Big data, AI, and behavior analytics have the great potential to cut off the fraudsters before they get a claim payment. (Photo: Shutterstock)

Fraud has long been a significant problem for the insurance industry — actually since the very beginning of insurance at Lloyd’s coffee house.

The Coalition Against Insurance Fraud indicates that 5-10 percent of claims costs are related to fraud, with over 30 percent of insurers reporting as much as 20 percent of claims costs being related to fraud.

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