AdvertisementAdvertisementLosses from insurance fraud are nearly double what they were 30 years ago.
Scott Clayton, the head of claims fraud at Zurich Insurance Group.
AdvertisementAdvertisementOn the other hand, around 40% of fraud is premeditated, and these cases can cost insurance companies upwards of €3,000, or around $3,170, according to the study.
But the Insurance Fraud Detection Market is expected to grow from $5 billion in 2023 to $17 billion in 2028.
AdvertisementAdvertisementIn the past 10 years, various third-party developers like Friss, IBM, and Shift Technology have started tailoring machine-learning systems to insurance companies.
Persons:
—, they're, Alan Turing, It's, Scott Clayton, shallowfakes —, Clayton, I'm, we'll, Arnaud Grapinet, he's, Grapinet, it's, Rob Galbraith, Jennifer Lindberg, Rob Morton, Galbraith
Organizations:
Service, Coalition Against Insurance, Zurich Insurance, AXA Research Fund, Technology, IBM, Employees
Locations:
United States, Spain