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Artificial Intelligence in BFSI Market to register extensive growth via service segment from 2019 to 2024

North America Artificial Intelligence in BFSI Market is set to register an excellent growth over the forecast timeline

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Artificial Intelligence in BFSI Market from service market is anticipated to grow prominently during the forecast timeline with an approximate CAGR of 38%. The artificial intelligence in BFSI market is driven by the demand for professional and managed services to reduce the operational expenditure. Moreover, companies are now trying to focus more on core competencies to improve their market penetration.

Persistently being channelized by cutting edge technologies, the deployment of artificial intelligence in BFSI market is aptly bringing a revolution in the operation model with regards to hassle-free efficient transaction. In an era of digitization, where consumers have been increasingly expecting more individualized and compelling services from banks, adoption of artificial intelligence in BFSI market is showing great level of interest. Artificial Intelligence has already made its presence felt in the banking infrastructure, providing smooth differential customer experience and security assurance on digital channels.

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The solution segment is leading the artificial intelligence in BFSI market with more than 85% stake in the revenue in 2017. Wealth management institutes, banks, and insurance companies are adopting AI solutions to analyze the customer behavior and fulfill their requirements and provide a personalized experience. The artificial intelligence in BFSI market in solution segment includes chatbots, CRM, customer behavior analytics, data analytics and visualization, and fraud detection solutions. CRM is dominating the market with more than 40% share due to the high adoption among the financial institutes in the customer contact centers and business operations.

Automation is certainly the focus of interest which has triggered penetration of artificial intelligence in BFSI market. Most of the banks are making agonizing attempts to deploy automation technologies with an anticipation to deliver new wave of productivity, in tandem with improvement in cost savings and customer experience. Despite some of the early setbacks in application of robotics and AI in banking processes, the growth prospect of AI in BFSI industry is claimed to be humongous. The technology is rapidly maturing with domain expertise getting developed among both vendors and banks.

The customer service is the dominating application of the artificial intelligence in BFSI market with over 45% share in the revenue in 2017. The integration of the conversational AI solution and chatbot among the financial institutes is propelling the artificial intelligence in BFSI market growth. Furthermore, the use of advanced analytical tools by the banks, insurance, and wealth management companies to analyze the credit rating, risk profiling, and analyzing the customer behavior to provide personalized products and services also supports the technology in fintech growth.

North America accounted for more than 50% of the share in artificial intelligence in BFSI market in 2017. The high investments in the AI and fintech sector by the technology giants are the major factors pushing the market growth. Furthermore, the early adoption of the technology and highly developed infrastructure are supporting the market growth. Asia Pacific is anticipated to grow substantially with more than 40% CAGR. The market growth is credited to the high investments by China and India in the AI technology.

Browse key industry insights spread across 320 pages with 200 market data tables & 25 figures & charts from the report, “Artificial Intelligence in BFSI Market" in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-bfsi-market

While a plethora of sectors have borne the impact of artificial intelligence, AI in BFSI industry seems to be next in the revolution queue. Of course, the aforementioned instances quite vividly reflect that banking sectors are at the vanguard of the industry, having procured more than 50% of the global share in 2017. Leading commercial as well as investment banks have been proactively implementing strategic technological advancements, with huge investment in AI application, in a bid to ensure better consumer experience. The future of finance would be extensively influenced by fintech, which would set the stage for artificial intelligence in BFSI market to hit a revenue of USD 25 billion by 2024.

