AI-Powered Fraud Detection: Safeguarding Insurance Against Financial Crimes

While advancements in technology continue to aid businesses in their daily operations, they have also presented an opportunity to fraudsters who deploy new ways to scam people. Akin to other sectors, the insurance industry, too, has become a hunting ground for fraudsters. Today, insurance firms consistently find themselves battling persistent issues like false claims, identity theft, etc. As one of the world’s most data-intensive industries, with billions of premiums handled each year, there is an enormous demand for fraud detection and prevention.