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A Survey on AI Implementation in Finance, (Cyber) Insurance and Financial Controlling

Author

Listed:
  • Aleksandrina Aleksandrova

    (Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Valentina Ninova

    (Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

  • Zhelyo Zhelev

    (Tsenov Academy of Economics, 5250 Svishtov, Bulgaria)

Abstract

Artificial intelligence is changing the world in unprecedented ways and redefining all areas of human activity. In recent decades, the development of AI has progressed at an extraordinary pace. This study examines the scope of implementing AI in the financial sector, insurance, and financial controlling. The research team focuses on these areas, as the main objective of this review is to provide a comprehensive walk-through and to fill the gaps in the literature related to AI implementation in finance, insurance, and financial control from an economic perspective. We provide a comprehensive overview of AI implementation in finance, insurance, and financial controlling, highlighting crucial issues in that process and identifying the relationship between the development of these economic sectors and AI. The authors’ team identifies the trends and main themes in the existing literature in AI-related publications in finance, insurance, and financial control. We discuss the main advantages and disadvantages of AI implementation, identified by our research, and also make some suggestions regarding future research having in mind the interdisciplinary of the topic, the vast development of AI and technologies, and the increasing demand for AI-based solutions, services and products.

Suggested Citation

  • Aleksandrina Aleksandrova & Valentina Ninova & Zhelyo Zhelev, 2023. "A Survey on AI Implementation in Finance, (Cyber) Insurance and Financial Controlling," Risks, MDPI, vol. 11(5), pages 1-16, May.
    • Handle: RePEc:gam:jrisks:v:11:y:2023:i:5:p:91-:d:1144993
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    References listed on IDEAS

    as
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    2. Camelia Madalina Beldiman, 2022. "Efficiency and Advantages of Preventive Financial Control Versus Internal Control in A Public Entity," Jurnalul de Studii Juridice, Editura Lumen, Department of Economics on Behalf of Petre Andrei University Iasi, vol. 17(1-2), pages 134-147, June.
    3. Longbing Cao & Qiang Yang & Philip S. Yu, 2020. "Data science and AI in FinTech: An overview," Papers 2007.12681, arXiv.org, revised Jul 2021.
    4. Martin Eling & Werner Schnell, 2016. "What do we know about cyber risk and cyber risk insurance?," Journal of Risk Finance, Emerald Group Publishing Limited, vol. 17(5), pages 474-491, November.
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