Underwriters across the world have been stepping up to the challenges of digital policy fraud by deploying advanced AI, and the result is more than just fraud stopped. Insurers now have an improved awareness of global fraud trends as they spread quickly in the digital insurance age
Ghost broking, a well documented digital insurance trend in Europe, has now become a hot topic for US insurers. The method for ghost broking, leveraging the digital and social media channels to sell bogus insurance policies to unsuspecting consumers, can lead to excessive claims and costs for insurers. Yet, ghost broking is hard to detect precisely because the policies are meant to appear like a typical customer to the insurer, and a typical policy to the consumer.
Listen to our Underwriting and Policy Fraud experts James Tesdall and Gareth Evans, as they discuss how Shift’s AI-powered Underwriting Risk Detection is helping insurers bust ghost broking networks across the world, and why AI is uniquely positioned as the tool Underwriters can use to stop this form of policy fraud.