Digital claims, evolving risks: Fighting fraud with tech innovation

Anti-fraud technology has evolved significantly, but are insurers adopting new tech at the scale necessary to minimize losses? (Photo: Bigstock®)

The property & casualty insurance industry is undergoing digital transformation at an unprecedented pace. Challenged by the disruption of the pandemic, insurers were compelled to accelerate automation initiatives — especially from a claims perspective. Now, insurers are pressing forward with investments in AI, big data and robotic processing automation to streamline operations.

With rising customer expectations, delivering fast settlements is essential now more than ever. But as insurers chase ever-faster claims, they may be leaving their businesses vulnerable to fraud — a $30 billion a year problem, according to the Insurance Information Institute. The criminals are adopting high-tech tactics, and two-thirds of insurers believe fraud is rising, according to the Coalition Against Insurance Fraud. While anti-fraud technology has evolved significantly, are insurers adopting new tech at the scale necessary to minimize losses?