Claim Fraud Detection and Prevention Using Machine Learning & NLP

The Problem

Claim fraud costs insurance companies billions of dollars each year. It is not easy to detect claim fraud, which is a labour-intensive task and requires humans to investigate claims at an individual level. Conventional rule-based algorithms are not a proper solution as they become outdated and irrelevant quickly. How can AI be used to improve fraud detection?

Solution

Kranium Machine Learning & NLP models can be used for assessing and analyzing several aspects to help with claim fraud detection. For instance, NLP systems can be used to analyse the genuineness of a claim based on voice recordings. Machine Learning models can correlate data from social media to check if the person had consumed alcohol prior to a car accident. Similarly, other models can be used to evaluate different aspects connected to a claim to establish its genuineness.