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Finserv AI: Digitizing Operations in the Financial Services Industry

Art Nazzaro, Principal , Finserv AIArt Nazzaro, Principal
The insurance industry has witnessed a significant digital transformation in the past few years, but when it comes to the adoption of technologies such as artificial intelligence and machine learning, there is still room for development. The insurance businesses need to develop an understanding of how they can benefit from these technologies and implement the best possible solutions that continue to be relevant in the future. A company that is making it possible for insurance companies is Finserv AI (FS.AI).

New York-based FS.AI spearheads digital transformation for businesses by introducing solutions within an AI lab-based environment. “Our intention is to go to market with an accelerated lab-based environment in which we can provide a minimum viable product within three to four months, which manages operational risk, discovers process and automates critical workflow objectives of insurance companies leveraging our experience,” explains Art Nazzaro, Principal at Finserv AI. This environment is called FS.AI Resilience Lab where the process of identifying where the business model is breaking and where the pain points and risks lie is carried out. It further helps to address where new controls can be built using FS.AI’s AI Scaffolding, a framework that guides the company’s sprint teams based onshore and offshore. These professionals’ capabilities, coupled with the knowledge of domain experts, guide the process of delivering an operational SaaS solution of the client’s choice.

Through its AI Resilience Lab environment and the ability to introduce SaaS solutions that can run on public, private, and hybrid cloud platforms, FS.AI is revolutionizing the financial services landscape. The company offers these solutions to ensure intelligent automation and resilient operations for businesses in the financial services segment. “Instead of building a platform with templates for a new core system, we believe that we are in a position where, with our IP, coupled with machine learning and AI, we blend the domain expertise with the lab environment to create the next generation insurance operating environment,” adds Nazzaro.


Through its AI resilience lab environment and the ability to introduce SaaS solutions that can run on public, private, and hybrid cloud platforms, FS.AI is revolutionizing the financial services landscape

The company also provides training to clients’ resources for AI, ML, and process automation. It offers an academy like environment for the trainees to develop a better understanding of these technologies, which allows them to obtain greater value out of the platform that FS.AI later delivers to the client organization. “We believe it guides our efforts more effectively in understanding the functional and technical requirements of the clients apart from facilitating education, enabling them to adapt readily to the solution platform,” explains Nazzaro.

Contrary to the ‘one size fits all approach,’ the services and training offered by FS.AI are tailor-made to suit the specific business needs of its customers. The company understands their pain points and then comes up with relevant and effective solutions to lower operating costs and increase output for the customers. For instance, with the aid of scaffolding methodology—which has the augmented process discovery built into the firm’s platform—the workforce can easily access data in the client environment, augment the collection of splits and joins in the decision and control business process, and build their own modeling tool that is insurance informed.

Notably FS.AI, is addressing a long-standing industry challenge through its Controller/CFO dashboard, which brings greater transparency and predictability to the quarterly closing process and the opportunity to digitally streamline financial processes. FS.AI provides round the clock support for their SaaS solutions, coupled with leading practices in data security and data governance. With its eyes set on new horizons of success, the US-based firm aims at expanding its presence through global partnerships, building upon its track record of successful Silicon Valley, Insurance & Banking and Big 4 Management Consulting experience, into playing a leading role in the evolving Global Insurance Industry. Nazzaro says, “We will be keenly focused on building partnerships with firms such as ServiceNow and AWS; as well as building our business from the excellent domain experience that our leadership teams offer in operational risk management, to provide what is becoming a growing list of successful AI-enabled operational transformations to the Industry.”

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Finserv AI

Company
Finserv AI

Headquarters
New York

Management
Art Nazzaro, Principal

Description
New York-based FS.AI spearheads digital transformation for businesses by introducing solutions within an AI lab-based environment. Through its AI Resilience Lab environment and the ability to introduce SaaS solutions that can run on public, private, and hybrid cloud platforms, FS.AI is revolutionizing the financial services landscape. The company offers these solutions to ensure intelligent automation and resilient operations for businesses in the financial services segment. The company also provides training to clients’ resources for AI, ML, and process automation