier. These are some of the key tenets that are helping insurers achieve lowered costs. By adopting AI-powered digital systems, data is collected, aggregated, and analyzed. As more data is collected over time, the AI systems learn the rules of the business. This helps the AI system improvise the involved processes and helps optimize them.
Finance
Insurance Product Cost Optimization
Although insurance is an old industry and remains highly regulated, insurance companies are recognizing AI-driven solutions that can augment their technological capabilities so that their business can become leaner, faster, and more secure. AI has the potential to transform the insurance experience for customers from frustrating and bureaucratic to fast, on-demand, and affordable. Insurers are waking up to the idea of using cutting-edge AI to find, harvest, and analyze data from both the surface and deep web held across millions of academic papers, patents, government reports, databases, journals, and news items. It will be used to find signals and generate trends that can help businesses make important decisions about the future.
Finance
Improve the Underwriting Process
Underwriting is a critical business because it involves assessing potential risks that the insured is exposed to. It is why underwriters determine the extent of the coverage and the price the consumer is entitled to. They also decide whether to approve the insurance policy. While adding a new policy to their ledger, an underwriter takes on the risk. Because anything can happen in life, there is a lot of uncertainty around whether a claim gets filed or not. Many factors influence the risk of an individual.
Finance
Credit Risk Modelling
Consumers have now come to expect modern solutions from banks that can use their access to consumer data to create excellent credit card recommendations and other financial products. Banks can also use this information to make quicker decisions and reduce fraud. They can use predictive analytics to drive operations.
Healthcare
Actuarial Informatics
Health insurance companies can take two approaches when making decisions. They make actuarial decisions (Based on rules-based statistical analysis), or they can go on their gut feeling. The people in healthcare insurance doing these mathematical and statistical calculations are called actuaries.