AI in finance and insurance: which tasks to automate first
Updated
Across the 6.3 million US jobs in finance and insurance, the work scores 58 of 100 for AI exposure, weighted by how many people do each job. AI can take on about 977 hours a year per full-time person, 49% of a working year. The task that frees the most hours across the industry is to keep records of customer interactions or transactions, about 186 hours a year for each person who does it.
- AI exposure, weighted by employment
- 58 out of 100 High exposure
- Hours AI can take on
- 977 hours a year per full-time person
- Task time AI can do today
- 26% AI speeds up another 65%
Tasks to automate first
The 15 tasks where AI can take on the most hours across finance and insurance: how exposed each task is, how much of the job it takes and how many people do that job. Hours are per person in the role that does the task. How we score each task.
| Task and who does it | AI exposure |
|---|---|
| Keep records of customer interactions or transactions, recording details of inquiries, complaints, or comments, as well as actions taken. AI transcribes and summarizes interactions into case records automatically. Done by customer service representatives. | 85% AI can do it 186 hours a year for each person in the role |
| Complete contract forms, prepare change of address records, or issue service discontinuance orders, using computers. Structured form filling and address changes suit AI well. Done by customer service representatives. | 85% AI can do it 168 hours a year for each person in the role |
| Determine charges for services requested, collect deposits or payments, or arrange for billing. Billing systems calculate charges and process payments with little human input. Done by customer service representatives. | 70% AI can do it 141 hours a year for each person in the role |
| Contact customers to respond to inquiries or to notify them of claim investigation results or any planned adjustments. Automated emails and texts handle most outreach, complex cases need calls. Done by customer service representatives. | 65% AI can do it 132 hours a year for each person in the role |
| Refer unresolved customer grievances to designated departments for further investigation. Routing rules can send unresolved cases to the right department automatically. Done by customer service representatives. | 65% AI can do it 128 hours a year for each person in the role |
| Confer with customers by telephone or in person to provide information about products or services, take or enter orders, cancel accounts, or obtain details of complaints. Voice AI can handle routine calls, but live complaints need people. Done by customer service representatives. | 50% AI helps 113 hours a year for each person in the role |
| Check to ensure that appropriate changes were made to resolve customers' problems. Systems can check fixes, with staff confirming the outcome. Done by customer service representatives. | 50% AI helps 106 hours a year for each person in the role |
| Perform administrative tasks, such as maintaining records and handling policy renewals. Records upkeep and renewal processing are routine software tasks. Done by insurance agents. | 75% AI can do it 95 hours a year for each person in the role |
| Calculate premiums and establish payment method. Rating engines calculate premiums; AI handles payment setup details. Done by insurance agents. | 70% AI can do it 82 hours a year for each person in the role |
| Contact underwriter and submit forms to obtain binder coverage. Binder submissions are form-based and can be auto-generated and sent. Done by insurance agents. | 65% AI can do it 80 hours a year for each person in the role |
| Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans. AI can generate clear policy explanations and comparison materials. Done by insurance agents. | 55% AI helps 70 hours a year for each person in the role |
| Select company that offers type of coverage requested by client to underwrite policy. AI matches carrier appetite rules; agent makes final recommendation. Done by insurance agents. | 58% AI helps 70 hours a year for each person in the role |
| Ensure that policy requirements are fulfilled, including any necessary medical examinations and the completion of appropriate forms. AI tracks requirements and forms; exams and sign-offs need people. Done by insurance agents. | 55% AI helps 66 hours a year for each person in the role |
| Complete sales order tickets and submit for processing of client-requested transactions. Order ticket completion is structured data entry from client requests. Done by stockbrokers. | 80% AI can do it 61 hours a year for each person in the role |
| Customize insurance programs to suit individual customers, often covering a variety of risks. AI can draft program options; agent tailors and advises. Done by insurance agents. | 45% AI helps 60 hours a year for each person in the role |
What stays with people
9% of the task time across these roles needs a person, and the output of the rest still needs someone to check it. The tasks below take the most of that time.
