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The Most Common Types of Insurance Fraud
Chief Data Scientist at Covéa, Tom Clay talks us through some of the most common types of insurance fraud. There’s some bad actors out there. Quite literally.
The insurance industry’s most expensive puzzle, the claims process, is a playground for fraudsters. As they slip through the cracks, the industry faces a monumental challenge in acquiring accurate data to combat this menace.
Claim exaggeration is possibly the most common area of fraud they see and it’s often the hardest to detect. At the other end you’ve got full on ‘crash for cash’, staged incidents.
It’s complex to model and prevent because it’s hard to get good data on it. It’s possible that new AI technology could be the game-changer the insurance industry is after.
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