Fraud Detection
The use of AI and data analytics to identify suspicious or fraudulent insurance claims and applications, flagging anomalies for investigation before payout.
FAQs
- Does fraud detection AI automatically deny claims?
- No — it typically flags suspicious cases for human investigators to review, since wrongly denying legitimate claims carries legal and reputational risk.
- How does fraud detection help carriers?
- It reduces illegitimate payouts, directly improving the loss ratio, while real-time scoring catches patterns rules-based systems miss.
Related Terms
Risk Scoring
The use of data and models to assign a numeric score representing a risk's likelihood or severity of loss, used to automate triage, pricing, and underwriting.
Loss Ratio
The portion of premium paid out in claims: incurred losses divided by earned premium. A core measure of how a book of business is performing.
Claims Triage
The automated sorting of incoming claims by complexity, severity, or risk — routing simple claims to fast-track or straight-through processing and complex on.
