05 / 22 / 2019

How AI can transform the insurance industry

Another fraud detection solution that makes use of AI is Force, a product that can analyse massive amounts of data gathered from multiple sources. The AI uses this data to determine a so-called “fraud score” for each insurance claim, with an accuracy of about 75 per cent. This is much higher than any other automated systems used to detect fraud.

Jeremy Jawish, co-founder and chief executive officer of Shift Technology, the company that created Force, says that optimising the hit rate of automated fraud detections systems is a must.

“You don’t want to falsely suspect claims because you’ll annoy your customers and you don’t want your fraud handlers to spend time on unsuspicious claims,” says Jawish.