The document discusses the transformative impact of artificial intelligence (AI) on the financial services and insurance sectors, highlighting various use cases such as usage-based insurance models, customer profiling, risk management, personalization, claim settlement, fraud detection, and automation. It emphasizes the shift from manual processes to AI-driven solutions that enhance efficiency, accuracy, and customer experience. Canopy One Solutions outlines its commitment to partnering with clients to deliver valuable IT services in this evolving landscape.

1. Utilizing
Artificial Intelligence
Potential in Financial
Services & Insurance
Viewpoints by Canopy One Solutions
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2. Gone are the days when insurance and nbfc sector was relying completely
on manual processes. Today with the emergence of AI and data driven
business decision making coupled with application of IOT technologies
there is a radical transformation of business processes in insurance and
other financial services, like straight through processing becoming
mainstream.
Let us look at different use cases:
1. Insurance Models
Consider the recent proliferation of usage
based insurance models. These models are a
product of a comprehensive AI applied on data
collected by telematics and IOT devices. The
transformation from legacy fixed premium
models to these modern pay as you go models
is via leveraging AI and driving data to more
accurately profile driver and trip specifics to
offer accurate micro insurance amounts. So the
best possible use case of AI is usage based insurance.
2. Customer Profiling
Via extensive application of AI to customer profile related
data and transaction data it is possible to get to know your
customer much thoroughly and accordingly use it
in multiple scenarios: premium pricing, detecting
potential defaulters etc.

3. 3. Risk Management
AI has radically transformed the way in which data
is used to streamline risk computation across
financial services including insurance. An AI based
risk computation allows for factoring in a more
dynamic and accurate analysis of a case. AI based
risk manager for example will reward a safer
driver by analyzing driving behavior.
4. Personalization
By extensive usage of AI based analysis of
customer profiles it is possible to achieve
N=1 offerings, a hyper personalized
offering to the level of unique offering for
every individual. So it is possible for
customers to get personalized products be
it from insurance providers or finance
providers.
5. Claim Settlement
Today by usage of vision and rich AI
technologies we can look at gathering real
time information related to accidents etc
and use the same to be made available to
insurance companies to enable assessors
do a real time gathering of information.
This helps in faster settlement of claims.

4. 6. Fraud Detection
Usage of AI empowers finance services
providers to be aware of fraudulent transactions
in real time as compared to earlier. Depending
upon the anomaly detection techniques in use
fraud detection is getting more real-time or
early warning across several finance use cases
ranging from insurance to nbfcs.
7. End to End Automation
Several front end and back end processes in
finance sector ranging from kyc, to claim
processing, all are now leveraging the power of
automation tools like RPA and other complex AI
powered automation technologies. Example for
certain categories of new insurance applications it
is possible to issue policy straight through.
8. Disruptive AI Enables Processes
Using face authentication and AI processes like that
several processes can be disrupted like for example
detecting fraudsters in real time etc.
9. Underwriting
There is a sense that via penetration of AI there will be a time when manual
underwriting will be eliminated. All this due to AI based deep learning
algorithms taking over the underwriting process, a process already begun.

5. 10. Customer Service & Interactive Services
Much like other industries financial services including insurance are going
to deploy chatbots for customer service tasks.
11. Financial Advisory
Via AI it will now be possible to generate specialized advices for a
customer in terms of financial plans. So personalized financial robot
advisors will be the norm in future.
12. Smart Contracts
Via AI In conjunction with smart blockchain interfaces, insurance and nbfc s
will be able to provide decentralized automated processes which involve
multiple parties like trade finance.

6. ABOUT US
Established in 2009 by proven executives with strong leadership and deep expertise in
the global IT services industry, Canopy One is dedicated to offering clients a true
partnership based on service, commitment and competency. We strive to bring value
to our clients, whether they have entrusted us with projects large or small, we
succeed when clients succeed.
Touch base with us
Website: http://www.canopyone.com/
LinkedIn: canopy-one-solutions-inc/
Twitter:CanopyOne
Facebook:Canopy-One-Solutions-
Copyright © 2019 Canopy One
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