Chapter 4. Artificial Intelligence in BFSI Market, Competitive Landscape

4.1. Introduction

4.2. Company market share, 2017

4.3. Major market players, 2017

4.3.1. Google Inc.

4.3.2. Microsoft Corporation

4.3.3. IBM Corporation

4.3.4. Amazon Web Services

4.3.5. Salesforce

4.4. Innovation leaders, 2017

4.4.1. Inbenta Technologies, Inc.

4.4.2. NEXT IT

4.4.3. IPsoft

4.4.4. Palantir Technologies

4.5. Other prominent vendors

Chapter 6. Artificial Intelligence in BFSI Market???????, By Technology

6.1. Key trends, by technology

6.2. Machine learning & deep learning

6.2.1. Market estimates and forecast, 2013 – 2024

6.2.2. Market estimates and forecast, by region, 2013 – 2024

6.3. Natural language processing (NLP)

6.3.1. Market estimates and forecast, 2013 – 2024

6.3.2. Market estimates and forecast, by region, 2013 – 2024

6.4. Computer vision

6.4.1. Market estimates and forecast, 2013 – 2024

6.4.2. Market estimates and forecast, by region, 2013 – 2024

6.5. Others

6.5.1. Market estimates and forecast, 2013 – 2024

6.5.2. Market estimates and forecast, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-in-bfsi-market

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AIG Announces Third Quarter 2020 Catastrophe Loss Estimates, including COVID-19 Catastrophe-Related Loss Estimates; and Results of the Life & Retirement and Legacy Annual Actuarial Assumption Update

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American International Group, Inc. (NYSE: AIG) today announced its General Insurance catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as results of the Life & Retirement and Legacy annual actuarial assumption update.

Third quarter 2020 catastrophe loss estimates, net of reinsurance, in the companys General Insurance segment totaled $790 million, before tax, which include $185 million of estimated catastrophe losses for claims related to COVID-19, principally in its travel, event cancellation, trade credit, property, agriculture and casualty books of business. Third quarter non-COVID-19 catastrophe losses of $605 million reflect windstorms and tropical storms in the Americas and Japan, as well as wildfires on the west coast.

Brian Duperreault, AIGs Chief Executive Officer, said: The third quarter experienced a high frequency of global catastrophe events with low to moderate severity, including the ongoing impact of COVID-19. These events have had a limited impact on AIG as a result of our underwriting discipline, reinsurance programs, revamped risk appetite and the strength of our balance sheet.

AIG also announced the results of its annual actuarial assumption update for the Life & Retirement and Legacy segments. This years update included lower interest rate assumptions, including a decrease in the expected 10 year forward 10-year Treasury rate to approximately 2.8%, updates to mortality assumptions and revised policyholder behavior assumptions, particularly on lapses and deferred acquisition cost amortization.

As a result of this update, AIG recorded a third quarter 2020 charge of $7 million, after-tax ($9 million pre-tax), to net income attributable to AIG common shareholders, reflecting a charge of $22 million, pre-tax, in the Life & Retirement segment and a benefit of $13 million, pre-tax, in the Legacy segment. The $22 million charge is comprised of a charge of $120 million, pre-tax, included in adjusted pre-tax income (APTI), and a benefit of $98 million, pre-tax, reflected in net realized capital losses and deferred acquisition costs related to guaranteed minimum withdrawal benefits. The impact to APTI for the Legacy segment was a benefit of $13 million.

As previously announced, AIG will report third quarter financial results after the market closes on Thursday, November 5, 2020. AIGs press release and financial supplement will be available in the Investors Section of AIGs website at https://www.aig.com. AIG will host a conference call on Friday, November 6, 2020 at 9:00 a.m. ET to review its financial results. The live, listen-only webcast is open to the public and can be accessed in the Investors section of https://www.aig.com. A replay will be available after the call at the same location.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and its intention to separate the Life & Retirement business from AIG.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

The catastrophe loss estimates in this press release involve the exercise of considerable judgment. Due to the complexity of factors contributing to the losses, there can be no assurance that AIGs ultimate losses associated with these events will not differ from these estimates, perhaps materially.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG to Pursue Separation of Life & Retirement Business

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American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG.

The companys executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the companys current composite structure, including strategic, operational, capital and tax implications. As a result of this review, executive management recommended, and the Board has decided to pursue, a separation of the Life & Retirement business from AIG.

AIGs executive management and Board believe a simplified corporate structure will unlock significant value for shareholders and other stakeholders. Although no decisions have been made as to how to achieve a full separation, the Boards intent is to accomplish it in a way that maximizes shareholder value and establishes two independent, market leading companies.

Brian Duperreault, AIGs Chief Executive Officer, stated, Over the last three years, we have taken significant action to de-risk AIG and position the company for profitable growth, including fortifying General Insurance, diversifying Life & Retirement, significantly strengthening AIGs capital and liquidity position, and building a world-class team. This foundational work has positioned AIG to pursue a separation of Life & Retirement enabling both companies to prosper as stand-alone entities.

