Using generative AI to mitigate insurance fraud
“How to avoid insurance fraud?” is the age-old question the insurance industry has been struggling with since its inception, and generative AI may just be the solution it needs. From virtual assistants and optimised call centres to automated underwriting, predictive analytics, and fraud detection, the transformative power of generative AI business operations has revolutionised the modern insurance industry. Although it has to overcome the challenges of data privacy, training bias, and regulatory compliance, AI fraud detection is the way to go for the 21st-century insurance industry.
Key Takeaways
- Generative AI is transforming the insurance industry by streamlining operations, personalizing customer experience, and improving risk management.
- One key application is fraud detection, where AI can analyze data to identify patterns and predict fraudulent claims in real-time.
- The AI fraud detection process involves data collection, model training, fraud prediction, and human review for final action.
