In this digital era, Big data Analytics and Artificial Intelligence plays an important role in the Insurance industry. Detecting Fraudulent in Insurance claims seems to be one of the major challenges to the Insurance companies.
“The success of an individual fraudulent claim depends on the fraudster’s ability to present that as a genuine, unique occurrence. Obviously, frauds have common traits, and these can be determined through data sharing and analytics,” said Ben Fletcher, Director of the Insurance Fraud Bureau.
The role of Data and analytics in Insurance fraud detection is increasing because of its effectiveness and cost efficiency. Here analyzing customer videos and use non-verbal cues to detect any fraud indicators. As part of the insurance claim process, customers are to upload a video testimonial to report the reason for the loss of the device they have insured.
Image and video analytics using Python-based modules is done to detect those behavior patterns of the customers and arrive on the probability of fraud. Experts opinion was also used to define behavior exhibited when a person tends to lie.
The outcome of this is a great boon to the insurers. Automation of this task enabled cost savings for the insurer. Reduction in fraud and a more efficient claims process.