Artificial Intelligence in war on ins. Fraud
Friday, 07 13 2018, Category: Insurance and Reinsurance, Country: United States
From bogus claims to shady brokers, insurance fraud costs companies and their customers more than $40 billion a year, the FBI estimates. And that’s excluding medical insurance fraud, which is estimated by industry groups to cost tens of billions more.
The staggering level of criminality costs us all, adding $400 to $700 a year to premiums we pay for our homes, cars, and healthcare, the feds say. There are simply not enough investigators to put a significant dent in the criminality, so the industry is turning to the machines.
Using artificial intelligence to pick out inconsistencies and unusual patterns has quickly become standard for insurance companies, whether they’re looking for sophisticated rings of fraudsters rigging auto accidents or just individuals embellishing how much their damaged property was worth.
Source: Fast Company