How Does AI Fraud Detection in Insurance Benefit from Web Data?

Though the Insurance sector was formed to help customers save themselves from expenses related to health, accidents, fire, or theft, currently it is an industry where miscreants have caused huge financial losses for the insurers. Besides traditional insurance frauds like staged accidents, exaggerated claims, fake medical bills, and identity theft, new tech frauds where AI-generated deepfake identities, synthetic fraud, policyholder data manipulation, and automated bot-driven claim submissions are also on the rise.

The Coalition Against Insurance Fraud puts the global cost of insurance fraud at a huge USD 80 billion! Stakeholders across the globe are now looking at innovative methods to tackle fraud schemes that have become increasingly sophisticated.