Artificial Intelligence has marked the beginning of the biggest technological revolution in all the industrial sectors. AI has enhanced the business processes and improved the work efficiencies in all the industrial sectors. AI serves something unique in plate for different industries. AI has the capability to serve accurate results enabling effective decision-making. A report says 83% of businesses consider AI as the strategic priority for their business growth. Talking about the financial sector, the insurance industry has implemented AI solutions for smooth functioning. Experts stated 54% of insurance companies are using AI to optimize their processes while only 34% banking and finance institutions have embraced AI.