They're probably already using ML for this, just older forms of it.
I would say almost certainly. I worked for a large insurer a decade ago and they were using ML models for predicting some kinds of home insurance risk (I want to say earthquakes and maybe flooding, but it wasn’t my team and it’s been a decade).
Get BBVA USA branch, no hallucination needed, their system marked any use of their payment cards as a fraud. Useless bank.