Insurance Fraud: New Methods to Detect Fraudsters
Insurance fraud costs the industry billions a year and drives up premiums for honest customers. To tackle fraud, insurers are increasingly using advanced technologies such as artificial intelligence (AI) and data analytics.
Fraudsters are becoming increasingly creative, with techniques such as falsified damage reports, fictitious collisions and fake medical claims. Insurers use AI to recognize suspicious patterns in claims. For example, AI can detect unusual damage amounts or repeated claims from the same customer.
Research shows that insurance fraud increases the average premium per household by €50 per year. By tackling fraud more effectively, insurers hope to limit this increase. In addition, insurers invest in awareness campaigns to inform customers about the consequences of fraud.
An interesting innovation is the use of blockchain technology to track claims and transactions. This provides more transparency and reduces the chance of data manipulation.
- Report fraud: Insurers have anonymous reporting points for suspected fraud.
- Always provide complete information: Incorrect information in a claim can lead to denial.
- Check your policy: Make sure you understand the conditions and exclusions.
- Stay on top of trends: Many insurers share information about how fraudsters operate.
Technology helps to intensify the fight against insurance fraud. This ultimately benefits all customers, who therefore pay less.