- 26% AI can do it
- 65% AI helps
- 9% Needs a person
- Attend meetings, seminars, and programs to learn about new products and services, learn new skills, and receive technical assistance in developing new accounts. Insurance agents, 15% exposed
- Monitor bank vaults to ensure cash balances are correct. Tellers, 15% exposed
- Count currency, coins, and checks received, by hand or using currency-counting machine, to prepare them for deposit or shipment to branch banks or the Federal Reserve Bank. Tellers, 15% exposed
- Receive and count daily inventories of cash, drafts, and travelers' checks. Tellers, 12% exposed
- Arrange monies received in cash boxes and coin dispensers according to denomination. Tellers, 5% exposed
Adoption path
Start with the tasks where AI helps a person, then automate the routine ones, then give whole workflows to agents with a person approving the output.
Teams in this industry
The business functions in finance and insurance, by share of the workforce, with each one's exposure.
Roles in finance and insurance
The 20 largest roles, each linked to its task-by-task score. Shares come from the BLS industry staffing estimates, May 2025. Of the roles with at least 2% of the jobs, customer service representatives score highest at 74, general managers lowest at 44.
- Customer service representatives, 7.8% of the workforce, score 74 out of 100
- Insurance agents, 7.5% of the workforce, score 57 out of 100
- Stockbrokers, 7.5% of the workforce, score 64 out of 100
- Tellers, 5.2% of the workforce, score 53 out of 100
- Financial managers, 4.3% of the workforce, score 49 out of 100
- Financial advisors, 4% of the workforce, score 60 out of 100
- Claims adjusters, 4% of the workforce, score 56 out of 100
- Loan officers, 3.7% of the workforce, score 63 out of 100
- General managers, 3.3% of the workforce, score 44 out of 100
- Administrative supervisors, 2.8% of the workforce, score 55 out of 100
- Insurance claims clerks, 2.8% of the workforce, score 72 out of 100
- Software developers, 2.7% of the workforce, score 59 out of 100
- Financial analysts, 2.5% of the workforce, score 58 out of 100
- Loan clerks, 2.3% of the workforce, score 64 out of 100
- Management consultants, 2% of the workforce, score 55 out of 100
- Accountants, 1.9% of the workforce, score 60 out of 100
- Office clerks, 1.6% of the workforce, score 60 out of 100
- Insurance underwriters, 1.6% of the workforce, score 59 out of 100
- Digital marketers, 1.4% of the workforce, score 62 out of 100
- Secretaries, 1.4% of the workforce, score 66 out of 100
Questions about AI in finance and insurance
Which tasks should a bank or insurer automate first?
The first task to automate is to keep records of customer interactions or transactions (85% exposed). Next come the tasks to complete contract forms (85%) and to determine charges for services requested (70%). Together they free the most hours across the industry.
How many hours can AI save a bank or insurer?
About 977 hours a year per full-time person, 49% of a 2,000-hour working year. For a team of 10 that is about 9,770 hours, the time of 4.9 full-time people. The figure is the share of task time AI can remove today, weighted by how many people do each job.
Which roles in a bank or insurer are most exposed to AI?
Of the roles with at least 2% of the jobs, customer service representatives score highest, at 74 of 100, and general managers lowest, at 44. Each role's page lists its tasks one by one.
Will AI replace jobs in finance and insurance?
AI can do 26% of the task time across these roles today. Another 65% gets faster with AI while a person stays in charge. 9% needs a person. One task that stays with people is to attend meetings, seminars.
Where should a bank or insurer start with AI?
With the quick wins: approved assistants for the tasks AI helps with, under a written AI policy. Then automate the 9 tasks on this page AI can do end to end. An AI audit maps the tasks in your team and ranks them the same way this page does.
Next steps
Find the tasks to automate first in your team
We map the tasks in your business, score each one the way this page does and build the automations that pay back first.