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April 13 2023

The Most Common Types of Insurance Fraud

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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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Tom Clay

Covea Insurance

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Covea Insurance | Fintech Finance

Covea Insurance
  1. Why So Many Fintech AI Projects Are Failing (And How to Fix Them)

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  2. Mastercard, NCR Atleos, and ITCard to Enhance Contactless Experiences at ATMs

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  3. Paytently and Mastercard Partner to Launch Next- Generation Open Banking Payment Solution

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  4. Botim Expands UAE-Ethiopia Financial Corridor With Commercial Bank of Ethiopia Partnership

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  5. Onafriq and Visa Partner to Launch Visa Pay, Unlocking Interoperability Between Card and Mobile Money in the DRC

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