Fraud Detection
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Whether it’s hard fraud (e.g., staged accidents) or soft fraud (e.g., embezzlement), there are always indicators that can suggest a high-risk claimant — while these are often subtle, if they are uncovered they can provide a significantly positive impact on an insurer’s bottom line.
Benefits for the company
Fraudulent activity costs the insurance industry billions annually.
Feasability
High
Type of expertise/ AI domain
Deep Neural Networks, Support Vector Machines, Clustering, Anomaly Detection
Internal data required
Historical Payment and User Activity Data
As far as the number of transactions, real clients, and integrations grows, security threats come along. This is when machine learning algorithms come in handy when institutions require a special fraud detection.