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Agents for financial services and insurance

anthropic.com

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Re: Agents for financial services and insurance

#11

Post by timbaboon »

Havoc wrote: post #3

For those in the finance space, are you actually seeing any real AI tools being used? Like for actual operational tasks? I've really only seen it used for research / exploration thus far. Either for economic research slide deck or for exploring trading hypothesis

Seen it used in some of the fraud models (I work in insurance). So that's both from the perspective of people trying to claim fraudulently and from suppliers over charging. I can't say how much of a lift we actually get vs existing ML models

Re: Agents for financial services and insurance

#12

Post by mobattah »

suriya-ganesh wrote: post #2

Will the big labs leave anything for external competition? This probably killed a thousand startups in this space. in the early internet you wouldn't see google creating their own news site or facebook building their own animal farm. what happened to platformication of everything?

This is premature caution/fear.

Re: Agents for financial services and insurance

#14

Post by colesantiago »

suriya-ganesh wrote: post #2

Will the big labs leave anything for external competition? This probably killed a thousand startups in this space. in the early internet you wouldn't see google creating their own news site or facebook building their own animal farm. what happened to platformication of everything?

> Will the big labs leave anything for external competition?

Unfortunately no.

The TAM for Anthropic and OpenAI is anything that runs software or a screen.

Any software or technology business that has high margins that Anthropic and OpenAI are not doing will be a target.

After both their IPO's mandates Wall Street them to push for more growth by competing in other technology business areas or they will get punished in the markets.

It is ROI or bust.

Re: Agents for financial services and insurance

#15

Post by _fizz_buzz_ »

suriya-ganesh wrote: post #2

Will the big labs leave anything for external competition? This probably killed a thousand startups in this space. in the early internet you wouldn't see google creating their own news site or facebook building their own animal farm. what happened to platformication of everything?

But Google did move into a lot of spaces: maps, mail, docs, etc.

Re: Agents for financial services and insurance

#16

Post by ambicapter »

suriya-ganesh wrote: post #2

Will the big labs leave anything for external competition? This probably killed a thousand startups in this space. in the early internet you wouldn't see google creating their own news site or facebook building their own animal farm. what happened to platformication of everything?

> in the early internet you wouldn't see google creating their own news site

Google News was definitely a thing (and actually still exists).

Re: Agents for financial services and insurance

#17

Post by semiquaver »

iewjj wrote: post #7
Havoc wrote: post #3

For those in the finance space, are you actually seeing any real AI tools being used? Like for actual operational tasks? I've really only seen it used for research / exploration thus far. Either for economic research slide deck or for exploring trading hypothesis

Nope If anything firms are pulling back (I know someone closely who works at blackrock).

I don’t just know someone who works in finance, I am someone who works in finance and I say you’re wrong.

Re: Agents for financial services and insurance

#18

Post by roughly »

iewjj wrote: post #10
biophysboy wrote: post #9

Earlier quoted context omitted.

pulling back as in setting more realistic token budgets, or something more drastic? I'm curious

Stopped using them altogether in the context of productivity - in essence they’re useless.

I can believe that. Gambler’s Ruin gets costly when you’ve actually got money on the line.

Re: Agents for financial services and insurance

#19

Post by wongarsu »

gwerbin wrote: post #8
suriya-ganesh wrote: post #2

Will the big labs leave anything for external competition? This probably killed a thousand startups in this space. in the early internet you wouldn't see google creating their own news site or facebook building their own animal farm. what happened to platformication of everything?

> Will the big labs leave anything for external competition? No, why would they if they have the choice? > what happened to platformication of everything? Business happened. The web works differently from how it used to. The users are different. LLM inference and AI tools is a different core product from search and ads. That, and we have the benefit of hindsight now. Maybe a Google newsroom would've actually been a g…

I guess the argument is that a tool built by a company with actual insight into and focus for financial services, with Anthropic as inference provider, would lead to more adoption and more use of Anthropic models. Something Anthropic could achieve either by just leaving things alone and having the best models, or alternatively by starting some kind of incubator or something. AWS might be a good model

The issue with that is obviously that most of the generated value would be captured by that company in the middle, while Anthropic would stay in the cost-conscious inference market.

Re: Agents for financial services and insurance

#20

Post by OkayPhysicist »

Havoc wrote: post #3

For those in the finance space, are you actually seeing any real AI tools being used? Like for actual operational tasks? I've really only seen it used for research / exploration thus far. Either for economic research slide deck or for exploring trading hypothesis

On the spend management side of things, I've found pretty remarkable success in letting LLMs check "does this receipt match this reimbursement request and based on all the information about the user, the request, and our policy, is it appropriately allocated to appropriate GL, Location, Department, and Project codes?" If the verification step fails, it kicks it back and the user can either override it (which gets it flagged for AP review), or fix it. It does substantially better than the naive Bayes classifier I was using before.
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