REUTERS | Vasily Fedosenko

Fraud is estimated to cost the insurance industry over £1.5 billion a year. The fraud itself can range from the exaggeration of a genuine claim, the falsifying of all or part of a claim or the deliberate falsification or omission of information in order to obtain less expensive cover. The insurance industry invests heavily in identifying and preventing fraud, given the cost to insurers and the honest policyholders who find their premiums increased due to this activity. One of the growing areas for counter-fraud investment is artificial intelligence (AI), but can AI really prevent insurance fraud? Continue reading