Peter S. Zaffino, AIGs President & Global Chief Operating Officer, and CEO-elect, stated, Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.

Douglas M. Steenland, speaking on behalf of the AIG Board of Directors, added, The Board worked closely with executive management as they conducted a comprehensive review of AIGs composite structure, and AIGs Directors are confident that a separation of Life & Retirement from AIG will create value for shareholders and benefit all stakeholders.

Since late 2017, the General Insurance business has been successfully executing foundational work to reposition its portfolio and reduce volatility through disciplined underwriting and expense control within a clearly defined risk appetite and comprehensive reinsurance strategy. As a market leader, General Insurance will continue to focus on achieving long-term, profitable growth.

As an independent company, the Life & Retirement business will be well positioned to build value for shareholders by leveraging a broad product portfolio and diverse distribution to tailor its offerings to best meet the evolving needs of customers and distributors.

Any separation transaction will be subject to the satisfaction of various conditions and approvals, including approval by the AIG Board of Directors, receipt of insurance and other required regulatory approvals, and satisfaction of any applicable requirements of the Securities and Exchange Commission. No assurance can be given regarding the form that a separation transaction may take or the specific terms or timing thereof, or that a separation will in fact occur.

This news release is not an offer to sell, or a solicitation of an offer to buy, any securities.

In separate press releases issued today, AIG announced leadership transitions for its executive team and Board of Directors and an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Certain statements in this press release may include projections, goals, assumptions and statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIGs belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIGs control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as will, believe, anticipate, expect, intend, plan, focused on achieving, view, target, goal, or estimate, and include without limitation statements regarding an intent to separate the Life & Retirement business from AIG, the specific terms or timing of any separation transaction and the potential benefits that may be realized as a result of a separation transaction. It is possible that AIGs actual results, developments, business decisions and financial condition will differ, possibly materially, from those indicated in these projections, goals, assumptions and statements. Factors that could cause AIGs actual results, developments, business decisions and financial condition to differ, possibly materially, include economic conditions affecting the industries in which AIGs businesses operate, the uncertainty of regulatory approvals including in connection with any separation transaction, AIGs ability to satisfy the necessary conditions to consummate a separation transaction on a timely basis or at all, and AIGs ability to successfully separate the Life & Retirement business and realize the anticipated benefits from a separation. AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

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AIG Announces Leadership Transitions

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American International Group, Inc. (NYSE: AIG) today announced leadership transitions for its executive team and Board of Directors.

The AIG Board of Directors has named Peter S. Zaffino Chief Executive Officer of AIG, effective March 1, 2021, in addition to his current role as President of the company. Mr. Zaffino has also been appointed to serve as a Director, effective immediately.

Brian Duperreault will become Executive Chairman and Douglas M. Steenland, currently Independent Chairman of the Board, will become Lead Independent Director, also effective March 1, 2021.

Mr. Zaffino stated, I am honored to succeed Brian as Chief Executive Officer of AIG and want to thank him and the AIG Board of Directors for this opportunity. I look forward to leading AIGs next phase on our journey to becoming a top performing company.

Mr. Duperreault stated, I want to thank the AIG Directors for their continued support and congratulate Peter on his well-deserved election as the next Chief Executive Officer of AIG. Peter has been instrumental in the significant turnaround and transformation at AIG and his vision, determination and pursuit of excellence will help ensure the companys future success.

Mr. Steenland, speaking on behalf of the Board of Directors, said, We are grateful to Brian for his leadership and expertise in guiding the strategic repositioning of AIGs businesses as market leaders and we look forward to his ongoing contributions as Executive Chairman. We are extremely fortunate to have an executive of Peters caliber and have great confidence about the future of the company under his leadership.

In separate press releases issued today, AIG announced its intention to separate the Life & Retirement business from AIG and provided an update on catastrophe losses, including COVID-19 catastrophe-related losses, for the quarter ended September 30, 2020, as well as Life & Retirement and Legacy annual actuarial assumptions.

American International Group, Inc. (AIG) is a leading global insurance organization. AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.

Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries and jurisdictions, and coverage is subject to underwriting requirements and actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.

Sabra Purtill (Investors): [email protected]

Shelley Singh (Investors): [email protected]

Claire Talcott (Media): [email protected]

Continue Reading
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