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Category: Fraud Detection

  • Fraud Detection

    Role of AI and ML in Insurance Fraud Detection

    Insurance frauds have been in existence ever since the inception of the concept of insurance. False claims and incorrect statements in subscriptions cause the insurance companies to lose several millions of dollars every year. An FBI report states that the total value of insurance fraud is approximated to be more than $40 billion per year. The loss on fraudulent insurance claims last year reached $34 billion in the U.S alone.

  • Fraud Detection

    Estimating Unpaid claims using Expected claims Technique in Insurance

    The expected claim method is usually used by Insurers when entering new lines of business or new territories. This method is more commonly used in lines of business with longer emergency patterns ad settlements like Medical Negligence, Workmen compensations, Product liability, etc.

  • Fraud Detection

    Insurance Fraud Detection — all that you need to know

    As per the law of Indemnity- one of the basic principles of Insurance states about the claims and by nature of the insurance, it is a vital part of the contract obliged by any insurance provider to compensate the Insured for a covered loss or policy event.