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"AI's Impact on Finance and Insurance: Assessing Risks and Ensuring Security"

"AI's Impact on Finance and Insurance: Assessing Risks and Ensuring Security"

Unleashing the power of Artificial Intelligence in the financial and insurance sectors involves risk assessment, prediction, and the need for information security protection.

 The capabilities of Artificial Intelligence continue to rapidly evolve, allowing for the processing of vast amounts of data, extracting insights, and performing complex tasks in various fields, including financial institutions and insurance companies.

Artificial Intelligence is transitioning from its current state of "detection and remediation" to "prediction and prevention," bringing about a radical change in all aspects of financial institutions' and insurance companies' operations.

 According to Neelesh Garg, CEO of PolicyBazaar, Artificial Intelligence "helps insurance companies in identifying potential fraudulent claims and expedites underwriting processes." Experts consider Artificial Intelligence particularly useful in corporate finance, where it can better predict and evaluate loan risks. Market research suggests that the Artificial Intelligence market in the insurance sector is expected to reach $45.74 billion by 2031.

Risks associated with the use of Artificial Intelligence:

1. Data Security: As Artificial Intelligence relies on large volumes of data, ensuring the security and privacy of sensitive information becomes paramount. Implementing robust cybersecurity measures and encryption techniques is essential to protect against potential data breaches.

2. Ethical Considerations: The deployment of Artificial Intelligence systems requires careful consideration of ethical implications. Ensuring fairness, transparency, and accountability in decision-making processes is crucial to avoid biases or discriminatory outcomes.

3. Lack of Human Oversight: Overreliance on Artificial Intelligence systems without sufficient human oversight may lead to unintended consequences. Human experts should actively monitor and evaluate the output of AI algorithms to ensure accuracy and mitigate any potential errors or biases.

4. Unforeseen Adaptation: The speed at which Artificial Intelligence evolves can pose challenges in keeping up with its capabilities. Regular updates, training, and monitoring are necessary to address emerging risks and ensure the AI systems are up-to-date and effective.

By optimizing Artificial Intelligence strategies while also addressing the associated risks, financial institutions and insurance companies can harness its transformative potential and drive innovation in their respective industries.

"Gitnux Report Unveils the Advancement of Artificial Intelligence in the Insurance Sector 
and Future Challenges"

Artificial intelligence (AI) is undoubtedly one of the fastest-growing industries in the world. According to a recent report by Gitnux, it has an average growth rate of 33.2%, with an estimated increase of around 26% in the global GDP by 2030. The report also highlights that 54% of financial services institutions with over 5,000 employees have adopted AI, with 37% using it to reduce operational costs and 70% utilizing machine learning for cash flow prediction, credit scoring, and fraud detection. However, with these advancements, there are also risks involved.

Niraj Goel, the CEO of "Policy Bazaar," explained to the "Middle East Newspaper" that AI "can significantly alter the risk landscape by transforming some risks from low intensity/high frequency to high intensity/low frequency." This necessitates insurance companies to rethink their traditional coverage and design appropriate insurance products.

Looking towards future trends and developments in the insurance industry, Goel identifies five key technological trends: AI, distributed infrastructure, future communication, next-level automation, and trust architecture. He believes that with the emergence of advanced technologies, the insurance sector, especially in the Middle East and Saudi Arabia, is experiencing an immensely exciting time.

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"The Future of Insurance Technology in the UAE: Fraud Detection, AI, and Face Recognition"

"The United Arab Emirates, where the insurance technology is likely to thrive in the next five years."

Fraud detection and prevention

Fraud has always been a major concern for financial and insurance companies. This is where the role of artificial intelligence (AI) and data analytics comes in, as they greatly enhance fraud detection and prevention mechanisms. AI helps identify fraud at an early stage by leveraging a large amount of financial data and transactional information.

However, Maher Yamout, the Chief Security Officer at Kaspersky, points out that many AI platforms are "bullet-resistant" when it comes to providing accurate answers due to their reliance on cloud-based services. He adds, "Some results from generative AI contain general mistakes, so what about answers related to programming, law, and finance?" Therefore, excessive reliance on AI systems at this stage is a common mistake that should be avoided.

Face recognition technologies

Biometric measurements are a secure method for user authentication in financial applications. They are also used as an additional factor to enhance account security beyond passwords. But how does AI capability affect this? Maher Yamout responds, saying, "Such biometric measures become vulnerable because they can be..."

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"Using AI to Prevent Fraud: Mastercard's New Tool"

"Such biometric measures become vulnerable to risk because anyone can currently create a full 3D face from any static image or create synthetic voice replicas to bypass these security measures." 

A New Tool to Prevent Fraud 

Mastercard, a company specializing in credit card payments, announced on July 6th a new tool powered by artificial intelligence to prevent financial payments to any fraudulent entity.

 The tool, called Consumer Fraud Risk, operates in real-time to predict and prevent any type of fraudulent payment, according to the company.

 Mastercard has started rolling out this new tool in the United Kingdom for customers of nine different banks, including Bank of Scotland, NatWest, Monzo, Halifax, TSB, and others. 

Mastercard has utilized tracking of fraudulent account activities and linked them to specific analysis factors such as account names, payment values, payment records, and their connection to accounts related to fraudulent operations.

Insurance and finance industries have always relied on data analysis, and now the role of artificial intelligence comes into play.

 However, with its expanded capabilities, the risk of data exposure increases. Therefore, the importance of having new guidelines and advanced protection techniques to monitor and regulate artificial intelligence and its applications is highlighted.


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