AI in Financial Services
The topic of Artificial Intelligence (AI) and advanced analytics is pervasive. If you Google “industry trends in Financial Services,” you’ll see a long list of articles talking about digital transformation happening in the industry – all fueled by the latest technologies, with AI at the heart of it. The subject is so prevalent that when a seasoned executive recently asked me, “Is this emphasis on AI all hype?” I was taken a bit off guard. So, how has AI become a core technology that promises powerful benefits and transformational rewards?
Before we dig into it, let’s define what we mean by AI. According to Investopedia…
“AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning and problem-solving. The ideal characteristic of artificial intelligence is its ability to rationalise and take actions that have the best chance of achieving a specific goal.”
AI technology continues to get better and better – not only in terms of functionality, but also in terms of affordability. Today, advancements in AI are driving change – good, long-lasting change – across the entire financial services spectrum.
AI in financial services – there is a need for real-time visibility into data and complete transparency to support better decision making across the investment ecosystem. Family Offices, for example, who want better reporting, quickly discover that this can be a time and resource intensive endeavor. However, implementing new, cloud-based technologies not only help free up the finance team to focus on more strategic projects, but also allow for more affordable and less complex options.
Likewise, the insurance space is also experiencing transformative change with AI by putting massive amounts of data to optimal use. Insurers can now offer highly personalized policies, automate time-consuming back-end processes, and provide estimates with greater accuracy to customers worldwide.
- Insurify uses an always-on-call, virtual agent named Evia. Facebook Messenger’s Insurify instantly verifies customer data to compare real-time quotes from carriers in various zip codes and provide coverage recommendations. Its engine quickly finds the best insurance for each user based on that user’s profile.
- Lemonade provides paperless and personless renters and homeowners insurance using chatbots and AI to create policies and handle user claims via desktop and mobile. Customers can choose which nonprofit organizations receive underwriting profits as part of the company’s annual “Giveback” initiative.
With the increasing number of technology vendors in market, it’s easy to feel overwhelmed and to be unsure where to start. Like most new ventures, it’s important to understand where you are and where you want to go with your finance team before you can make progress. Core questions to ask yourself are:
- What is your long-term strategic vision for you and your finance team?
- What are the capabilities you must have to get more real-time visibility, speed, accuracy, and peace of mind?
- What are the key challenges you must overcome?
- How can technology help?
Answers to these questions will help you pinpoint where you can improve processes and potential data quality issues. Plus, an open conversation with third party vendors on what is needed to improve upon financial and operational outcomes can help uncover more streamlined, cost-efficient ways to meet strategic objectives.
So, to the executive who asked me, “Is this emphasis on AI all hype?” My answer: “No, it’s real and it’s game-changing.” Based on just the few examples cited above, I’d say AI will only continue to become more intertwined in personal and professional lives. Regardless, for finance leaders in financial services not quite ready to make the leap into the world of AI and advanced analytics just yet, I’d say, it’s OK to proceed with caution. However, take the time now to know what your strategic vision is and determine what you need to achieve it. Then, explore how technology can help. Talk with finance peers who have recently made cloud-based technology investments, conduct research online, explore a demo or two. Whatever you do, be informed on what’s possible so that when you’re ready to take the next step, you’ll know what to do and why.
Sage Intacct empowers finance leaders in financial services to integrate data-driven decision-making across an entire organisation, transforming the role of finance to forward-thinking analysts and trusted advisors. Learn more by viewing this newly released webinar: “AI and the Future of Financial Management.” Or if you’d like a real-person discussion, please get in touch and we’d be happy to give you a call or arrange a demonstration of the software.
Alternatively if you’d like further information about how this powerful new breed of software can elevate your business click here to fill out our contact form or request a demo.
Software for insurance companies
Are you an insurance company looking for insurance software, or a financial services firm, taking advantage of these technology innovations to deliver more? More financial insights in real time? More data-based decision-making? More efficiency with continuous consolidations that take just minutes versus weeks?
The digital age is bringing definitive change. Are you ready?
Real Customers, Real Business Benefits
Hear from leading-edge insurance and financial services organisations that are taking advantage of proven cloud financial management technologies in order to maximise the ability to use real-time data, smart automation, advanced analytics, and scale across multi-entities, seamlessly. Insurance companies needs business software that can reduce budget reporting and increase efficiencies so you always have a true picture of your business financials.
More Strategic, Versus Tactical
“We have completely transformed our finance team since partnering with Sage Intacct. We now focus 75% of our time on strategic initiatives versus tactical activities, have reduced budget reporting time from three months to one week, and have streamlined operational processes by as much as 20%, saving us tens of thousands of dollars.” – Freddie Daniels, Director of Accounting, Appalachian Underwriters, Inc. Read the infographic – What finance leaders need in order to thrive in a digital age.
Robust Integrations Across Business Systems
“Sage Intacct brings us tremendous reporting and dashboard flexibility”…(and its)…”robust APIs allow us to speed processes and ensure data accuracy by linking directly to our other business systems, even proprietary ones.” — Kristy Facchini, Chief Financial Officer at Auto Claims Direct. Read their story
Scale Seamlessly as Your Business Grows
Momentum is building in the insurance and financial services sector and Sage Intacct is the leading insurance software, here to help your business thrive on in 2021.
If you are a finance leader who is challenged with:
- Working with multiple instances of QuickBooks to manage your multi-entities
- Taking weeks to close and consolidate the books every month/quarter
- No real-time visibility into your key financial data
- No clearly defined audit trail to manage compliance requirements
You likely have outgrown your accounting system. Don’t get left behind.
Today’s successful finance leaders are implementing digital innovations to help them change the role of finance from back-room financial reporters into forward-thinking analysts and trusted advisors. Where are you in the digital journey?
Why not grab a free Coffee Break on us and have a demo of Sage Intacct
Put your feet up and see how Sage Intacct helps you gain deeper insights, greater financial visibility and improved business performance – throughout your entire organisation.
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Register today, select a date that suits you, and make this a “coffee break” with a difference, we will send out a coffee voucher following the session for all attendees.