Processing huge volume of data on a day to day basis is a tedious, time-consuming affair for insurance companies. AI could just be the game changer due to its speed and utility.
Automation in logistics is at a nascent stage. Reports show that implementing automation can deliver up to 30% increase in transaction speed, 25% reduction in cost, 100% accuracy and better compliance.
Banking and financial sectors have been using some form of machine learning to keep track of data but it is usually tedious and manual in nature. With high volume of data and the quantitative nature of finance, this sector is particularly suited for artificial intelligence.
Wealth management advice will come from bots that are free of calculation errors and faulty/biased judgement, unlike human advisors. AI and machine learning will play a key role in solving portfolio advice and equipping experts with key data points.