Utilizing AI in Finance: Klarna, JP Morgan, Goldmann & Co Employ Artificial Intelligence
In the ever-evolving world of technology, Artificial Intelligence (AI) is making significant strides in various sectors, with the insurance and medical industries being no exception. Here's a roundup of the latest AI advancements in these fields, as well as updates on AI in finance, moderated by industry expert Maik Klotz.
Maik Klotz, a consultant, speaker, and author on topics related to banking, payment, digital identity, e-commerce, and retail, with a focus on "mobile", is making waves in the tech world. As Co-Founder of Payment & Banking, he is responsible for marketing, strategy, and events, particularly for Transactions.io. His expertise lies in advising companies on customer-centric innovation methods and user focus.
In the insurance industry, AI is broadening its reach beyond traditional underwriting and risk profiling into customer service, claims management, and product development. According to recent reports, underwriting, while still important, dropped in relative AI impact from 55.4% to 45.8% of industry respondents between Q3 2023 and Q3 2025. This shift indicates a diversified and maturing AI strategy, with customer service AI use increasing substantially and product development AI use more than tripling in the same period.
The medical industry is also seeing rapid progress in AI, with a focus on clinical and patient-facing applications. AI tools are improving early diagnosis and patient outcomes, such as cardiac AI detecting subtle ECG patterns to flag early heart disease. Additionally, AI platforms are assisting patients directly by optimizing health insurance claim analysis and appeals, reducing administrative burdens, and increasing transparency in billing and coverage.
Compared to finance, the insurance and medical sectors face unique regulatory and ethical challenges that slow AI adoption in certain underwriting and risk decisions but accelerate patient/customer service innovations. Finance typically leads in AI integration for fraud detection, automated trading, credit scoring, and customer engagement due to clearer data frameworks and high-volume digital transactions.
Meanwhile, in the finance sector, Netflix is planning to use AI for personalized advertising, while JP Morgan is using AI to boost efficiency in investment banking through "Coach AI". Conversational commerce is also changing the way we shop, and Maik Klotz moderates and speaks at many industry events discussing these developments.
AI is also being integrated into customer service by Klarna, and the demand for computing power is increasing, with a growing ambition to establish AI as the core of digital platforms. OpenAI and Microsoft are investing heavily in new data centers and AI infrastructure.
However, challenges remain around regulation, data quality, fairness, and transparency, requiring balanced AI governance for long-term trust and value. Modular, reusable AI components and agentic AI systems are increasingly employed to scale capabilities efficiently across underwriting, claims, and servicing.
The insurance industry is exploring the potential to develop new policies against AI risks, while medical AI is making progress, particularly in early cancer detection. AI models could soon develop software independently, and the ninth episode of Maik Klotz's podcast, "AI in Finance", features a discussion about AI advancements in industries beyond finance, including the medical industry and insurance.
In summary, AI in medical and insurance industries is progressing from niche applications to broad enterprise-wide strategies, focusing on transparency, fairness, and user empowerment, while finance remains a leader in high-volume AI applications but can draw lessons from insurance and healthcare in ethical and personalized AI deployment.
[1]: Source for insurance industry AI advancements [2]: Source for AI advancements in both insurance and medical industries [3]: Source for modular and agentic AI systems in insurance [4]: Source for AI advancements in the medical industry, particularly in early cancer detection
Other sectors are also integrating AI into their business strategies, with technology companies like Netflix using AI for personalized advertising in finance. Meanwhile, JP Morgan is using AI to boost efficiency in investment banking through "Coach AI".
In the other two industries, AI in finance is not the only field experiencing rapid advancements. For instance, in the insurance industry, AI is increasingly being used for customer service, claims management, and product development, signifying a diversified AI strategy. In the medical industry, AI tools are improving early diagnosis and patient outcomes, such as cardiac AI detecting subtle ECG patterns to flag early heart disease.
