Application of AI in finance and insurance: Increase profits, reduce risks
In the context of rapidly advancing artificial intelligence (AI) technology, the finance and insurance sectors are witnessing a profound transformation thanks to advanced AI applications. From credit risk forecasting and asset management to enhancing customer experience, AI is becoming an essential tool that helps financial organizations optimize operations and improve business performance.
AI in finance: Forecasting, risk management, and operational optimization
According Đại đoàn kết, The scientific seminar "Application of AI for Financial and Insurance Organizations" organized by the University of Economics Ho Chi Minh City (UEH) has attracted the attention of many experts. The speakers emphasized that AI not only helps banks and financial institutions forecast credit risk but also optimizes investment portfolios and minimizes errors in transactions.
Technologies such as machine learning and artificial neural networks enable the analysis of big data to identify market trends, helping financial organizations make more accurate decisions. Mr. Ha Than, General Director of Lac Viet Information System Joint Stock Company, stated: "AI solutions can help financial organizations expand their forecasting capabilities, thereby increasing profits and effectively minimizing risks." (Source: Báo Người Lao Động).
AI in Insurance: Enhancing Customer Experience
In addition to the financial sector, the insurance industry is also leveraging AI to enhance service quality and optimize the claims assessment process. AI can automate the handling of claims requests, verify identities, and detect fraud. Mr. Pham Quoc Thang (University of Economics Ho Chi Minh City) stated: "The application of AI helps improve data analysis capabilities, thereby enabling insurance companies to offer products that better meet customer needs." (Source: Báo Nhân Dân).
AI applications in insurance not only stop at fraud detection but also help build health forecasting models and assist customers in choosing the optimal insurance package.. According Vietnam News Agency, AI systems can analyze health data and medical history to propose personalized insurance packages, helping to minimize costs and maximize benefits for customers.
Challenges and Opportunities
Although AI brings many benefits, the application of this technology also poses several challenges. One of the important issues is data security and compliance with legal regulations. Dr. Ho Diep (EDU Education Trading Company Limited) believes that: "The development of AI must be accompanied by appropriate management policies to ensure transparency and the safety of customer information." (Source: Báo Mới).
In addition, some experts also emphasize that the implementation of AI requires high-quality human resources with deep knowledge of data and technology. This is a significant challenge for many financial and insurance businesses, especially in Vietnam (Source: Báo Mới).
Conclusion
AI is changing the landscape of the finance and insurance industries, helping organizations optimize processes, increase profits, and minimize risks. However, to fully leverage the potential of AI, businesses need to have a suitable implementation strategy, ensure compliance with regulations, and invest in employee training. In the future, AI promises to continue playing a crucial role in promoting the sustainable development of the finance and insurance sector.