Technologies that help improve insurance fraud detection

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Insurance is a highly regulated industry that is evolving as the industry faces changing customer expectations, massive amounts of data, and increased regulations. A major issue facing the industry is tracking insurance fraud. Trying to track insurance fraud is an expensive and time-consuming process. Already large volumes of data are growing exponentially as new sources of insurance claim information make identifying fraudulent insurance claims even harder.

Insurance organizations are required to track and report potential insurance fraud. There is massive growth in claims data that must be analyzed coming from new sources such as photographs, audio, online documents, and information from vehicle sensors. The amount and complexity of the data makes manual analysis by claims staff difficult and often ineffective.

Technological tools such as artificial intelligence (AI), internet of things (IoT), and Block chain can be used by insurers to more effectively detect and prevent insurance fraud. Digital organizations can identify automated and more complex fraud attempts faster and more accurately by combining supervised and unsupervised machine learning as part of a larger Artificial Intelligence (AI) fraud detection strategy.

Posted by:Admin Posted on:09/03/21 03:11